Serbinski Accounting Firms

Thanks nelsona. That's what I figured but wanted to confirm.

But I didn't realize that he would need to also fill out a 3520. Crap. I thought those days were behind me. Need to more research.

Thanks.

Hi, My son started university in Canada this September. He's a Canadian citizen with US Green card. He has US income from a part-time job. He has no Canadian income except $5,000 from his RESP (held by grandparents in Canada). Does he need to file a Canadian tax return? Or can we just file a US retu...

Thanks DaveM I agree with your plan. In addition, I'm also going to: Line 13: Check "Yes" - since this is a gift with 'no consideration'. I'll fill out the table and ensure that column (d) is the cost basis of the RESP when we entered the US. While the total amount of our RESP being transf...

Hi DaveM -

Did you fill out Part I of 3520?

In reading the instructions, it seems to me that this section needs to be filled out to indicate the transfer from a US person to another foreign trust (the new one that is not owned by a US person).

Thanks.

quickcanuck or anyone else who has done this - any guidance on how to fll out 3520/3520a for the last time?

I'm assuming that I just show a closing balance of 0, but I would like confirmation from someone who has done this.

Thanks.

nelsona - how do we show such a transfer? is it as simple as putting a 0 as the balance on the 3520/3520a forms?

Thanks.

I'm thinking about doing this as well. How did you show this on the 3520/3520a forms? Did you have any issues?

I'm still doing a lot of reading/research into this. I have 'newbie' question on definitions: - distribution - income (dividend, interest, etc.) provided by the mutual fund - disposition - I assume this in reference when funds are sold - correct? How are unrealized gains in the FMV of the mutual fun...

So, if I make an M2M election for the 2013 year (which I will to avoid 1291): 1) I need to apply the "excess distribution" to the unrecognized disposition gains of the mutual fund from my cost basis to its FMV on Dec 31, 2012 2) for M2M calculation in 2013, I can use the new adjusted cost ...

So how does the M2M election work for the first year? Part I, #5 - do I select "c" and set the value to 0? Part IV, #10b - what do I use as the cost basis? Is it the value when we first moved to the US, or some other value? I've also read some other posts where, for the first year of the M...

I think for my case, I'll just file a single 8621. I don't have any pricing/quantity information for all of the holdings in the mutual fund. I only have the % of those holdings in the fund. So all of my gains/losses are aggregated to the main mutual fund anyways. Let me start filling the form out......

Thanks MGeorge. You are correct, the US equity are still PFICs since the funds are domiciled in Canada. I haven't received any distributions since becoming a US resident. The account has been basically ideal since we moved. The only activity in the account is interest accrual for the cash in the acc...

Thanks in advance for any help. I'm a Canadian living in the US as a permanent resident. We have an existing RESP for which I've been filing 3520/3520A forms yearly. However, I did not know about the requirement to file 8621 forms until this year. Some additional background: - I've never made a QEF ...

So to confirm, both of the 3520 forms will have the same EIN? The only difference between the forms will be account numbers?

Thanks.

Hi, Last year, I transferred my RRSP and RESP accounts to different account types with the same bank - straight transfer of assets, no distributions. The only thing that changed were the account numbers. I've previously filed the 8891, 90.22-1, and 3520/3520A forms. My questions are: 1) For the 8891...