Serbinski Accounting Firms

Thank you for your advice and thoughts. I just revived an old thread where there was a significant debate ongoing. Thanks yes this is exactly what I was thinking - because currency has dropped 25% since I left and "crystallized" (at par) there should be a capital loss. Thank you very much ...

Related to my post a few hours ago, I just noticed that this issue was debated in detail citing many references 10 years ago. Reading through the debate, it appears that there was never an actual resolution between Mark and nelsona (or at least one person agreeing with the other). I suppose the disa...

Based on everything else I have read in this forum, it sounds like no additional US tax payable and the C$80k goes on line 16a because there was not growth since arriving. And since not reporting the RRSP distribution I suppose I wouldn't take the foreign tax credit right? If this is al correct, how...

Hello - please help me think through this. I have been struggling for several months with this. Facts: C$80k RRSP balance at time of moving to the US (all cash) C$80k RRSP current balance - all cash (so no activity since moving) Distribution of the C$80k taken while a US resident. Canada withholds 2...

Moved in 2013. But took distribution of wife's RRSP in 2014.

Sorry - I feel like I've created some confusion with the various posts (head has been swirling as I try to decipher all this).

Sorry what I said is wrong - on my return 16b is shown as the 15k number for the distribution of the RRSP. 16a is empty. Does this make sense?

Apologies for the confusion...

Also thanks for the note on the LIRA - yes she has a LIRA as well at the moment.

I made the mistake of using the terms credit and deduction interchangeably - clearly not a smart thing to do when asking advice on this forum. I should be precise going forward. Let me rephrase. The 25% withheld is being used as a credit, not a deduction. 16b is empty because there would have been a...

Have been reading about RRIFs but have not been able to understand the benefits of converting to a RRIF for someone in their 30s. Seems like its unique to being a US resident right? Meaning can get 15% withholding and withdraw the RRIF in total over say the next 5 years. Then it minimizes the need t...

For the benefit of others, am including this other post that I found in the forum where nelsona references AMT issues associated with the FTC credit.

http://forums.serbinski.com/viewtopic.p ... hlight=amt

With respect to your comment on not collapsing RRSP at once - so for my larger RRSP, if I convert it to a RIF, can I start taking it out right away 10% a year? No need to wait until a certain age? So if I think about the benefits of the RIF - 15% tax withheld by Canada. Then when reporting on US ret...

Got it thanks for the reply. It's interesting because I may need to run a hypothetical scenario for the 2015 year to decide if I should do the larger RRSP collapse. I can probably go through the returns prepared by my tax accountant and do what you suggested - meaning to remove the deduction and see...

Hello - wondering if people on this forum could give me their insight / share experiences with AMT. In my 2014 returns, I was surprised to find out that I owed several thousand of AMT. I don't have mortgage interest deductions or other deductions that people typically associated with AMT. However, i...

Thinking through this more, I understand the doctrine is that if there are two trades then there is a gain/loss. So borrowing CAD and then repaying CAD would qualify as two trades within one leg of the currency pair. So even though economically what I did was one step since I was already naturally l...

Question on reporting of taxes associated with FX trades associated with CAD to USD as part of moving to US. After moving to the US, I borrowed CAD to buy USD on the Ideal FX platform of Interactive Brokers (IB) to lock in a favorable CAD/USD rate. Upon my return to Canada several months later on a ...

With the respect to the OP's question on moving Cdn dollars into the US, would recommend taking a look at opening an account with Interactive Brokers. You can then wire in funds from Canada into the IB account and keep in Cdn and convert into US or any other currency at will with very very low FX fe...