Serbinski Accounting Firms

Hi,

I was recently reviewing some old filings and discovered that:

1) I used the July 2000 version of the 90.22.1 for the calendar year 2008 foreign bank accounts. Was I supposed to use the Oct 2008 updated version that year. ? If so, should I file an amended form?

2) I had two foreign accounts ...

Hi,

I'm a US Citizen and a Canadian Perm resident.

I have:
Canadian self employment income;

US Dividend Income;

Canadian Bank Interest

On my US 1040 I claimed all of my world income from all sources, ie the three sources above. Then I used form 2555 to exclude my Canadian Income.

But what ...

Hi,

I still can't understand from your answers whether Bond Dividends from a US Mutual Fund or ETF are considered interest or dividends by Canada. I thought you were going to give me a yes or no answer:), I guess nothing is that simple with cross border taxes.

Here is a quote I pulled from the ...

Hi,


Are my ordinary dividends that are generated from US Bonds Funds considered dividends or interest payments? When the word dividend is used in this thread it wasn't clear to me if it was referring to dividends generated by stocks and equity funds only or US Bond Funds too.

Can you clarify ...

I am not sure I understand this completely yet.

Wouldn't I have to pay the IRS if I was a canadian tax payer and I received interest and dividends from a US-based ETF or equity dividend? My broker would withhold taxes and send that money to the IRS (right?) and then as a Canadian tax payer I would ...

Does that mean I should have stopped paying estimated quarterly taxes to the US on the passive income being generated by the US Source (now going to be re-sourced) income? Will I still actually be sending a check to the IRS or does it all get paid to Canada because it will now be re-sourced?

Thanks ...

Thanks that's what I thought.

I didn't use 1116 for 2008; I used the 2555. Can I use the 1116 going forward. I thought I read that once you start using the 2555 you can't revoke it.

http://www.howlandtax.com/articles/doubletax.htm

I ran across this article today which seems to say that US interest will be double-taxed now that the withholding rules have changed and Canada doesn't issue a credit. Is this true?

From the discussion in this link I thought the remedy was to take ...

I am a US citizen and a Canadian Resident. During my first year of living in Canada I moved funds from my US bank account to my canadian bank account. I did this via personal check that was more than $10,000. I just wrote out the check and deposited it my Canadian bank. The check cleared and it was ...

Hi,

I was looking through the Canadian Tax Software and I ran across a statement that Canada only credits 15% of foreign interest income.

I am a US citizen who is now a perm resident. I generate substantial interest income from the US. Would I get a tax credit from the US even though the income ...

Thanks for the response. I will check into this more. I assume that I can run a sole proprietorship without additional filings though, right? I mean other than the usual self-employment reporting.

Hello!

What are the filing requirements in the US, if a US citizen who is a perm resident in Canada incorporates a business in Canada?

I can't understand the IRS website but it seems like not only would I have to report the corporation but all of it's transactions and dividends.

How much of a ...

Hi,

In 2008 I moved to Canada as a permanent resident and I worked as a self employed consultant during the year. Most, but not all of my revenue came from the US.

My question is do I have to pay self employment taxes in both countries for 2008 on all the revenue or it is prorated? In 2009 all of ...

Okay, now I am totally confused. Humor me with one more response and then I will drop it if I don't get it.


Yes or no, would the Money Market Mutual Fund below be part of my deemed acquisition upon my entry.

https://personal.vanguard.com/us/JSP/Funds/Profile/VGIFundProfile0030Content.jsf?tab=0 ...

I did read the posts but maybe I am slow....thanks for the clarification that foreign exchange gains are the same as capital gains.

I guess my question is whether cash (as you've defined it) is the same as a Money Market Mutual Fund. A money market [u]account[/u] might be a deposit account at a ...