Serbinski Accounting Firms

Update:
The ISOs are solidly underwater. Ignoring the questionable benefit of exercising underwater options, Will there be tax consequences for exercising them, either on the US or Canada side?

Thanks,
Jon

I am an American / Canadian dual-citizen residing in Canada, filing taxes in both countries. I have incentive stock options from my former employer, a Canadian company. I was recently laid off, and am researching tax consequences of exercising these options. My understanding is that the company is c...

I'm an American citizen, Canadian resident. My bank accounts in Canada stay below $10k, so I have not had to file an FBAR (and would like to keep it that way). I am interested in opening an RRSP next year and want to know if RRSPs count towards the $10k threshold. I found the following in the FBAR i...

Thanks for #2 - looking into it, its clear to me that you're correct about the treaty exempting such income from taxation. Here's what confuses me. Suppose I were to claim a FEIE. For Form 2555 line 14, the instructions are: "If you were present in the United States or its possessions during th...

Hi, A couple pretty basic questions this time. I'm a US citizen living in Canada, self-employed with a client in the US and none in Canada. I also have some investments in the US. 1. I know that the work I do while physically in Canada is Canadian-sourced. As I understand it, I would pay Canadian ta...

I just noticed from the tax prep guide: "Generally, you report your share of interest from a joint investment based on how much you contributed to it." By this logic - I would not need to be reporting the interest and dividends on my Canadian taxes. One potential problem I am concerned abo...

American citizen / Canadian resident: I have several joint accounts in the US with my father, which are generating tax events / income (interest, dividends, capital gains / losses). My father has no ties with Canada. I am the primary account holder, and so these tax events are reported onto my Ameri...

Thanks for your article on the Fifth Protocol and Cross Border Business Transactions! -I am a US citizen living in Canada, self-employed, and providing services to a US firm from my home in Canada. -I am physically in Canada most of the year. -Occasionally I will work within the US, either in-person...

Great - thank you for a very speedy reply! One more question - When I lived in America, the companies that used my services issued me a 1099 and also submitted same to IRS. Now that I live in Canada, what form do they prepare? A 1099, the Canadian equivalent, both, neither? And who do they send it/t...

1) I am an American citizen, now living as a permanent resident in Canada. (my wife is Canadian) 2) I operate as an independent contractor. When in the US, this was under a US sole proprietorship (a schedule C business, no incorporation). I still receive mail and maintain access to the address where...