Serbinski Accounting Firms

> 3. Do you have some other source of Cdn income that will allow you to use this credit?

Not really, except maybe interest income which is next to nothing. Maybe it is not worth the paperwork at this point.

Thanks for the response. This simplifies my Schedule D.

Hi, I closed my RRSP account in 2013. The investment company sent a bunch of 1099B forms. Based on the cost basis I had a loss of $200. I have done follows: 1) Filed 8891 showing disbursement of 3k and but 0 taxable since cost basis was 3.2k 2) Reported 1099B in Schedule D 3) This resulted in loss r...

I wanted to say "when we first came to US"

[quote="colinc"]From an account access perspective: 3. For RRSP the principal is not taxable but the gains are. You can however elect to defer the gains by filing 8891 every year. If you withdraw from your RRSP the withholding tax rate is 25% and is your final obligation as opposed to 30% ...

I am a US resident and a Canadian non-resident since 2008. When I left Canada in I kept RRSP (<$4k). I liquidated the account last year, and there was about 25% withholding in Canada. I wonder now how do I file this on my US tax return. Since the tax was already paid in Canada I wouldn't like to be ...

[quote="peters"]To back file do I file amended returns for each year since 2008? The amount in the account is <$4000. I am not sure, I thought that the payments for RRSP loan were not tax deductible, so there should be no withholding.[/quote] And also there was a loss rather than gain on t...

To back file do I file amended returns for each year since 2008? The amount in the account is <$4000.

I am not sure, I thought that the payments for RRSP loan were not tax deductible, so there should be no withholding.

I filed 8891 form when I became resident of US in 2008. I did not file 8891 afterwards since I haven't contributed or distributed any amounts to/from the account. Later this year I would like to close the account, if I understand this correctly, this would trigger filing 8891 form due to distributio...

Thanks for response. Actually you have a good point. I read the letter again more carefully. What happened, after our move in 2008 the $2000 was contributed to the account in 2010. Since we were non-residents our contribution limit for 2010 was $0. As the letter states, we are being charged penalty ...

In 2008 we moved from Canada to US. We filed Canadian exit returns in 2008. Since then we haven't filed returns in Canada assuming that we are non-residents in Canada. We continued to file only in US as residents of US. By our mistake we forgot to close TFSA with $2000 in it. This year I got a lette...

I know this is more of an immigration question rather than tax issue, but can I as a Canadian on H1B do a self employed job in Canada while tax resident in the US? H1B allows me to work in the US only for one employer. I think it should be fine since the self employed (or professional consulting) wo...

I am a Canadian Citizen, currently non-resident - departed last year. I am a resident in the US on a H1 visa i.e. my residence and primary job is in the US. This year I filed for 2008, 1040 MFJ in the US and departure tax return in Canada. But I have self employed job in Canada, where I go to Toront...

[i]Peters stated he arrived at the end of the year and does not meet SPT, thus he can't file full-year, by IRS regs, since he is not alien resident at year-end (he can choose to be treated as a dual-status to file a part-year 1040, but this does not make him a resident at year-end). He can by treaty...

Hi, I try to communicate with the bank. Their response is below. Any idea where are they getting 2.5 years from? "Here is the W9 form you requested, you would fill this form out if you have been present in the US for 2.5 years consecutively, otherwise you would still be filling out the W8."

Sure. The guide i have (t4056) doesnt say wher to mail it. Only says that I should use the "general income tax package and benefit guide" for the particular province. That confused me. Anyway it's sent, thanks for all the answers.