Serbinski Accounting Firms

Nelsona - thank you for your answer. I have one more follow up question. In the US I file 1040 return because of substantial presence test, I'm not a permanent resident in US (yet). I know that US residents are not supposed to claim treaty benefits as this could affect their status and US citizens c...

Hi All, I was wondering if someone could shed some light on this as I'm not 100% sure how to deal with this. I'm a Canadian citizen living and working in US. Since I used to work in Canada I have stock vesting from there from my previous employer. 2017 was my last year when my stock vesting was tied...

Hi MGeorge, Thanks for the answer. My question then is if I use the QEF data that only accounts for 272 days. What about the value for the rest of the year? I held the funds the entire year of 2016 and my 3520-a was filed for the entire calendar year of 2016. My RESP statement is clearly going from ...

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Hi All, I have a question that I can't seem to find the answer to. I have a RESP account with investment fund that provides the QEF statements. However, the QEF statements don't match the calendar year but rather go from October 1 to September 30. Does that mean that I can't use those statements and...

Hi, Thank you for all the answers on this. I have one more question specifically regarding form 3520-a. If there were no distributions to beneficiaries, do I have to include page 4, beneficiary statement? I was thinking to include a blank page 4 and write at the top that no distributions were made i...

Hello All, I have a question about a life insurance with cash surrender value for FBAR. Which value do you report? Let's say that the insurance payout is $500,000 and the cash surrender value is $25,000. On the FBAR do you report the value of the account as $500,000, $25,000 or the sum which is $525...

Hi All, Was wondering if someone can clarify this issue for me. My father lives abroad and has a life policy for him. It is the type of insurance that has cash value so like an account that accumulates capital gains. I am listed as beneficiary in case of his death. My understanding is that I do not ...

Hi, Thanks for confirming the filing requirements, I appreciate that. For FBAR, yes, I will have to report every foreign account that I have. I actually did say that I will do FBAR because they DO exceed $10k. I will have to double check my credit cards as well as even though normally you do not hav...

Hi All, I'm just simply looking for a quick confirmation that I am about to correctly do my tax return in regards to my Canadian accounts on my US tax return. My situation: Have an RESP/DPSP for myself. Have a RRSP for my wife (I used to contribute to it and she is the beneficiary). Have a RESP for ...

Hi Nelsona, Thanks for the answer. Well, I figured I would have to pay some tax on it, that's fine. However, I know I will not have to pay the 50% they withheld but rather pay the regular 15% which is the rate on that kind of income. BTW, was I correct that I cannot claim personal exemption on my Ca...

Hi Nelsona, Thanks for your reply. So it sounds like it is a little misleading when they mention Net world income or at least I misunderstood it to be taxable income (after credits, exemptions, etc). So basically I will give them my gross income which is a combination of all W-2 and 1099s. I don't h...

Hi All, I'm going to file a Canadian non-resident return this year as I still have some employment income from last year and I got a T4 from my old company. Anyway, in the instructions I've read that they need you to include your world net income so you can calculate any tax credits you might be ent...

To confirm what Nelsona said please read what Deloitte wrote on this in regards to DPSP on page 3 in particular.

https://www2.deloitte.com/content/dam/D ... 141024.pdf

Hi MGeorge, Thank you very much for taking the time to answer my post. From your answer it appears that I have a few options. To be frank the option of moving the RESP to another family member is very unlikely. Also, given the timeline to stay in the US and the burden to file all the forms, it seems...