Serbinski Accounting Firms

This is the information that may be of interest for the others in the same situation. We moved to US in 2022. We kept our home in Canada for two years (did not convert it to a rental). We sold the house in 2024. Applied to CRA for a Certificate of Compliance in June 2024. We received the Certificate...

We are US-residents. My spouse withdraw less than 10% of her RIF (as a annual payment) this year. The credit union withheld a 25% tax. She disputed it for a 15% tax . They asked her to fill the form NR301 so that they can adjust the tax to 15%. Is is a new form required by CRA ? (last year the same ...

Can I use this 25% paid tax for my FTC when filing 1040?

No, I have not sold the property yet. Just investigating what should be done next year.

Is this 25% tax final or I can still reduce it to 15% by filing NR-7-R form next year? Also, if I cannot reduce this 25% tax, can I at least claim this full amount as my FTC when filing to US or only 15% is allowed?

Thank you very much. It sounds that if I do not have any capital gain I may not need to file the Canadian return at all.

After 2 years being an US tax resident, I am going to sell my Canadian home. I will need to pay a Canadian tax on any capital gain from this sale. Because the home prices in my area stayed flat for the last two years, I will not have any capital gain. My understanding is that anyway I must file T1 r...

Just one withdrawal.

Thank you for your reply. Yes, I made a mistake requesting more than 10% from RIF. I do not plan to request more withdrawals this year. So, will need to wait until 2025 to get a refund from CRA.

I am a non-resident of Canada. In 2024 I received a RIF payment that exceeds 10% of my RIF balance. The bank withheld 25% tax. I know that I can recover some of this tax by filing a NR7-R form. Should I wait with this form until the next year or I can file it this year? On this NR7 form there is a p...

When using filing under section 217, should I, besides RIF, also include my CPP/OAS payments in my Canadian income? Per US/Canada tax treaty, the OAS/CPP is taxed only in the US for US residents (same as bank interest). Maybe I should include CPP/OAS only in my world income?

When using filing under section 217, should I, besides RIF, also include my CPP/OAS payments in my Canadian income? Per US/Canada tax treaty, the OAS/CPP is taxed only in the US for US residents (same as bank interest). Maybe I should include CPP/OAS only in my world income?

When using filing under section 217, should I, besides RIF, also include my CPP/OAS payments in my Canadian income? Per US/Canada tax treaty, the OAS/CPP is taxed only in the US for US residents (same as bank interest). Maybe I should include CPP/OAS only in my world income?

Is the statement "not to be taxed for up to two years from departure date" (on home sale) correct? Isn't it one year for Canada?

You are absolutely correct about my FTC note. Thank you for your help.