Serbinski Accounting Firms

I did move to the US a few days after new year's 2007, and I agree that I cannot go back to non-residency now.
My options are to try DNR around GC, break all my ties with canada or keep filing resident.
I am trying to evaluate if it is worth it to try DNR and what will happend if Canada Revenue does ...

Then, I am starting not to see any benefit in trying to put myself in a position to be deemed non-resident by the government at the time of getting my GC. Getting my GC and selling my house, but keeping a business in Canada and a common-law status might not be acceptable.
Should I keep filing ...

I should have clarify that I am amending 2007 to 1040, and filing 1040 since. Being my income from the US, I find that I get limited in what I can claim since I run out of foreign credit in my T1 and start paying taxes in Canada. That's why I was evaluating the advantages of decalring myself DNR ...

Does this mean that if we both own it, we can still claim half of principal residence because she is still a Canadian resident?
Can I still claim all the mortgage interest in Schedule A? Technically, I will be owning half and the common-law status is not recognized by the IRS.

Great, thanks!!!

A follow up. I am keeping my common-law status in Canada. She's still living in Canada and filling resident. How does the primary residency exception work in this case if we are both in the new property's title?

OK, I got my green card now and I want to declare myself a DNR.
Should I call all my banks in Canada and tell them that I am no longer a resident for tax purposes?
My Canadian property got sold a few weeks before, what are the inplications and how it will differ from another property I am trying to ...

Thanks for your thorough response.

Now, let's suppose that to avoid the hardship of filing 5471, I transfer my shares to my common-law partner. For 2009, I could file a dual status return with the US with the treaty position for the portion before GC. Can I do that, or it will be questionable to ...

Thanks, so any transactions during 2008 will just change the book value to be considered as the cost basis going forward. Then, if I cash it out after I elect to be treated as DNR, I will pay taxes to the US on the capital gains. I look at other queries, but it was not clear to me the fact that I ...

OK, so if I file 1040 for 2008, my book value will as of January 1st 2008? I made some transactions to move it to a more conservative mix. I lost a chuck of it despite that. Will I have capital loses to carry forward? How difficult is to determine the numebers and file 8891?

Can I still make transactions inside my RRSP if I make an irrevocable election to defer its undistributed earnings? And if I want to cash it out, may I be better off in Canada by doing that at the time I elect to be treated as DNR?

In the case of the house, do I lose its primary residence treatment ...

Thanks, this has been a very informative discussion!!!

OK, then 2009 will be 1040 for sure due to GC for US since I can only take the Treaty position for the whole year. This locks up my RRSP, and will have US tax consquences if I sell my house in Canada. I also will have ot fill the corresponding ...

We applied and got an ITIN for her. It seems to be yet another discrepancy between the IRS and US Immigration interpretations.

Yes, SPT (not more than a month during the year in Canada) together with the strong ties with Canada were some of the reasons for filing the treaty position with the US for ...

I am filling married filling separately (double exception). Still, the itemized deductions get limited by my income. Not sure how much this can be improve with 1040.

Also, kepping my current situation, what happens whenever I decide to switch to filing 1040? I still need to file resident in Canada ...

On reviewing my return, I found out that FICA was correctly claimed as a foreign tax credit. (I got confused with the notes on T2209 :D)

Clarifying what you are pointing out about 1040 NR costing me, what kind of sufficient measures are you reffering to?

What is your advice about my RRSP? Cashing ...

Thanks a lot, this really helps

Yes, not having to declare my Canadian corporation, bank accounts, and also been able to manage my RRSP were a few of the advantages of filling 1040-NR.

My Canadian return had an excess of non-business foreign credits that I believe I cannot carry forward. This ...