Serbinski Accounting Firms

yes, there potentially could be.

American residents benefit from claiming children as dependents while Cdn residents often do not. If the adult child of the latter files his/her own 2020 and 2021 1040, the family's overall EIP/additional child tax credit refund amount could exceed the amount had ...

Expired ITINs cannot be used on an income tax return.

If an ITIN hasn't been used on an income tax return for 3 years, it expires.

Expired ITINs can be used on withholding forms like 1042-S.

Thanks Nelsona for mentioning TFSA. Good chance to plug a warning about an extrapolation I see people make from RRSP/RESP to TFSA.

Do I need to file a 1040-NR or can I just file a regular 1040 because it's simpler and I can do it all through turbotax?
Also consider FBAR/8938/other disclosure requirements, 'US person' vs NRA requirement vs exemption

I am also reading that I can claim the standard deduction on a 1040 but not on ...

even you did NOT say: It seems to me that Part III applies to foreign bank accounts jointly owned by individuals (i.e., ONLY married couples). Does it also apply to cases where the foreign bank account is owned by a foreign corporation, whose shares are then owned in minority by a U.S. citizen who ...

COMPONENTS tax treatment and sourcing from IRS/treaty perspective:
RSU sale – capital gain sourced to residency at time of year earned
RSU share delivery/vest – taxable income sourced to residency at time of year earned (place where physically earned)
ESPP disqualifying disposition – ordinary income ...

Even you did not say - It seems to me that Part III applies ONLY to foreign bank accounts jointly owned by individuals (e.g. married couples). Does it also apply to cases

People may extrapolate from RRSP/RESP to TFSA and find themselves needing lawyer resolution with IRS described here:https://polaristax.com/an-update-on-for ... -the-tfsa/

The IRS FBAR exception language that's confusing him is 'Held in a retirement plan of which you’re a participant or beneficiary' (or maybe also since RRSP is registered with the Canadian federal government, IRS FBAR exception language 'Owned by a governmental entity').

However, RRSP is a is a ...

RE 'to submit the W9, but I'm wondering what are the implications of this?'
Providing a W-9 to Cdn bank will submit you to FATCA and 8938 reporting requirements as your bank will share that info with IRS.

BubbaGums comment has not been given enough attention: Delineate between your individual liability vs your employer's liability.

A Cdn tax resident can find and dandy (from employee's perspective) work physically only in Canada on a W-4. The 1040 will back out 100% of W-2 income and claim all ...

Do these aggregate values include both Canadian RRSPs and Canadian RESPs?
WHY WOULD THEY NOT?

Are these RRSP and RESP aggregate values included when determining the reporting threshold?
WHY WOULD THEY NOT BE?

And do I need to list all these accounts in the 'other foreign assets' sections of Form ...

I suggest you rename your question to: Question about FBAR requirement on 23% owned foreign (non-director) account without signing authority.

That said, it appears you need to complete the Part III Joint Accounts of 114 for a financial account type listed below owned jointly by two or more persons ...

www.brassenterprises.com has structured K-1 real estate investments in US LPs that would especially suit you as an American tax resident (no extra filing burden with IRS) owning Canadian funds (it's a Canadian investment with mostly Canadian investors).

I've heard of firms preparing voluntary T1135 filings with amnesty, perhaps look into that.