Serbinski Accounting Firms

Here what I see from browsing:
"General limited income is income that is not passive income, Section 901(j) income, or income resourced by treaty or Lump-Sum distribution income. General category income may include: Wages, salary, and overseas allowances of an individual as an employee."

- For 1116, I don't see Gen limit income in TaxACT. I assume I have to select "Certain income re-sourced by treaty" which is considered as Gen limit income, right?
- For 1116, I have to declare the entire 60k as income, right?

Thanks again.

Thanks for clarifying that the income goes into the Pension line. I have some other investment income in the USA but form 1116 will bring more returns for me by the standard deduction of Married filing jointly. Going back to my second question, did you mean 25% of taxable income (10k) as a foreign t...

Thanks Nelson. I browsed many posts in this forum but need your help to summerize it. When I moved to USA the value of my RRSP was 50k. Now it is 60k. When I will withdraw RRSP this year, fund custodian will withold 25%. - I will report 60k-50k=10k as income to IRS. Question: what type of income or ...

Few more questions for IRS filing: - I assume the bank will issue a tax slip where it will show my actual gain from the RRSP. Should I report the gain as Capital Gain in 1040 schedule D? - For 1116 if it is not Passive category income what should be the appropriate choice? Here are some: Foreign bra...

Thanks, Nelson. Looks pretty straightforward.

Hi, Currently working in the USA with a GC for 7 years. A non-Resident of Canada for tax purposes. I have around 60K RRSP in Canada and I want to withdraw all of it this year. I think a 25% flat rate is the only option for me. Can anyone please help me with the steps for withdrawals and tax? What I ...

Based on on inputs and a call to FBAR hot line:

- FBAR reporting is required for bank accounts, RRSP, RPP. Not required for defined benefit pension plan.
- FATCA reporting is not required for individually owned rental property.

Thanks to all.

Thanks for the reply. I found followings from IRS site: you don’t need to report foreign financial accounts that are: Correspondent/Nostro accounts, Owned by a governmental entity, Owned by an international financial institution, Maintained on a United States military banking facility, Held in an in...

Hi, I emigrated from Canada in 2015. Since then my house became a rental property. My rental income is accumulating in Canadian bank account and so far never transferred the money to USA. I am submitting statement of rental income and S.216 to CRA each year. I am also submitting info regarding renta...

I had pre authorized debit setup with CRA for rental tax witholding of Part XIII at 25% rate. I was not aware that it expired in May 2018 and payment stopped since then. Once I learnt few days back I re-setup for another 24 months of upcoming monthly payments. I also paid the remaining unpaid remitt...

This is the first time I will be claiming foreign tax credit. I am using TAXACT and it is asking something about "AMT". Not sure what should be my selection. Can you please help on this? I guess I have to select the first option. Thanks. "Alternative Minimum Tax - Simplified Election ...

Thanks for your response. As an example: CRA withhold $6000. But 216 is providing me $5500 return. So technically I am paying $500 to CRA as tax. Should I report $500 in 1116 or the entire withhold amount $6000? provided I am still waiting for PROFORMA from CRA and most probably have to submit US ta...

Hi, For my rental property in canada, I am doing tax return like below. Need your help to tell me if I am doing anything wrong: For CRA: - Filling Statement of Real Estate Rentals - Filling Section 216 After expenses and CCA, I have to pay some taxes to CRA. For IRA: - Filling Schedule C (With CCA, ...

[quote="nelsona"]That is correct if your US calculated net rental income is zero. If it is more than zero, than consider lowering your CCA rate so as to "generate" some Cdn tax to write against your US rental income.[/quote] Need bit clarification on your comment. Lets say I &quo...