Serbinski Accounting Firms

Here are a couple of things that might help point you in the right direction. I will start by saying that I have a very solid understanding of your implications on the Canadian side, but I’m no specialist on the US side by any means.

Correct, now that you have your Green Card, you will start ...

I think I figured out where CRA is dropping the ball. The last paragraph clearly indicates that CRA is in fact recognizing the treaty and allowing the employee deductions.

"Although the Protocol does allow for the deduction of certain Canadian-resident employee contributions to foreign plans, the ...

Hey guys, I called one of my contacts at CRA today and they pointed me to an income tax ruling on this matter. It seems to confirm my previous comments that employee contributions are not included in the PA, only employer contributions. My contact was as shocked as I was after she read this ...

I file about ten 1040NR returns for cross border commuters every year.

Every single return I have ever filed with a 401K deduction has had their RRSP contribution room calculated incorrectly because of the Pension Adjustment (PA) on form RC268. This includes all the ones that subsequently get ...

Ok thanks so much for confirming.

I was starting to question my own understanding of this.

Have a great summer!

Steve

Hi Nelsona,

I have a quick question about your comment concerning the ACB of the RRIF mentioned below.

You mentioned that the non-taxable portion (ACB) should be the value on ARRIVAL to the US. However, this individual is a US citizen. I always thought the ACB in this case would need to be ...

Yep agreed. I just misinterpreted the post by assuming the house was left vacant and available to use. Totally agree with you if he just has his name on the title. Thanks for the follow-up, have a great weekend.

8891 is no longer required.

8938 should be looked at independently.

Yes, RRSP is required on FBAR (if the aggregate value is over $10K at anytime in the year)

Emigrant in 2011 and non-resident afterwards

Ok I think I got it. I was getting a bit carried away with the notion of a deemed non-resident in this post. I'm aware this is only used when you have ties in both countries and need to rely on the tie-breaker rules to resolve the issue. In this case, he’s simply an emigrant because he really ...

Thanks for the clarification Nelsona. Can you please help me understand this a bit better? Is the reason we can’t use section IV of the treaty to determine residency in this situation simply because he is a US citizen? For example, if a US citizen was living in Canada for 20-30 years and decided ...

Based on this additional information, I would consider you a deemed non-resident of Canada subject to CRA's departure rules.

The child is almost 18 and is living with and primarily cared for by his mother, and you only coming back a few times a year is likely not enough to prove that the child is ...

In my opinion he became a deemed non-resident via treaty when he left Canada in 2011 and has NOT been a resident since.

Continuing to own a home in Canada would only really be relevant if:

1) He had other primary ties (wife, child) remaining in Canada and was coming back to visit regularly
2 ...

How old is your son? Is he dependent on you for support? How long do you plan on staying in the US? Will the home be available for you to stay in when you visit?

Your ex-wife is no longer considered a tie to Canada and has no bearing on your situation.

By periodically returning to Canada, how ...

In my opinion you don’t really have a choice here. As soon as you and your family move to the US, the treaty will consider you deemed non-residents of Canada on the day you leave; subjecting you to CRA’s departure rules (which by the sounds of it, will be limited in your circumstances).

Your ...