Serbinski Accounting Firms

Hey there! I honestly don't remember the final outcome of what happened. I just remember having to write large checks to the IRS and CRA the year I sold my property in California. Ultimately, if you owe a bunch of tax that means you made good money on your sale. That said, you want to obvious avoid ...

Actually in a moment of clarity it seems I have finally been able to give it a clear enough prompt for it to understand my question. It gave the following answer: " The determination of whether your income is “US Sourced” or “Canada Sourced” under the Canada-US tax treaty depends on where the s...

ND wrote: > "on the income since it's US Sourced' but it's NOT US sourced albeit > paid by a US person DE Corp Are you saying monies paid for services from a US corp to a US person living in Canada is not US Sourced? Is that because the person is living in Canada? I really want to confirm this....

[quote=nelsona post_id=530934 time=1726610167 user_id=30]r[/quote] Interesting I just assumed that the US had first rights to collect taxes on the income since it's US Sourced. Sounds like you're saying just declare it all on the canadian return if resident in Canada and then just use FTC on the US ...

nelsona wrote:
> The consultant shpuld have no tax obligations in US either.

What if the consultant is living in BC but is a dual US / Canada Citizen? Wouldn't they owe some tax to the US?

ND wrote: > The company needs put you on a T4A or make a T4 arrangement with a Cdn PEO. > If instead it issues you 1099-NEC, it's ideal for you to file a NIL 1040NR > with IRS explaining why reporting NIL vs the 1099-NEC IRS expects. Hi there would you be able to explain a little more or provide a l...

Don't hold your breath on treaty changes... Many people and groups have been screaming about these issues for years. The others:

RESP // 529 equal treatment
TFSA // Roth equal treatment

It should be doable since they somehow managed to (mostly) equal treat RRSP // Trad IRA.

Happy to hear that I'm not the only one wondering this. And you'll be happy to know that you're not alone in terms of it's super complicated to keep track of all this stuff and I really don't know why I'm doing it and it's just a huge waste of time and stress every year. Can I hear you about things ...

I have about 9000 in total dividends and only 5500 are qualified. Why do you ask?

I've searched high and low and cannot find any information on whether dividends in my US based brokerage could be re-sourced to Canada. It would simplify things for returns if I could. I already re-source the interest income and its super helpful. Dual citizen US/CAN Current Tax home : CAN Anyone kn...

Let me start by saying I absolutely follow all the rules and dutifully file my PFIC forms every single year. I choose only ETFs that produce the annual information statement which is a requirement to be able to use the QEF election. Following this approach is actually not that bad in terms of how di...

Dual US/ Canada citizen residing in Canada. In 2019 I bought 1000 shares of an ETF in canadian brokerage account in for total of $46,000 In 2021 I transferred these shares to a TFSA when they were worth $65,000. Transfer to TFSA is a deemed disposition so capital gain of $19,000 (65000-46000) was re...

nelsona wrote: > FYI, Cdn residents -- even US citizens -- are to be serviced by US brokers; > violates Cdn securities regs. One needs to transfer the assets to Cdn > broker, or one licensed in both countries. > > 1, Of course, You must report world income in both countries. > 2. Foreign dividends d...

To clarify did you mean to say "are NOT to be serviced by US brokers"? Rest of the answer was great thanks.

Dual US / Canadian citizen Resident in Canada US Brokerage account that is paying dividends throughout the year and there is a 1099-DIV for Questions: 1) I assume all dividends get reported on both US and Canadian tax returns 2) Do "qualified dividends" get reported differently on the Cana...