Serbinski Accounting Firms

Good point. I guess I was thinking of a situation where an investor also has a fair amount of unsheltered interest and dividends (especially given how small the TFSA room is). And then, at the margin, what do you move into the TFSA (without changing the overall asset allocation)? So the assumption h...

Maybe this is a dumb question but if you have to depreciate rental property on your 1040 but it's optional on your Cdn return, wouldn't it make sense to depreciate on both? Otherwise, you'd set yourself up where your rental income doesn't match and thus your tax credits probably wouldn't be close to...

I'm thinking about this a bit more and wondering whether being a US citizen changes the type of investments that should be held in a TFSA versus RRSP, taxable account, etc. For a non-USC, foreign stocks seem like a good choice of TFSA investment because there is no tax on the dividends nor the capit...

Even though the TFSA is "tax free" in Canada and taxable in USA, I believe you should be able to lump any income from a TFSA with other non-sheltered Canadian-sourced passive income for the purposes of applying tax credits on your 1040 (via form 1116). So for most people, the TFSA is unlik...

I thought this was previously addressed by Nelsona. Per this link, it is my understanding that the 8621 is *not* required for most Cdn mutual funds.

[url]http://forums.serbinski.com/viewtopic.p ... light=8621[/url]

Did something change or is there a disagreement of opinion?

Don't most Cdn mutual funds distribute all their income on an annual basis? In that case, I don't think you need to file form 8621. Please correct me if I'm wrong. Thanks.

Okay, thanks for pointing me to the correct technical explanation. I'll have a look. In the meantime, perhaps I can ask this much more narrow question: If I submit a CRA tax return that claims a credit for US taxes, I will attach my 1040 as "proof". However, if that 1040 shows the actual a...

Hi Nelsona: What you said makes sense to me (although I think an American would still have to file 1116 if they have FTCs >$300 single or >$600 married). Unfortunately, I'm not sure if really answers my question. Let me try a different tact... As I understand it, before using any Cdn or US FTCs, I n...

Hello, I have encountered an strange situation and am looking for some guidance. Am am a dual citizen living in Canada and my question relates to how FTCs should be handled on a US-based ETF that invests in foreign stocks. I think I have a pretty good understanding of how to do FTC's between the US ...

Good point. Seems likely to me that if the US allows a deduction for RRSP contributions, they'll want their take upon withdrawal. Same thing will likely happen to Americans that contribute to 401k or IRA while working in Canada.... CRA will come knocking. (Welcome to the tax planning nightmare that ...

My understanding is that the W8BEN is only necessary if you don't have a valid SIN on file. If you have a valid SIN, all you need is a photocopy of drivers licence. Here's the requirements from Etrade. I've seen these same requirements posted by other Cdn brokers. https://www.canada.etrade.com/signu...

Thanks Nelsona. Wow, that's really good news if your interpretation is correct. To think that I just made a bunch of adjustments to my Roth last week. Oh well, over the long haul, this should still save me quite a bit. I'm curious to see how the new protocol will impact the Canadian "exit tax&q...

Wow, this could be big! I just spent some time reading (okay, my eyes were glazing over) the protocol. Clear as mud. I'm not sure what this all means but it sounds like there are certainly some possible upsides. Norbert - Thanks for posting this! Steveh - I think you're on the right path with your i...

Hi Norbert, Thanks for helping clarify this one. I was really surprised at nelsona's answer about withholdings from RRSPs as it seemed contrary to what I had always understood. Great to have a second opinion! In terms of the Roth, is the Canadian withholding tax due to a) having Canadian stocks in t...

Very interesting. I learn something new every day! This tells me some very important general tax planning rules for holding stocks in tax sheltered plans... wherever possible I should try to: 1) Keep US stocks in US plans (401k or traditional IRA) 2) Keep Cdn stocks in RRSP (or unsheltered for tax c...