Serbinski Accounting Firms

Thanks for clarifying again.

nelson, thanks for the reply. does "fully taxable" mean every dollar after 25% deduction will be taxed at my marginal rate in U.S. for the year it is collapsed? Do you know if the LIRA is allowed to be transfered to a regular RRSP account under non-resident unlocking? I don't see it is ava...

I have a LIRA that was created two years ago from a company pension plan. And I am planning to unlock and collapse the account. From what I read on Form 5, for non-resident of Canda I can only do a Full Withdrawal. My questions are: - What is the tax consequences on the full withdrwal, is the tax re...

you're right that AMT did click in after I added the FTD in schedule A, turbotax did that for me automatically. I read it somewhere else that I can deduct foreign tax refunds in AMT, which would be considered income under the regular tax rules. does it mean I have to first include it as a foreign so...

thanks nelson. I am confused after reading IRS Pub 514 for 2008, at the beginning of the introduction "If you paid or accrued foreign taxes to a foreign country on foreign source income and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduct...

Nelson, thanks for the reply. I did recieve a refund in spring 2008 from my 2007 return from CRA, I would have missed it in the calculation of the final available FTD if you hadn't mentioned it. I have two more questions related to FTD, 1)is there any limit on allowed deduction in 2008? and 2) do I ...

I am a Candian Citizen with U.S. GC. I took out part of my losing RRSP portofolio in 2008, TDW withheld 25% of that - 5k. I used the money to pay the Canadian tax in 2008 due to reassessment of past years. After reading here the posts on RRSP and FTC, here is what I think the better way to file my U...

One more question on my stock sell in ESPP, if I report the capital gain to CRA and also had some net captial loss from previous years to offset the gain in Canadian return. Can I still claim a foreign tax credit (which I suppose have to pay if I don't have the previous capital losson) on form 1116?...

thank you. that is what I am going to do.

I just called the transfer agent, they made a mistake and considered me as a U.S. resident on the sell of my ESPP shares. Have to deal with their tax department to fix this, donno when this can be done yet:(

Let me clarify my concern on my ESPP sell. Please correct me if I am wrong...I assume 1099B is sent only to U. S. resident for stock transactions done in 2007. I am not sure why I received a 1099B for the ESPP, I was still in Canada when I made the sell. so I should report the capital gain associate...

nelsona, thanks a lot for the reply. After reading more, I did find answers to my questions 2) and 3) from previous posts. However I am still confused on question 1) in terms of reporting on my ESPP selling, for I was given a 1099B and 1042S while I sold my U.S. company stocks as a Canadian resident...

Great forum for Cross border tax issues and I can only wish I came to the forum earlier. Here are my tax situation: (Sorry for the long post.) I am a Canadian Citizen, got my green card June 2007 and moved the family down to states at the end of July. Broke all ties in Canada before the final move. ...