Serbinski Accounting Firms

Suppose you are a Canadian citizen and have a TFSA in which you bought stock for $10000 in 2009. The value of the stock increases to $30000 by January 1, 2015. You move to the United States in 2015 and you plan to stay for 3 years before moving back to Canada. 1. If you sell your TFSA stock in 2016 ...

Thanks, Nelson. I try to keep on top of things, although it seems that every year something changes. In terms of the RRSP: - If I keep the RRSP and retire in Canada, should I generally expect to pay more than 25% at that time? It seems that I could keep it to 15% in a fairly straightforward way by c...

Hello! I will be moving to the US in June 2015 with my spouse, on TN status. I am a shareholder in my parents' medical corporations, which will issue dividends annually. In the next month, we plan to: - Contribute to my RRSP, and use the deduction in the 2014 year - Contribute to her RRSP, and not u...

Hi, When filing a dual status return in the year of departure (i.e. filing with 1040 as statement, 1040NR as return), is it possible to take the general sales tax deduction for the portion of the year for which I was a resident? There is a space in the 1040 Schedule A for this, but not in the 1040NR...

Hi Nelson (and others), You said that filing full-year 1040 with 2555 almost yields "MUCH" lower tax. Looking at the calculations, the difference appears to be that you get to claim the standard deduction, but you have to pay tax based on the FEI tax worksheet. Assuming a marginal tax rate...

Hi, I have some stock that I acquired while in the US, some by purchasing directly and some through ESPP. My stocks were all winners so I didn't sell them before moving. To be clear, I was previously a US resident and am now a Canadian resident. After moving to Canada, I filed a W8-BEN on my account...

Thanks for the reply!

This is about $1400 in HSA. The suggestion to wait until next year makes a lot of sense - I hadn't thought about that. Thanks a lot!

Hi there, I have recently moved back to Canada from the US, and I am now a Canadian resident. I have an American HSA that I am going to close, because I cannot use it and the monthly fees will otherwise deplete its value to 0 before I turn 65. I believe that I need to report the remaining balance of...

Two years ago, I moved from Canada to the US on TN status, for work. Various people have advised me to close all of my bank accounts in Canada, but I elected to turn the bank accounts into non-resident accounts. I also filed a departure tax return in Canada. I believe that I will pay US taxes on int...