Serbinski Accounting Firms

Hello. My friend is in ill health. She is an Ontario resident, Canadian citizen, no US ties. She has $500K in a RRIF and $500k in a cash account. In her will and her RRIF she has designated her 5 kids as beneficiaries. One is a US resident, US Person. The 4 others are Canadian residents, Canadian ci...

thanks.

Thank you for your quick response. A couple follow-up questions, if I may. 1. Have you ever heard of the OSC sanctioning (or attempting to sanction) a US brokerage firm under such circumstances? Morever, the US firm then coming back against the client? 2. Would she avoid the Form 1116 if she held al...

Hello: My friend is a US citizen recently moved to Canada. She likes her US brokerage firm relationship (taxable cash account), and has no intention of moving it to a Canadian broker licensed in Ontario (where she lives). Her US broker is not licensed in Ontario, and she is using a US address for he...

Thanks Phil and Nelsona.. very helpful. What happens in reverse? Let's say a US citizen moves to Canada and leaves their US dividend-paying stocks in a US-based brokerage firm (cash account), with a US address? Do they have an issue with the IRS, not dissimilar from the issue that the Canada-to-US i...

Although my relative is a US citizen/tax resident, he does have a Canadian address (cottage) as well. He is currently holding the shares at a Canadian brokerage firm, using this Canadian address (the firm is not licensed to do business with US residents). His understanding is that when the company s...

Thank you. One more question. If the stock pays dividends going forward, who pays the tax? Each joint holder, equally? Can the joint holders choose which one would pay the tax (the wife in the lower bracket, hopefully)?

A relative of mine is a US resident who is going to receive C$10mm in Canadian stock on selling his business. His cost basis in the shares is C$1mm. The shares are now worth C$10 mm. The shares are in his name. He would like to open a joint account with his (US citizen/US resident) wife and move the...

Thanks for you input, JGCA. But actually, transferring the assets solves my issues going forward. My current concern is my immediate situation (tax filing for this year). These Canadian investments should have been subject to non-resident witholding tax, whiich they have not been over the years, due...

Hi: I am a US resident, with a (Canadian-addressed) cash account, that owns Canadian dollar exchange-traded funds. What are the ramifications of the Canadian generated (dividend slips and some are return of capital) tax slips for my US taxes? Can I be penalized by either CRA or the IRS? Am I losing ...

Thank you, very much. Makes sense

Thank you for your response. So, then technically speaking, I am getting the net benefit of (85%) of the dividend tax-deferred (under the tax-umbrella of the IRA), but receiving 15% of the dividend outside my IRA (wiithout paying early withdrawal penalty or taxation). Is that a "backdoor" ...

Hello: I am a Canadian resident with an IRA. I own Canadian dividend-paying stocks, and it irks me that thaty are subject to a 15% witholding tax. My questions are as follows: 1. Should a tax sheltered plan be subject to such taxation? 2. If so, how can I get this 15% back? Thanks for the help!

No, I think that it is just inertia. She has had the same broker for 30 years and doesn't want to switch. He's telling her that she will not be able to hang on to all of her Canadian stocks and mutual funds if she moves. Feathering his own nest, a bit, not real objective advice.

Thank you very much, very informative