Serbinski Accounting Firms

Thank you nelsona I am truly grateful for your reply and may sleep better tonight. So the change on the 8938 would be to report the original account# as 'closed' with no tax item reported and the 'new' account# reported as 'opened' showing the taxable interest on the 1040 and Schedule B. For the 202...

Hello, I feel sick to my stomach. I started to organize my US and Canadian tax documents for 2023 and discovered that my Canadian credit union changed my folio/account number back in 2021 and never notified me and I didn't see this until now! I've read up on how to file amended FBARs but how to you ...

Hello, I received an email from my employer stating that our work RRSP savings plan account number changed for security reasons. I called the FBAR helpline to ask how I should report the account since the number changed. I was told I need to report the account twice, once with the old number, and on...

For US citizens who live and work in Canada, I often read that the best choice for US reporting is to use form 1116 to claim the foreign tax credit rather than the foreign earned income exclusion, one of the reasons being to avoid double taxation when you have other sources of income. What if the ot...

I noticed an error on the 1040s in my son’s SS# for both 2019 and 2020. His tax guy suggested he include copies of his 2019 & 2020 returns with the corrected SSN when sending in this year’s 2021 returns but on the IRS website they ask for each amended return in a separate envelope. Also on the w...

Wow - I have always wondered if I moved back to the US if my US dollar account would be subject to the departure tax. I thought that I would have to sell my USD convert the value to Canadian dollars, figure out the ABC and would be taxed on it... or something like that :) That's a relief! On the T11...

My son is a Dual citizen resident of Canada and is compliant with his tax returns on both sides of the border including FBAR. He is asking me if having a joint account with his girlfriend will complicate his tax reporting. I believe that another bank account means more reporting and record-keeping b...

Sorry Nelsona, I did’t see your reply until now. I have been keeping track of the ABC calculations in a spreadsheet - the value of my US dollar account converted into Canadian dollars also factoring in added dividends, interest, or money into the account as well as the withdrawals. I use the average...

I am a dual citizen living in Canada and I have a 100K US money market account in a credit union in the US - which I do report on both sides of the border (including T1135). If I were to transfer some of the money into a certificate of deposit, would this trigger a reportable gain in Canada? Is tran...

I am a dual US/Cdn living in Canada for 30+ years. I have a bank account in the US that is with my hometown credit union but they do not provide many online transactions/services. I also have a Cdn account with a Caisse Populaire that has limited options for cross-border banking plus no one speaks E...

Thank you for the clairification. I will sleep better tonight :)

I have recently come across some information in one of these posts stating that the correct way to report an RRSPs on the FinCEN Form 114, one should select "Securities" from the dropdown list under #16. Type of account. I have always selected "Other" and enter "Registered R...

I am a US/Canadian dual citizen living in QC for 30+ years. My brother died in the US in 2016 and I expect to receive some money (maybe $30K) this year, now that (the estate) his home is sold, all the bills paid and things are settled. Will I have to report this as a distribution (i.e. inheritance) ...

True, the FBAR is all about the reporting of accounts.
Thank you for your insight Nelsona.

In 2016 on Form 114 and 8938 - and possibly a few previous years, I (my tax guy) used the Bank of Canada exchange rate for Form 114 and 8938 but the instructions say to use the Treasury department's year end rate for 114. I report 5 accounts 2 RRSPs, joint banking accounts, own bank account If I cha...