Serbinski Accounting Firms

[quote="nelsona"]I misspoke above. So long as you are not a GC holder or US citizen, you can exclude the gain on 1040 (in the year you move). If you wre GC or USC, you do not get any tax benefit, becuase: What tax would you have paid in canada? the cap gains in Canada is based on the value...

[quote="Norbert Schlenker"]I have bad news re capital gains distributions from US mutual funds to Canadian residents. They're not treated as capital gains. They are foreign investment income, taxable at full marginal rates. The logic is that, since Canada cannot ensure that something calle...

[quote]The reason Cdn residents can't trade in a US brokerage is because of [u]Cdn regulators.[/u][/quote] Is this statement still true if the Canadian resident is also a U.S. citizen (i.e. dual citizen living in Canada)? I heard that US citizens (and GC holders) were allowed to keep (and actively) ...

In the case of a mutual fund that automatically reinvests distributions, I guess I would need to do a deemed distribution of re-investments that were made during my (<5 year) residency in Canada. While the mutual fund is a pre-existing investment, I suppose CRA would consider the re-invested portion...

I understand that when you move to Canada from the US, your Canadian cost basis is re-set on the day you become a Cdn resident. I also understand that when you sever ties with Canada, you do a deemed disposition. However, I seem to recall that you have a certain window (<5 years?) from the time you ...

[quote="nelsona"]The FEIE is becoming less and less viable, due to anti-stacking and the child credit. I see no harm in nort excluding $4000, other than the fact that you will have to pay some US tax on the portion you DID exclude.[/quote] Why would you have to pay US tax on the portion th...

p.s. The above idea is not in lieu of contributing to a tax deductible RRSP. The Roth contributions would be above & beyond an RRSP. So really, it is money that would otherwise sit in a taxable brokerage account.

I know it is generally recommended that a US citizen working in Canada should not contribute to a Roth IRA since it is not a shelter in the eyes of Revenue Canada. However, I think you could make a strong case that it makes sense to keep contributing $4k per year if you are unsure of how long you wi...

...The new 2555 rules, which stack any other income above the FEIE to determine tax, no longer makes reporting nternal RRSP income very palatable, as it will incur US tax. Thanks for the clarification. FYI, I was just looking over the worksheets for the 2006 Form 2555 and the stacking rules do not ...

I have read on this forum that you can maintain but not trade in a US brokerage account while a Canadian resident. Likewise, you cannot trade in a Canadian brokerage account while a resident in the US. Can an individual trade in a Canadian and/or a US brokerage account if they live in another countr...

Is it correct that withholding tax in Canada subject to total current value (rather than some crystalized value at departure date)? And is US tax based on current value less contributions and/or any deemed dispositions at the time of entry into US? Cdn NR tax would be based on the withdrawal ammoun...

The dividend income would count as foreign income, but there would be no US tax associated with it. You could try to lump this with other taxable US income ans its tax. Yes, this is what I was hoping to do. Seems like a reasonable tactic to me and from your answer, it sounds like it might be a grey...

This issue of resourcing US interest raises an interesting question regarding the type of investments to hold in my Roth IRA. I have read elsewhere on this forum your recommendation avoid a Roth IRA; however, as a US citizen it probably makes sense to keep my Roth. I figure it's better to shelter fr...

I just wanted to clarify one thing: your US-sourced INTEREST wil NOT be eligible for a tax credit in Canada, since non-US citizens do not pay income tax on interest earned in US. you will need to use your US tax return to get any crdit under the "re-sourced" category. I'm confused. This s...

"...I question why you would have included your RRSP income in your US taxes, since this was never required..." For what it's worth, I did this because under the old FEIE rules (pre-2006), I was able to use my standard deduction & personal exclusion to eliminate any tax due on the RRSP...