Serbinski Accounting Firms

Hello, When I made a slight error in the end value of my RRSP in 2006 (used the maket value of the preceding month by mistake). I`m not quite sure if it's worth sending a correction. Do these numbers have any impact on the tax due if I withdray one day? I get the impression that what will matter is ...

Hello,
I keep reading that a final departure tax return should be file when leaving Canada. Is filling out the T1 departure field sufficient or is it a different form than the T1?

Thanks

OK, so buying a certificate in Canada is a transaction and someone would incure a gain or a loss in capital on the principal if there is a different exchange rate when the certificate expires, even if the money is left in Canada and if there are no tax papers issued from the bank. On the other hand,...

@nelsona: I'm confused on when money transfers are taxed and when not. I read on this forum/was told that any transaction generating an exchange gain over $200 from the date the money was aquired (even prior to moving to the US) would trigger a capital gain. Can you comment on why it wouldn't apply ...

Many people have recommended opening an account with Customhouse.org. Note that it took me 2 weeks to open an account with them and set up electronic transfer links. Once you are done, the nice thing about it is that you have control over when to push the transaction and there are no fees on the tra...

OK, got it. Really good news about the first uear contribution being part of the book value. Too bad for the step-up cost basis, but better to know it than to make a tax reporting mistake.
Best

Hello, If someone filed a 1040 on their first year in the US, does this mean that they need to use that date to calculate the RRSP book value and cannot use the book value on the date of arrival? I'm asking for two reasons: 1- If someone has reshuffled their RRSP prior to moving in the US but on the...

Thanks so much for confirming.

Hi, Thanks for the advice on the RRSP! Sorry for asking again but i'm not sure I understand what you mean by : "RRSP Contributions made while resident of US are NOT any more taxable than if made by Cdn resident, if they are not deductible in US. " I was reading a page describing that makin...

Hello, If someone is a Canadian citizen entering the US on March 14 on a TN visa for employment, do they have an option to become a US resident starting June 31 (half year) or will they absolutly be considered a full year US resident? We're trying to determine if she'll be able to make a contributio...

PS: The FTB notice states that when distributions are made, the contributions and previously taxed earnings is treated as nontaxable return of capital. http://www.garygauvin.com/WebDocs/State/California_RRSPs.pdf This implies that the growth under Canadian residency becomes taxable in California but...

Thanks for the update and good luck. Please let us know when you hear back from them.

Hi, I'm also intested in finding out more info on this. The Border guide suggests that a Foreign Tax Credit can be claimed in the US against it if you have other foreign income and I read on this board that isn't so because a RRSP is a retirement account. I also read taht the RRSP withholding is not...

Hi Glen,
Were you ever able to get a positive outcome with the FTB?
I'm trying to determine if the increased value of my RRSP (difference between capital and IRS book value) while being a resident of Canada will be taxable in California when I withdraw my RRSP.

Thanks

Hello,
I read recently that the Canadian 25% withholding on a RRSP withdrawal can not be claimed as a foreign tax credit in the US because the country of residence is considered to be the source.

Is this still the case if someone does not elect to defer taxation in the US?

Thanks