Serbinski Accounting Firms

I should add that the kids will likely be dual citizens by the time they inherit the properties.

Hi there, Our family moved permanently to the US from Canada a few years ago. We will be pursuing dual citizenship when eligible. We have a trust for the kids set up in the US for our US assets but we have yet to do anything on the Canadian side. We have two properties in Canada along with RRSPs (if...

Thank you - I think I perhaps may be to blame for not thinking it all through. I did not file any departing in 2022 and filed as a CDN resident in 2022. This is because I moved to the US in 2022. I also filed 1040s in the US as a resident for both 2022 and 2023. Any advice on how I should proceed?

Thank you so much for your response. I didn't realize that it was that easy. Do I have to pay any tax (ie exit tax)? I have a home there in my name but my mother lives there with a caregiver. I plan on moving back to Canada in a couple of years.

Thanks so much for your response. I didn't realize it would be that easy? Do I say that I need to file as a non-resident? Is there any exit tax for leaving Canada? I'm only going to be a non-resident in Canada for a couple of more years and I intend to move back. I have a house in my name and my mot...

Hi there, I am a Canadian citizen who is currently residing and working in the US on an H1B Visa. In 2023, I spent a total of 140 days in Canada mainly looking after my elderly mother. But I have been living in the US full time since 2022. I made the mistake of not using a cross border accountant to...

sorry perhaps I misunderstood - the UHT filing is for 2022 is it not?

Thanks! The property was rented and occupied for all of 2022.

Hi everyone, Does anyone know if Canadian citizens are exempt from this new UHT tax information filing? My husband and I are GC holders, US residents and CDN citizens and have a rental property in Ontario. We pay withholding and file non resident taxes each year. Now there's this new requirement for...

Got it! Thanks! So I guess in general, I'm safe to assume that due to the treaty in place, I won't be exposed to a double taxation situation due to this move.

Thanks so much nelsona! This is very good info! I guess I have to figure out the timing of the two returns in order to receive the 'credit' on the CDN end...

hello there, We recently moved to the US and we are preparing to file our CDN taxes for 2021. I understand that Canada will charge capital gains tax (deemed disposition) on our rental property located in the US. I'm not planning to sell this condo but may do so in a few years. I have two questions: ...

Thanks Nelsona! You rock! Where would I find this outlined - a CRA article? My husband seems to think that the exemption would not apply because it was always a rental property.

Thanks so much! Your response has been very helpful! Just one more follow up - regarding the deemed disposition when we leave Canada. The principal residence will be exempt but will we have to pay the capital gains tax on the deemed disposition of the rental condo? Or only when we sell it? We bought...

hi there, We are planning to move from Canada to the US in a few weeks. We have a home which has been our principal residence and also a rental condo. I understand that Canadian real estate is exempt from deemed disposition. Does this apply to both the principal residence and rental condo? We are no...