Serbinski Accounting Firms

Thanks, I have filed 2011 with 8891 referencing 8891 1st election from 2004. I spoke to IRS and they said that would be fine provided I get the 8891&1040x's in shortly. I will go all the way back to 2004 as you suggest 6 years. Unfortunately, this leads me to another question. I arrived in 1998 ...

nelsona, Thanks for all your help. I get what you are saying now. So ALL of the RRSP will be taxable by CRA! I sure hope foreign tax credit is available from the IRS for the double tax we're paying when taking RRSP distributions. That doesn't seem fair to be charged 15% tax from Canada and marginal ...

Nelsona, Thanks! Oh...now I get what you are saying. I guess I misunderstood the treaty. The point of my confusion was I thought IRS could tax the entire RRSP amount at withdrawal time. Does that mean the way the treaty works (if I'm a canadian citizen working in the US as permanent US resident), th...

Nelsona, I apologize as I'm clearly missing something here that you you're trying to explain. I'm not planning to treat the income from 1998 to 2010 as water under the bridge. I just did not know about form 8891 until last year so the first year I filed 8891 was in 2010 for an RRSP that was last con...

Thanks....I don't quite follow what you are saying: "You can only backfile 8891 for 6 years, say 2006. You should make 2006 your first year of election. What happened before is past. But you cannoy take credit for any income that you did not pay tax on. So, you are still lteft with determining ...

Nelsona, Not sure if I follow everything. If I understand you correctly, legally it is fine. I am in the US working now (canadian citizen). Was I supposed to notify RRSP maanger I'm in US now? oops...what does that do? In terms of contribution room, I have forgotten the eligibility rules to contribu...

I'm a canadian working in the US with US resident status. Previously, I completed form 8891 and elected irrevocable distribution of income and earnings in the RRSP until withdrawal date. Now, am I allowed to continue contributing to that same RRSP plan while I continue residing in the US. If I add n...

Hello, I had a question regarding tax issues (or ways to make a severance package tax efficient). I am currently resident in the US but likely to move back to Canada next year. I will be receiving a severance package lump sum in the US (from a US company) but I was looking for ways to make it tax ef...

nelsona, thanks for quick reply. Is there a goverenment site or other page where I can find out more detailed info about the 2 changes mentioned: 1) Canada's new treatment rules for us ROTH IRA/401k ROTH 2) New ROTH regulations that will allow for easier conversion from traditional retirement to rot...

All, Thanks for this new enlightening info! I have always been upset with this past rule about ROTHS as a Canadian in the US thinking about moving back at some point to Canada. Does this new rule only apply to ROTH 401ks (i.e. it is not taxable at all in Canada even when withdrawn if contributed/cha...