Serbinski Accounting Firms

Hi nelsona, speer,

This post prompted me to look at Vanguard Canada ETFs and Ishares Canada ETFs. Most of the vanguard ETFs provide PFIC annual information statements and all of the Ishares ETFs provide PFIC annual information statements.

That's it - anyone who indexes their portfolios can do the ...

Hello speer,

I'll do my best to answer your questions. I didn't know Vanguard Canada offered PFIC annual information statements, this is news to me!

A QEF election is almost as good as having a non-PFIC investment. I say "almost" because the ordinary earnings you report from the QEF statement is ...

I need to correct my typo about what Ishares Canada said to me:
"we have no plans to offer such statements, and we are under no obligations to provide these".

You should call them, and share with us what they say. I wouldn't be surprised if they don't know what you're talking about. I once called Ishares Canada and asked them if they were considering providing QEF statements - and the response was a very defensive:
"we have no plans to offer such ...

Hello,

I went through this a several years ago.
The IRS doesn't send any kind of letter of acknowledgement. It's basically "no news is good news". I ended up calling them, and the lady on the phone confirmed that she had all of my returns in the system.

Cheers.

Hello,

Whether or not to treat as a sale, it would likely be treated the same for US purposes as it is for Canadian purposes. Was the switch considered a disposition for Canadian tax?
What I would do is, if the class of shares is the same, as you said, but with a different fee structure, then you ...

Hi nelsona,

That is very interesting article from Hodgen Law. I have to admit is occurred to me that it should be easy enough to create a beneficiary statement based on the facts of the foreign trust owned by a non-US person.

I had a look at an RESP withdrawal form, and it seems to give the ...

Hi JohnSt

Yes part III as nelsona says. Unfortunately, in this case the US beneficiary would have to complete schedule A and C or B and C of part III, and this means there could be tax and throw-back interest on any accumulation distribution.

This seems worse than if the RESP had a US citizen ...

No problem - this is interesting one. I saw an article from Jamie Golumbek that says there have been a few submissions to the US government supporting the recognition of RESPs, RDSPs and TFSAs. I am hopeful, but expect it will be a while before there is any meaningful change.

The rumblings you ...

Hello DrJFM, CdnAmerican,

I found some good supporting information at:

http://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-foreign-trusts-final-021315.pdf

We know that an RESP is a foreign grantor trust. Since you the owner have been filing 3520A with the required beneficiary ...

Hi CdnAmerican,

So, when the RESP makes a distribution to your child, this would get reported in 3520A on line 17c. 3520A would be an attachment to your 3520 and as you probably know, you only have to complete parts I and II of 3520.

When your child (I'm assuming is a US citizen right?) receives ...

Hi DrJFM,

Your son doesn't have to report any income from the RESP on his US tax return.
For Canadian tax purposes, your son has to report the portion of the RESP withdrawal that is considered "EAP", but this is for Canadian purposes only.

This is the problem with US persons own RESPs.

US Tax ...

Hi - this is an important move. You need to consider this carefully. There is no need to collapse your RRSP if you are moving to the US. It is not necessary to do this in order to meet the "several all ties to Canada" requirement.
Also, you will likely pay much more tax to Canada if you take it out ...

Hi,

This doesn't sound right. TD Waterhouse is a qualified intermediary, and should remain this way after NBCN bought them. If they are a qualified intermediary, I believe they must provide you and the IRS with 1099-DIVs.

Also, it sounds like the info they sent you isn't correct for US reporting ...

Hello,

You still have to report your income from work in the US on your Canadian return. The $14,065 you paid to the IRS should be credited back to you on your Canadian tax return using form 2209. You still have to report all your income from Canada and the US on your Canadian return since you are ...