Serbinski Accounting Firms

While working in US, my Toronto rental property has been on lease for many years. Every year, due to net positive rental income, I have been claiming Capital cost allowance to make it zero income.

This year for the first time, I will have about $5000 net loss without having to claim Capital cost ...

I am curious to know what actions need to be taken if Canadian agent leaves Canada in the middle of the year when NR6 is approved.

Logically his status will be resident of Canada for CRA till he files return next April informing that he left Canada. My question is whether I need to switch to 25% of ...

I worked for US employer for many years from Toronto before moving to US with another job.

I worked from home, was paid in US dollars and did not need to visit US for any work related activity.

No visa, No SSN, No ITIN. I was issued certificate of income with a reference to my Canadian SIN number ...

You can check with Custom house now a part of western union. They can send money to any receipient in foreign currency.

It is a good idea to keep time allowance to get CRA clearance certificate rather than 50 % of gross sale price.

If you have been filing rental tax returns in time and request CRA for clearance and follow up periodically, you would be OK in meeting closing date.

I checked my records. I received I-797 with I-94 and LCA documents from my employer.

I donot know whether I-539 is applicable in my case. My wife maintains separate status. My kids are away in Canada during school term.

Thanks a lot for clarification.

My current H1B expires in 3 months from now. My renewal H1B is approved and I got new I94 attached to H1B renewal notice.

My kids are in Canada school and have H4 visa. Their I94 expiry date is based on my current I94.

I am planning to visit Canada after their school year next month . My question ...

2011 was our first year when we applied for NR6 due to available Canadian agent- own our relative. We paid 25 % on net rental proceeds.

Prior years, we were paying 25 % of gross rent tax and filed two returns- One for me and one for my spouse due to separate account numbers CRA allotted then

With ...

Before immigrating to Canada and then to US, I came from outside North America where I plan to spend winter months after retirement .

The home country has higher rate of inflation so are the interest rates on bank deposits. If I decide to move my money out of 401K after retirement into foreign ...

My Canada return assessment is now completed. My Canada tax liability has gone up as well my C$ interest income is also gone up. These numbers are now different from what I had filed in as Canadian income in 1040 MFJ.

The net tax payable now for 1040 is about $ 55. Not sure whether I need to file ...

Hello,
My H1B priority date is likely to be current shortly. This can cause me concerns in two area. Seeking advise on both these.

1) Spouse on TN- Although spouse I-94 validity is over 2 years, I heard that, leaving country can be an issue. Is getting EAD with I-485 is a possible solution ? Spouse ...

Just came across a link below on implications of proprosed "Foreign Account Tax Compliance Act- FATCA" coming into effect from Jan 2013.

http://www.capdale.com/files/4178_FATCA%20Article.pdf

Currently FBAR does not interfere with daily life if you are US person and residing abroad since the onus ...

Nelsona,
Thanks.
It may be difficult to paying US home mortgage without renting for long period so I need to prepare for future deemed disposition when I return from Canada back to US.

What is deemed disposition formula and how does it work?

When I leave Canada, I am expected to pay 50 % of ...

I left Canada 3 years back on TN and bought a house in US about two years back. I am in US on work visa.

I am offered international assignment to Canada for a period of min 2 and max 3 years.

My questions are-

How is US tax determination done in second and third year following my start working ...

I have applied for NR6 through one my relatives who lives in Canada as my Canadian agent. I sent him link to T4061 since he is doing first time. Hence just be sure, below is agent responsibilities as his check list.

Monthly responsibility-
1) Calculate net rental income i.e. rent received minus ...