Serbinski Accounting Firms

nelsona:


I had a bank account with CIBC when I first opened the mutual fund account . However, I closed the bank account due to their not so steller service.

thank everyone for your replies. I am having trouble with CIBC. I have a small mutual fund with CIBC. I called the tele banking line to close the account, and they said they cannot do it since I don't have a bank account with CIBC and they cannot write a check. So they asked me to call my CIBC branc...

tsanaha & nesonla:

Thank you both for the reply.

So it seems that it is perferable to ask the canadian banks to wire the money as the exchange rates will be better?

I am a Canadian citizen but currently live in US. I still have a few accounts in Canada which I find hard to manage (I joined in the 2011 ovdi) . I am thinking moving these accounts to US. Some of my accounts are over $10k. Two questions: Which way is better: write a check or have the banks wired th...

tsanaha:

You should definitely contact TAS if IRS insists on posting penalty on RRSP.

How did you handle your tax on PFIC in your 2010 tax filing? I assume your 2010 FBAR filing was timely. Did your 2010 return already include the PFIC, or, you put your PFIC in the 1040X?

Thanks in advance.

tsanaha:


Thanks very much.

Tsanaha



How did you do the tax returns on GIC? Is GIC just an ordinary bank account and one just reports the distribution as ordinary income?

Thanks.

thanks.

anyone?

In the pre-approval letter, it asks for the point of contacts for the banks. I don't have specfic person. Can I just list the addres of the branch?

calgary:

Thanks. Have anyone obtained the extension?

The OVDI FAQ says one can apply for an extension of 6 months. Have anyone apply for an extension? What is the process involved?

I have just came back from an oversea trip and it seems I will miss the Aug. 30 deadline.

nelsona:

by "cap gains" you mean the realized ones, not the un-realized ones?

"8621 is for specific types of mutual funds." I am struggling with this one. What types of mutual funds are you referring to?

Many thanks.

tansha: You are right. Mark-to-market of mutual funds will create a significant income gain/loss even though the dividends are only a few dollar a year (the banks didn't (and still do not) bother to send me the tax forms). However, I hope to use the default method in form 8621 (i.e. the excessive di...

"If you do decide to join OVDI as I did, please prepare the worst outcome -- that is 25% penalty if you have over 75K. "

I think you can still opt out OVDI if you can stomach the uncertainty and, e.g. your mistake was caused by someone's ill advice.