Serbinski Accounting Firms

The scenario may not be as far-fetched as one may think. Don't forget about the other leg of one's financial asset - real estate. Given that capital gain on sale of principal residence in Canada is not taxable, many retires sell their houses to buy a smaller one, and live on the proceeds of the gain...

With the new Canadian budget allowing higher basic personal exemption (starting at $10K C and indexed to inflation), in some future years when one is retired, if one withdraws from IRA an amount less than the then exemption amount, and if one can cancel the withdrawal with the carried forward loss, ...

Of course, Nelson you are right, so up to $3000 loss may used to reduce gross income each year. Luckily or unluckily some of the losses are still there, so from now on, I shall crystaliize some of the losses at least up to $3000 US. If I sell to lock in a loss of >$3000 US, will the un-used portion ...

Thanks for the reply. I am not clear of what you mean with respect to the 3 year mark? DO you mean after 3 years, the rule and the penalty no longer apply? Can you refer me to the publication that discussed this. I thought it is the other way: e.g. people who are deliquent on their taxes if found ou...

Having just read the publication for 2004, it appears that I was in error in not filing a tax return then. I made an honest mistake and had either missed or misintepreted certain materials back then. Had I known as much as I know now, it is obvious to my advantage that I should have filed to at leas...

Once again thanks for the detailed reply. You were right that I did not declare deemed disposition in the year I left. That is because I did not not file a tax return to CRA for year 2002. I did not file because I did not owe any tax. a) I left in May 2002, but for the first 4 months of 2002 while I...

Thank you very much for the quick reply. Your example raised several other questions, some associated with tax calculation on the Canadian side as well: a) referring to your statement "Your deemed dispo would be $4C", do you mean that as far as Revenue Canada is concerned, you are deemed t...

I am a Canadian citizen who moved to US on H-1B back in May 2002. At the time of moving, I owned Canadian/US stocks + mutual funds, and did not sell them. I understand that on the date of entry to US, all these investments would begin with a new cost base as far as IRS is concerned. My question is -...

Thanks for confirming that it is long term capital gains. As for qualified dividend, the reason I am in doubt is with respect to the holding period requirement. You are right that I need specific information from the mutual fund company as to which stocks in their portfolio are responsible for the d...

Now that I have filed my 1040 return in U.S., I have some doubt as to whether I have filed my return correctly. This has to do with distributions from Canadian mutual funds I have held for many years prior to moving from Canada to the States. For one fund, I have received dividend distribution; for ...

Hi, I am a Canadian working in US. For my Canadian mutual fund holding in a non-registered account, I received a NR4 tax slip. This tax slip reported in box 14 Income code = 11. According to explanation on back of tax slip, code 11 translates to estate and trust income. For filing US 1040 tax return...