Serbinski Accounting Firms

Thanks CdnAmerican! With 8621, the mark-to-market has a first year co-ordination rule. Basically, to my understanding, if you elect to mark-to-market for the first time, you still cannot do the mark-to-market in the first year. You'll have to do the pain in the backside section 1291 fund with all th...

Let me emphasize that for part 2, NO money is ever removed from RRSP. i.e. some mutual fund units may be sold, dividends may be received, but all money stays inside RRSP.

Let me rephrase my questions. 1) What is the difference between the 3520 and 8621 forms? My impression is that everyone is talking about both forms. But isn't there just one form to report the sale of mutual fund units? Both forms must be used or just one or the other? 2) Are mutual funds held insid...

Hi, I am confused regarding the IRS filing requirements for Canadian mutual funds. I have sold ALL my mutual funds during 2011, the year when I moved to USA. What forms do I need to file to be in compliant with IRS? I see that there are two possible forms: 8621 and 3520.... Do I need to file them gi...

because my wife and i moved at different times... CRA takes the position that non-residency begins when the last spouse left...

I have both foreign tax credit and tuition credits on my Cdn return. Foreign tax credit because I moved to USA to work, and tuition credits because I was a student before that. What I find is that I cannot use up all my foreign tax credits. In schedule 11 where the tuition credits are calculated, th...

Hi... I've been doing some reading on how to file Canadian mutual funds with the IRS. As expected, it is very confusing... Situation: I liquated some Canadian mutual funds with a Canadian broken in the first 1/2 of the year before I move to USA. Now, I want to elect full year resident for 1040 to ta...

Thanks

Hi...

If I realized some capital loss (stocks, mutual funds, etc) BEFORE I move to the USA, but I elect to file full year resident in the USA, can I claim these losses?

Thanks!

Is DPSP taxable in California? Federally, DPSP is treated like pension, so no tax until withdrawal. However, if DPSP is converted into RRSP prior to leaving Canada, is the capital gain realized taxable by California? Alhtough Cali supposed to tax this since this is realized before becoming Cali resi...

Thank you.

Do you know if the FMV as cost basis rule applies to California as well? I sometimes don't understand these treaty not binding on States nonsense...

Thanks for your reply... It is taking awhile to digest the info. One more specific question regarding the 2 out of 5 year use test. Lets say I bought it in 2008, and use it as principal residence for 3 years until 2011. Move to USA and change it to rental property. Sell in 2013. Does the 5 year peri...

Hi.... I am not sure if my interpretation of the US tax code is correct. So I think it may be a good idea to post here to ask for some valuable inputs. For simplicity, lets suppose in 2011.... 1) I am married 2) I work from Jan 1 to June 15 in a Canadian company. Work is done in Canada. No connectio...

Also... can you please shed some light on the +1 bonus year rule? Can't seem to find it in the emigrant's tax guide from CRA.

Thank you for your help. 1) You mentioned trying 3 different ways. I agree with that to figure out which one will yield the lowest US federal taxes. However, my concern is that say I reduce my US tax from 5K to 3K, then this will lower the foreign tax credits on my Canadian return. Overall, I may st...