Serbinski Accounting Firms

Ok. Was asking because I thought a difference in accrual vs. actual paid could make a difference. Correct, spouse is non-working. (And previously only worked in canada while us resident as commuter) Does the tax have to be pro-rated in any way? Ie. Pro-rate tax based on increase in Canadian value fr...

Thank you for the clear answer.

re: withheld tax - what happens if a Section 217 is then filed, effectively reducing the foreign tax that was paid to $0? Would you then to include this as some form of income in 2018?

Quick one here: Became US Resident in 2010. On that date RRSP was worth $1000 CDN/$900 USD (example exchange rate only). RRSP was monthly interest bearing account. RRSP paid out interest every month in 7 years, but no withdrawals made from account. Unsure if Form 8891 filed, but non-issue since new ...

Question about your comment that "They are sourced on (a) where you live, or in self-employed case (b) where your fixed base is. " : Does the treaty not override this? ie. if she clearly is a resident of USA? From CRA's website: "If you soujourned in Canada for 183 days or more (the 1...

Thank you for the info. And just to be clear - if she keeps it under 3 days and is not a deemed resident , then there is no taxable obligation in Canada (since gains are in USA)?

Hi, I am in USA on TN. Wife is on TD. We are 100% USA residents. If she were to do a lot of trading in USA we are concerned she could be classified as day trader. When green card comes around, we are worried that USCIS may start asking lots of questions. She can commute to Canada daily to trade (see...

EDIT: "Since the sales are in the USA" (Not Canada)

Hi, Since day-trading is ill advised with TN/TD status... What about day trading on a US exchange account (cash and investments are in USA) but doing so in Canada as a non-resident. Is this taxable in Canada? Since the sales are in Canada.. No canadian income is generated... But the work is performe...

Yes, it's a rental. Thanks!

Hi,

Filling out Form 1116. I have CCA recapture in Canada and depreciation recapture in USA. On Form 1116, is this income considered general or passive?

Thanks!

JGCA, not sure why I would add them to the ACB. According to CRA on the calculation of CCA recapture: "Line 9947 - Recaptured capital cost allowance A recapture of capital cost allowance (CCA) can occur when the proceeds from the sale of depreciable rental property are more than the total of: t...

Hi, CRA finally processed my disposition (T2062/T2062A) of my Canadian rental property (I am US resident). The guy who processed it took my capital expenditures and ADDED them to my initial purchase price which reduced my capital gains. From my understanding, they should have been added to my deprec...

FYI Everyone - I sent CRA a letter to obtain a Pro Forma NR4. They sent one to me after a few months. Here is a template: trowbridge.ca/2010-proforma-nr4-slip-request.doc

Hi, I just got a call from the CRA asking for my NR4 for my Canadian rental income and with-hoidings for 2011. I don't have one. I didn't have an agent and I sent the withholdings in each month myself. They didn't ask for an NR4 last year (2010 taxes), and my Section 216 was processed just fine.... ...

Makes sense. I think I am going to file the adjustment for deemed disposition and eat the interest. I also think the CRA agent was slightly wrong. Elections aren't valid for voluntary disclosure. Since it is an election to treat real property as a deemed disposition, I'm out of luck on not paying th...