Serbinski Accounting Firms

When you talk about 'severing ties' I assume that you are not trying to renounce your recently acquired Canadian citizenship but am unclear exactly what you might be referring to.

Regarding your charitable donations issue, I assume you bought into one of these tax credits schemes that seemed too ...

There is a lot of confusion regarding language on this issue.

When the IRS states that they intend to chase those who do a "quiet disclosure", they are referring to quiet disclosures as an alternative to OVDI. Keep in mind that OVDI is for individuals **with underreported tax liabilities**

If you ...

tsanaha raises an excellent point that has caused confusion for many, and potential aggravation in the future.

OVDI is **NOT** for individuals with no underreported tax liabilities in the US. As tsanaha has pointed out, you are needlessly subjecting yourself to potential penalties if you have no ...

Almost any financial account you can imagine would be covered. From simple savings accounts to the cash value of life insurance policies.

Coffeepucks: give some indication of why you were unaware.

For example: I am a US citizen who has resided in Canada from the age of ten. I have never worked in the US nor had any significant residential or financial ties there. Until the recent media attention regarding FBAR disclosures, I was not ...

nelsona is correct, but to expand a little bit:

- you can request to have the non-resident tax withholdings apply to NET rental income (otherwise would apply to GROSS rental income) -- a competent Canadian tax advisor can instruct you on how to do this.

- the fact that you're asking the question ...

Correct -- you can choose to use either treatment, just be consistent year to year.

To your first question, yes, she will declare 100% of the rental income, etc. How certain costs (e.g. property taxes) are funded is entirely up to you. If you were so inclined to fund/gift half the property taxes from your personal bank account, the trust structure does not prevent this from ...

Very good question. Please note that this applies to income transactions (e.g. payables, receivables, inventory -- *NOT* capital assets, investments, etc.).

Tax requirements are as follows:

- Exchanges gains or losses may be accounted for on a realized *OR* accrual basis.
- Practice adopted must ...

Technically, the payments described would fall under T4A reporting. The threshold amount for T4A reporting is (I believe) $500 in the calendar year.

Most businesses do not file T4A's for payments to independent contractors and, in my experience, I've never seen a business penalized for non ...

sounds like your US employer/client is billing the Canadian customer, and you bill the US company...correct?

From the information provided it would seem that YOU do not have to file any Canadian income tax returns, as pointed out by elsona.

The US company (your employer/client) will have to file a ...

having been here only briefly I can still see the value provided by the many knowledgeable contributors. however, speaking specifically from the perspective of Canadian tax planning, this issue in particular would be very difficult (near impossible) to properly address through this medium.

you may want to consider a trust agreement whereby title to the property is owned jointly with all benefits of ownership falling to your sister. not to quote fees for a lawyer, but you could probably have the appropriate trust agreements drawn up for around $1,000.

the benefit here would be ...

Ken, are you a Canadian or American? Paid by a Canadian or American enterprise?

Probably irrelevant, as you will want to obtain professional advice either way.

For example, in Canada, your first concern will be all options available to you in setting up the corporation, especially with respect to ...