Serbinski Accounting Firms

Anyone else terrified by the Transition Tax and GILTI implemented in the December tax reform in the US.

If you are an american citizen with a CFC in Canada then all the retained earnings from 1986 onward are now being confiscated by the IRS at a 17% rate. That is, the shareholder is liable for that ...

Crazy issue. I sent a personal $USD check with my passport renewal by mail. The office responded with a form letter that they need a check or money order drawn on a "US Bank". On the phone the agent suggested that would be a bank headquartered in the US ??? i.e. not TD

There are virtually no US ...

[url]http://www.skltax.com/tfsa-us-tax-classification/[/url]

See the article at the link.

From the article:
A TFSA is generally assumed – incorrectly – to be a foreign trust for US tax purposes that requires the filing of a form 3520, Annual Return to Report Transactions With Foreign Trusts ...

Yup. No appt necessary in Niagara

Practically, what it the best way for a US Citizen living in Toronto to get a SSN - she has documentation.

The first appointment at the consulate is in mid June. Is it faster/easier to go to Niagara Falls and walk in to a SS office?

Anyone know?

Thank you

That is unfortunate but not totally unexpected. But no 3520A is required as the trust is not owned by a US citizen.

Getting fancy, is it fair to say that the reporting obligation only exists while the beneficiary is getting grants and/or investment income during years 1 and 2 but not ...

The RESP is controlled by my Canadian-only wife. My daughter is dual. The daughter, received income from the RESP for school. Daughter will report the income on the 1040NR.

Does the daughter need to file a 3520?

I hear you on the W-9. To your point it will have the added benefit of stopping the withholding tax. Even though it is a joint account with my NRA wife I will claim all of the assets in the account so that she does not have to file with USA.

I also have investments in a foreign controlled ...

I understand what you are saying, up to now I am fairly sure that I have always claimed total withholding tax which is stated on the T3/T5. After all, there is a a box for it! Of course that does not mean that the CRA would accept it under scrutiny.

Of course, your answer implies that there are ...

Thanks for your input. I think I see what the problem is here.

I have a W8 BEN on file with the broker and I should have a W-9 for us citizens. Presumably, having a w-9 triggers the issuance of a 1099 that can go on line 62 as tax withheld. Do you know if that is the case.

Do you think the tax ...

[quote="nelsona"]Som background plese:
Who is withholding the funds and for what purpose?[/quote]

Withholding tax of 15% is applied to interest and dividends of US domiciled securities - in this case Exchange Traded Funds. This is applied by the broker (Waterhouse) and remitted to the IRS. Of ...

Having just sent off a cheque to the IRS for $600 resulting from f8960 - they have my attention:

Are withholding taxes paid on US-based investments (ETFs) applicable anywhere on the form? (Of course I take the ftc - but withholding is paid to the US)

Do you think that those taxes paid to the US ...

I am a Dual citizen and business owner living in Canada (40+ years). Can anyone give me a good reason not to renounce my US Citizenship?

Aside from the opportunity to work in the US, what other benefits do i derive from being a us citizen. The drawbacks in terms of tax hassle and potential ...

[quote="nelsona"]For 8891, you should simply defer taxation. You will not have to determine type of income.
[/quote]

thx very much.

i see what you mean, check the deferral box and I don't have to complete question 10. Not sure why my tax preparer did not do that last year.

I am a dual citizen who has lived in canada all my adult life. I am self employed with a corporation entirely owned by me. It is in Canada exclusively.

Presumably what i need to file is:
1040
With the 8891 for each RRSP - I have to calc undistributed income type.
FBAR schedule to Detroit (not tax ...