Serbinski Accounting Firms

Hello! Thank you to all the experts here for any help. I can't figure out where to start to figure out the following: I have a rental house in the states. I'm dual but live and work in Ontario. I have the highest marginal tax rate (47? 49?). The interest I pay on the LOC that paid for the house decr...

WOW - thank you. Positive balance - hah!
Thanks, so much, again.

Thanks - I'm fairly new to canada, have always filed US tax returns and reported all income - never realized about FBAR despite looking at these boards for info and realizing I had to declare my ROTH to the CRA - No doubt my anger keeps getting in the way as to why it is necessary beyond filing taxe...

LOL! I'm the other half of the married entity and have to file yearly as a US citizen.

If there is rental income or loss or we sell the house, am I correct that he would then have to file a US tax return?

If a Canadian citizen jointly owns a Non-Homestead property in the US as a married entity, and the property is not generating rental income or losses and is not sold during the tax year, does the Canadian citizen have to file a US return for any reason related solely to the joint ownership of the pr...

Many thanks - I think someone had thought they would add it to form T1135. Inwardly groaning - the more I send in, it's just one more thing for CRA/IRS to screw up (2/4 years the IRS has cashed my check, then sent me a letter in the summer telling me I never paid. - and that's been the mildest thing...

I read on here that Roth's have to be declared by end April this year in Canada. I can't find info on it now.

Wondering what form to use -


Many thanks

OH - so he would have to now file US taxes because of owning property in the US.

How does that usually shake out? ie low bracket in Canada, get rental income, say 8000 in a year - increases Canadian taxes - but now has to file in US - does foreign tax credit apply?

Thank you!

Hello! Here's us: Me - US citizen, Canadian PR - marginal rate 49% (or whatever is highest) DH - Canadian citizen - low marginal rate- 15-20%probably We file separately in Canada. Obviously I file in US as well. Considering purchasing second home in US. Should it be in husband's name only? That way,...

Thanks so much. Guess mine doesn't specialize - just does them (cooperman chapman). Our cdn taxes would definitely be higher - I'll have to ask specifically about it, however, to think about the future. Not very comfortable with gma owning in our situation.

Wow - glad I started reading here!

Please forgive me not researching further - little baby not giving me much time. I and my two kids are US citizens - kids are dual and I will soon be dual. Hubby Can. for what it's worth We moved here (back here for hubby) 2006 and have maxed out RRSPs and when kids arrived, RESPs (and TFSAs) **Ques...

great - many thanks. I didn't think I could contribute anymore now that I'm in Canada (or due to income eligibility change or something - apologies, can't remember) - so contributions not an issue, just sitting on it.

Many thanks again!

Hi! Thank you all so much for the outstanding advice on here. Dumb question - what do the new rules mean in plain english? Basically, if you have a Roth, and report it, you won't incur any additional taxes on it in Canada? It will be the same as if you still live in the US?

Thanks!