Serbinski Accounting Firms

Has anyone had experience with Corp Class Mutual Funds, specifically how they are taxed, both in Canada and the US. Are they considered a PFIC, or simply a corporation paying interest, dividends, and capital gains.

Thank you.

nelsona, I want to make sure I understand your comment, and it applies to a non-resident of Canada.:

"So, this provides a tip for others in the same situation: While there may be some probate and tax advantages from naming someone directly beneficiary in a RRSP or RRIF, when the intended inheritor ...

I am resident of Canada and have a US bank account and have designated a family member as a "Paid on Death" beneficiary. I understand this is considered a Totten Trust in the US, but I have not seen this characterization in Canada. A few years ago, I spoke with a person at CRA in the Trust section ...

Anyone have experience with IRS filing requirements for a Canadian estate? If I understand correctly, the death of a taxpayer automatically creates an estate, which is a trust, of some sort. I do not know, but I expect this would require the filing of a 3520 and perhaps a 3520A.

I currently have ...

I received an e-mail informing of an update to the tax software, which was the reason my return was not accepted, and I should submit my return again, which I did, and it was accepted almost immediately. Big relief!

I am still waiting. I did e-file again a few days ago (at the suggestion of customer support) but still no word from the IRS. I did e-file a family members return recently, and it was accepted in less than an hour. Apparently something about my return needs further checking.

I do not know why the return was rejected, there was a generic IRS error code, but it did not help. I think some software is simply better for international filers.

An IRS rejection can certainly be a problem with the tax software. Several years ago I received a rejection and went thoroughly over my return, made a couple of minor adjustments(such as a space in the Canada postal code) filed again and received another rejection, again went through my return and ...

Has anyone e-filed their 2022 US tax return and experienced a significant delay receiving acceptance or rejection fom the IRS? I e-filed 6 days ago and still have not received notice. Perhaps this is the new normal, but I have never waited more than 24 hours, and most years only a few hours.

I have ...

Try using a US zip code when it requests a US address.

Apparently the US stimulus payments are not taxable in Canada; however they are defined as a refundable tax credit, and would this credit reduce or eliminate a Foreign Tax Credit in Canada?

Thanks for the explanation.

Thanks nelsona, the linked document seems quite definitive, other than a section from page two:

The Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) INTEND to issue proposed regulations that would modify the requirements under section 6048 to exclude eligible ...