Serbinski Accounting Firms

I do not believe in doing unnecessary work. What I am trying to do is lower US taxes to the point where it is equal to what is owed to Cda.

Most young single people working ins US, especially just starting their careers, do not have any RRSP's, investments, etc. I would just want to use up all their foreign taxes pd to US.

Can a single cdn resident file a 1040 under Article XXV(1) declaring world income? Are they subject to FBAR, FATCA, 8891, 3520 requirements?

Thanks

On the 8891, do we make the election to defer tax on the income or do we just include the income on the 1040? What if there is a distribution in the year?

Thanks again

A Canadian resident with US wages files a 1040 under Article XXV(1) of the Treaty declaring world income. Since they report world income, do RRSP earnings need to be reported or would they file form 8891 deferring the income? What about FBAR requirements? Let's assume that the following year, the Ca...

Can a single Cdn resident working in the US file his US tax return under Article XXV Paragraph (1) of the Treaty in order to take advantage of the standard deduction or to itemize. Would they use a 1040NR with a pro-forma 1040 statement or are they allowed to file a straight 1040. Thanks, in advance.

Looks to me that you can avoid declaring world income if you file a 1040NR instead of a 1040. This could be advantageous depending on the source and amount of income. Do you have a choice on which way to file from year to year or do you have to chose one method and be consistent?

When a GC holder(commuter status) files a 1040NR using the Treaty, what happens to the other filing requirements that a GC holder filing a 1040 would normally do. i.e. World income, FBAR, 8891 RRSP reporting, etc. Are these requirements negated by filing a 1040NR using the Treaty?

Are Universal Life Insurance policies considered "foreign trusts" for reporting purposes on Form 3520?