Serbinski Accounting Firms

This would be a separate issue, but yes, my understanding is there is now no 3520/3520A for the RESP account. My only question involves how to address this; would I send in a final 3520 for next year and check the box 'final return'? Or, simply send in a letter indicating these are not trusts?

Hi all - I just wanted to close the loop on this one, and give the feds some credit. Today I received a letter from the IRS stating "Our records show you no longer have to file Form(s) 1041." Easy as that. Sometimes the IRS is super intimidating, and sometimes I am pleasantly surprised that a small ...

I'm a Cdn resident and US citizen. I have a TFSA in a bank, and I've filed 3520/3520A on it for years. I have US stocks in it, though, and when I buy/sell these I take a hit from my bank's exchange rate. I can move my US stocks into a separate TFSA account (basically, the same account number but ...

Thanks nelsona! That makes sense. I am surprised that CRA would count it as income, though, since the IRA predates my entry to Canada. I would have assumed that only gains incurred in 2020 would count as income, especially since I've been counting gains in it during stock sales after moving to ...

I am a US/Cdn dual citizen, living in Canada for the foreseeable future. I have a small IRA in the US. I understand that the US is now allowing people to withdraw from their IRA if they have had a job reduction/loss.
- I am unclear on how they define 'job reduction'; I am self=employed and have had ...

WhySoComplicated - I'm not sure if I did the right thing or not. I sent a letter to the IRS office (Cincinnati) which requested the letter, and basically described why I didn't think I needed to send in a 1041. That was just about 5-6 weeks ago, and I haven't heard anything back yet. I will assume ...

Hi Misaki - sorry for the late reply! I think your follow-up is beyond the scope of what I know. I am a US citizen living in Canada, and so everything on my 8621 includes time spent outside the US. I don't know how that would apply for prior years on your end - that might be more of a CPA question ...

Probably others can help more than I for #1, but I think that for #2, you could compute the change in value in US$ (which may be quite different than in the investment's currency), and then count it as income under mark-to-market. That's what I do with my Cdn mutual funds, noting that it is a pain ...

Hi Ron - To get a US account online, it's actually pretty easy. RBC does it with their bank which is based in Georgia (the state, not the country). TD has one as well, I believe, and they probably both work finr. The key is to have an account in US dollars which is based in the US; some banks in ...

Hi all - I just saw a note about this, but it hasn't been highlighted in this forum, probably due to other things going on in the world. I can't find the specific IRS document this relates to, but found a copule of articles like this one: https://www.andersentax.ca/blog/the-irs-issues-long-awaited ...

Just a bump to see if I can get some advice on this one. Seems simple enough but I'd like others' input to make sure I'm on the right track. Thanks in advance

I am a USC living in Canada. I applied for an EIN last year after merging RESP's into a new account (the EIN was for the new account). This was granted by the IRS, but they said I needed to file Form 1041 for the following year. This isn't accurate, as a) it's a foreign trust and b) any potential ...

Hi kdash - I'm sorry to hear of your experience. Another approach you could try is through the Taxpayer Advocate office. Or, you could also try through your US representative's office; they sometimes have a connection that regular folks don't have. Good luck ..

Hm, I don't know … I just assume that if the MF is Cdn-based, I probably have to do the 8621. But I don't really know - I'm just being conservative and figure that filling it out is less hassle than the potential headache of making a mistake.

I don't know for sure. I'm reasonably confident about my treatment of the mutual funds and stocks, but not too much about cash (or a money market).