Serbinski Accounting Firms

So the tax credit can ONLY be applied against the gain associated with an RRSP distribution, but not the contributions, correct ? In TurboTax for the RRSPs when I fill out the 8891 forms line 7a showing distributions for each RRSP account, and that no tax was paid (cost basis much higher than market...

This makes sense, thanks kindly. So the RRSP contributions are not taxable, only the gain within the RRSP yet the LIRA's are fully taxable. The RRSP accounts went down in value since I moved to the US in 2006, ie cost basis was higher than market value. I also suppose I should have claimed capital l...

I collapsed 2 LIRA's and my spouse 1 in 2012. The cost basis was less than market value when I moved to the US. I put the amount on line 16a of the 1040 and nothing on line 16b. I classified these as general category income and claimed a foreign tax credit for taxes withheld on my NR4. I did about 1...

Hello, I faxed form NR73 (Determination of Residency Status)to the Canadian Revenue Agency International Tax Office. I have been in the US for 6+ years, my wife and I are permanent residents, my kids are at US colleges, there are no plans to return to Canada. I sent this form in so that I can get th...