Serbinski Accounting Firms

Hi Nelsona, so a long long time and nothing heard until now. Needless to say, not what I expected. I submitted an appeal in March and here's what CRA says when I point this out; 1) CRA quotes from IT Folio S5-F2-C1 ' if a particular tax imposed by a foreign country is specifically identified in an e...

I have not done that as yet. I've been reading about these taxes - severance, production - and ran across this. I've had two conversations w CRA regarding severance tax, both were friendly but both were quickly reduced to terms of process (both quick to acknowledge they weren't familiar w this type ...

Hi Nelsona, I hope I've chosen the most appropriate thread. I'm in correspondence w CRA (international). Section 126 (5) of the Act specifies Production Tax. Here's a cut n' paste from the Explanatory Notes, Foreign Tax Credit – Foreign Oil and Gas Levies ITA 126(5) Ordinarily, the only foreign ta...

I apologize for reposting under a different subject. Is there a way I can delete this and post to the original subject? On my 1040 I report on line 17 w att sch E supported by 1099 and claiming depletion at 15% on line 18. Depletion deduction results in less tax to IRS. I have not claimed depletion ...

Hi Nelsona, as you may recall, I'm in correspondance w CRA over the issue of ND severance tax as applied to FTC. I've rec'd a 'yes letter' and a 'no letter' therefore have requested a senior agent w foreign tax experience to review this situation ... remaining hopeful for satisfactory resolution My ...

yes, I agree ... a silver lining in every cloud. Last night I looked back at the 2011 correspondance w CRA; the issue was article XII vs Article VI but the tax in question was servenace tax only. On my T1-adj I was very clear in stating both mineral rights and oil production tax and included the 109...

Yes, not only the last three yrs but also every year forward. There's a lot to consider, not to mention w my annual income range of $75K-$86K I'm now in a 44% tax bracket - 32.5% + 11.5%. Beyond mentioning the convention their letter did not provide any basis for their judgment. I think I should at ...

Hi Nelsona, this is a followup from spring 2011 posts. W respect to CRA and reporting oil royalties to CRA, several non-eventful years have passed. I file federal and ND state tax and ND withholds a non-refundable oil production tax (severance tax). In Canada I claim the sum of these three taxes as ...

Thank you for establishing and moderating is forum. Over the past couple of yrs we've learned a great deal. I have scrolled through the last yr of posts and have found very little on Capital Gain/Loss so I thought I'd ask the following. Situation: Parents (we) US & CA citizenship w CA residency,...

I've been reading the content on this forum off and on for most of a yr and I will say I hugely appreciate both this content and it's accuracy. This is a re-post plus a little so I'll start w an explanation, apology and a request for dialogue. I posted this question last Sunday and I'm not sure what...

Hi Nelsona ... a further question regarding oil royalties from ND Regarding IRS, I can take a depletion allowance of 15% of our share of gross royalties and a transportation allowance as shown on 1099 statement. How can I claim depletion w CRA on T1? May I reduce gross revenue at line 104 accordingl...

Our daughter has moved to USA (dual citizen). She continues to give to our church - a charitable organization. She returns home periodically but will not have any Cdn Income this year (2011). She will have earned about $50K in US and has given in cash donations about $3000 CDN to our CDN church. Can...

I did file ND state tax, as you previously suggested; it's a requirement as a US citizen. ND has confirmed the tax as non-refundable production tax. On my CDN return I clearly stated the nature of this 'other income' as royalty from mineral rights. I also attached ND state docs (1099) to verify. I w...

I have received an unexpected response from CRA. I completed my Cdn return in April as advised. I claimed my US state and federal tax paid at line 431. It is ~12%. ND state tax is 11% and the remainder was Federal tax. Citing Article XII of the tax convention between Canada and US (the maximum amoun...

Nelsona, thank you for your expertise and your patience w my questions.
drmi