Serbinski Accounting Firms

Thank you. I am afraid I do not follow the term "passive income tax". Does that mean income tax on ono-sheltered investment income, e.g. coupons, dividends, capital gains?

I have not yet filled out a PFIC or 3520 so my question is very basic. I plan to do a "mock" tax return shortly so I suppose it ...

Well, I don't want to NIIT-pick...

Would I be correct in stating that if a US citizen moves to Canada, he should never open a TFSA?

I see that NIIT is an Obamacare tax.

Never even heard of it! So far, the TFSA is the one that gies me pause. I wonder if that is just a question of time lag.

That is great information. Thank you.

Actually, I think I made an error in my initial post. If I am a US citizen resident in Canada, do I file a 1040NR or a 1040?

I appreciate that this is a question which nobody can definitively answer, because there are a lot of personal choices that can't really be assessed by strangers. Nevertheless, it may draw out a few facts that would help.

I am a Canadian citizen who moved to US in 2005 and now have green card ...

Can one just rigwrite "ZILCH"? (kidding.)

I see you have included state income tax. However, you have not included sales tax/GST. In the U.S. state sales tax is between zero and eight or nine percent, and no federla GST. In Canada, the combined rate is about fifteen percent, right?

So, I think you have to look at consumption taxes as well ...

I have not quite seen this situation in the threads:

Joe is a citizen of Canada and a citizen of the U.S. He lives in Blaine, WA and works as an independent contractor for a firm in Surrey, BC. The firm pays him gross. He goes that office (in Canada) to work.

To be clear: Every night, he sleeps in ...

This question is not really a cross-border issue. It would be relevant to a Canadian resident too.

CPP is adjusted for inflation but it's not clear to me whether the benefit from deferring until age 70 is also adjusted for inflation.

For example, suppose I log into Service Canada as I approach my ...

I'd recommend switching RRSPs to TD Waterhouse. They've never asked me for a W-9 or issued a 1099-DIV or withheld tax on my RRSP.

OK: He files married filing separately. She doesn't file at all. I still don't see how or why the IRS can lay a hand on his widow as long as they never move to the U.S.

I see: I can't imagine a scenario in which a taxable U.S. resident would try to put income in to an RRSP rather than an IRA, 401(k), or other U.S. tax-deferred vehicle.