Serbinski Accounting Firms

1/2.
Glad its not ties, I will still keep looking for a US-based bank that will allow CAD account. Read something about EVERBANK, maybe if I transfer to them and keep as CAD, won't have to file FBAR either in coming years. Not a big deal to file, but less forms to keep up with.

3/4
Actually the ...

Hi Nelson,

in 2010, my wife and I moved from US to Canada, I closed my US accounts, and returned my Green Card and stopped being a US resident for tax purposes. My wife is a USC, but she didn't work in Canada, so she didn't have to file taxes with IRS either.

When we moved permanently to Canada in ...

I have one accountant in US and one accountant in Canada.

The advise I received on this forum from you has been the best advice I have received this year.

Being a long time internet guy, I take special comfort in the free flow of information through forums. So just want to say thx

I earned it through Canadian corporation I created.

I have one more question.

If this Canadian corporation had a capital gain from sale of assets in 2011 (over $100k), and considering that I will be filing 1040 for 2011:
Do I have to report the capital gain that this Company had on my 1040? or is ...

oh on 1116, which one would I check?
a. Passive category income
b. General category income
c. Section 901 income
d. Certain income re-sourced by treaty
e. Lump-sum distribution

On my T1 the 29k is classified as "Other income" , it says:
130. Allocation Income from ABC Inc (its a Canadian Corporation)

That is the only income we have in 2010 in Canada.

We do not have children.

So, that leaves me with 1040 and 1116, correct?

We're on extension till October 15th for 2010

I'm still not 100% sure if we need to file both 2555 and 1116 with our 1040MFJ, or only one of these forms will do.

Could you please help sort that out the 2555 vs 1116. In 2010, I earned $29k in Canada and paid off CRA.

Great, here where I am so far:

We will file 1040MFJ for 2010 and 2011.
My wife does not and will not have a RRSP
I will not have RRSP in 2010 or 2011
We do not need to file 8891 (since no RRSP)
I read the rules on 8854 and concluded that while I was a GC holder, I wasn't a long-term resident ...

nelsona, thanks for the help.

As I keep researching, more and more daunting forms are poping up, and new questions arise, would appreciate your guidance.

To summarize here are the facts:
1) Wife is a US citizen, will not work in Canada
2) I mailed out (surrendered) my US GC yesterday, hope to get ...

I just went ahead and filled out i407, included by GC and mailed it out to the US consulate. I should soon receive proof that my GC has been officially surrendered, once they send me a letter back. Once I get this letter, I'm supposed to send a copy of it to IRS, so they know that I'm not a US PR ...

I found this http://toronto.usconsulate.gov/visas/dhs-document-processing.html

It says I need to complete form I-407, include my GC and mail it to the " Visa Unit, U.S. Consulate General Toronto"

Once they receive it, I will officially revert to nonimmigrant status.

Then, they will return a copy ...

I dont mind losing the US GC. I just want to maintain a option to apply for new GC (10 years from now) through my wife by not screwing up with my filings.

what does it mean to proactively renounce GC? How is it done? do i have to do it this year? or can i do it next year? i wish i could just be ...

Hi, first want to thank for this forum, what a wonderful resource.

I need some advice and I feel like neither my accountant in US nor the one in Canada have much of US/CDN tax experience. So, I'd like to research a bit on my own and relieve some of my anxiety.

Some facts:
1. In mid 2010, I got a ...