Serbinski Accounting Firms

My post did not say: "Will I still need to file a 3520 as I received over $100k as a gift from my parents". Instead it said: "I will still need to file a 3520 as I received over $100k as a gift from my parents". Thus I was not asking about the need to file one, but how to, if you...

I've previously filed a 3520 for my Canadian TFSA's (which are now closed). However for my 2016 return (yes I'm starting early) I will still need to file a 3520 as I received over $100k as a gift from my parents (who are non US citizens/residents) into a foreign bank. There's a few threads on here o...

Thanks for the info. One final question - as I am a high rate taxpayer in the US, and my wife is a homeowner with no income, can that be leveraged somehow to advantageously reduce the tax rate in Cdn and the US? For example, if the rental property was purchased in her name alone rather than jointly ...

Thanks nelson.

I didn't fully understand the last two sentences, I'll go and read about deprecation and marginal and effective rates to understand what you wrote.

But what does "using CCA of the property" mean?

Thanks both. When I file the Cdn tax return, as its for only the rental income, I presume the tax rate would be 22% (as I expect the gross and net income to be less than $42000 - point 14 in this link: http://seecac.com/22tips/266-22-owning-rentals). And so I'd get a 3% refund. I also presume I woul...

I'm considering buying a condo in Vancouver BC to rent out and was wondering what rate in tax there would be to pay in Canada on the income. My wife and I are Canadian citizens but live in the US. I work and pay at a high tax bracket, my wife has no income. If we jointly owned the Canadian condo, at...

I've got several foreign accounts I need to deal with for my IRS return and know that apart from declaring the income from them on the return itself they all need to be declared on an FBAR/finCEN (as the amount exceeds 10000). Additionally there is the 3520/3520A for my TFSA and 8891 for my RRSPs. B...

I'm an idiot, I didn't see section C on page 91.

It does make a difference because the rate in the tables changes in fine grain increments but the rate in the worksheet changes in coarse increments. If the amount showing on line 43 is over $100,000 then the tax worksheet on page 91 is used. If the amount showing on line 43 is less than $100,000 th...

@ Thanks MGeorge, but that didn't answer my actual question. I'm saying I can see no change in tax due if adding her as an exception, and my question is that correct in my situation (where I give details of line 43) and therefore is there no point in even her filing separately or jointly. @nelsona, ...

I've moved to the US from Canada and am filing a 1040 for the first time (last year I filed a 1040NR-EZ). I'm married but my wife has no income, so I was going to do a joint filing so I could add her as an exemption and thus reduce my tax payable. However after starting to fill in the form it looks ...

Thanks.


How do I declare non residency, and do I need to do a Canadian tax return?

Hello I came to the US in 2011 on a J1 visa while my wife stayed in Canada, so for the 2011 return I filed a 1040NR-EZ. However for 2012 I was present in the US on a H1 and my wife was with me on a H4. Which tax return form should I use for the 2012 return? Do I need to include my wife in the return...

The person in this link http://www.canuckabroad.com/forums/trying-to-find-info-on-departure-tax-vt11938.html#p47896 says: "If you actually legally moved to US, you are a Cdn non-resident by treaty .. Departure tax triggers when you become non-resident by treaty, which you were the day you moved...

Hello I filed a non-resident tax return for 2011 (as I'm resident in the US and wasn't physically present in Canada for the number of days to be considered a resident). As a non-resident I didn't declare world income. However as I was printing out the forms (I used Turbo Tax to prepare them) I notic...