Serbinski Accounting Firms

Thank you both.

Thank you both.

Thank you for this discussion. Can I turn the direction around? I have a friend who is a US resident who receives Canada Pension Plan and Old Age Security monthly. He receives the deposits into a major Canadian bank in Canadian dollars. He has a US dollar checking account at the same Canadian bank. ...

This is very timely because my father just died. He was a Canadian citizen and Canadian resident who owned a condo in Florida through an LLC. He formed the LLC and bought the condo in 1999. My brother and I are his heirs. I am a US citizen and resident and my brother is a British citizen and residen...

Thank you. I am fully paid up into Social Security and Medicare, having been a salaried employee in U.S. for over fifteen years. The other information you shared is very valuable. I am sort of trying not to bring the money income into Canada and instead having it taxed as corporate income in U.S. at...

Sort of a "blue-sky" question here: I am a citizen of both Canada and the U.S. I intend to return to Canada in 2021 and become a taxable resident of Canada. I intend to earn consulting income from both Canadian and U.S. clients. (Work product will be written reports, no goods being shipped...

Married couple both citizens of both Canada and U.S. Been full-time taxable residents of U.S. since 2005. Plan to move back to Canada to become full-time residents of BC in February 2021. We intend to bunk with a friend in Vancouver, BC while looking for a new home. Purpose of bunking with friend is...

nelsona wrote: > Each year you take out money, you need to determine the taxable ratio based > on (a) the non-taxable amount in your RRSP/RRIF and the total amount you > have. > > The non-taxable portion when you first begin withdrawing is the $200 you > had when you arrived. The taxable portion is ...

Tax season never ends! Thank you. I have figured out the taxable vs. non-taxable. It is indeed very easy thanks to your help. Where I am coming from is we migrated to U.S. in 2005, and filed 8891 through 2014. Then 8891 became obsolete. 2018 is the first year we withdrew a distribution from RRIF. So...

A simple spreadsheet but how to explain to IRS? On 8833?

There appears to be no place on the 1040 line 4(a) or 1116 to describe in the return that the income and accompanying tax credit (for tax withheld at source by Canadian payer) are associated with a RRIF. And because there is no more 8891, there is no way to explain on the return where the income is ...

I even forgot the 8891 is obsolete!

Thank you. I was thinking about the one for which you indicated the amount of the tax credit would automatically adjust per the taxable/non-taxable ratio. It looks like that is 1116, right? I really feel a double whammy this year because it is the first year for a RRIF distribution since I migrated ...

Which "form" are you discussing in this thread for 2018 1040, please? The 1040 itself? We do not receive a 1099-R for a RRIF distribution. We receive a NR-4 from the Canadian payer, which does not have a direct crosswalk to the 1040.

I was planning to report the gross income (as reported in CRA NR4) as taxable and then claim a foreign tax credit for the 15% withheld (also reported on CRA NR4). Or is there another way to report a RRIF distribution?