Serbinski Accounting Firms

I am a US Expat living in Canada for several years now. I hear that FATCA reporting is needed when total assets for a couple filing jointly is above $400K (for 2023), so when and if I get to 400K I need to report it ? Will the amount reported be subject to tax in the US for example if all the assets...

hi nelsona,

Let me clarify what I heard in a seminar on Taxation for US Expats is that if the GIC is in a TFSA it is not considered like a mutual fund and so not subject to PICF reporting, still have to report any gain in interest though.

Does this sound correct ? or reasonable ?

Jawahar

I am a dual US / Canadian citizen living at present in Canada I know that having a TFSA is not beneficial as we may have to pay tax on the gains each year to the IRS and if the funds in the TFSA are in mutual funds then there are additional reporting requirements. But I heard recently that if the fu...

I am a US / Canada dual citizen living in Canada. I recently set up some GIC joint with my Dad (for whom I have Power Of attorney) so that I can help Manage his finances and pay his bills etc. Do I have to report these accounts via FBAR, as it is joint I do have controlling rights but this really is...

I just found out that back in 2018 there were some rule changes to RESP held in Canada By US Citizens actually living in Canada. What are the new Rules, do we have to report RESP holdings or report the gain on these holding every year ? Do they have to be included in the FBAR ? If my child has an RE...

As a dual National of US and Canada and currently living in Canada how do I report the T3 and T5 information on the IRS Tax forms. I know that it should be reported a Passive Income in Form 1116. My question is how are the Ordinary and Qualified dividends are reported and the tax paid (In Canada) on...