Serbinski Accounting Firms

LJBill wrote: > Jonhello wrote: > > I recently became a Canadian resident for tax purposes. I have a US TERM > > life insurance policy. Do I need to file it on the T1135 as it is only a > > term policy? > > While on the phone with CRA some week back I actually asked them about this. Listing > a TERM...

Sorry. i didn't make it clear that the ETFs are from the New York Stock Exchange and in USD.

Jonhello wrote: > I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy? I have searched far and wide and so far I haven't found a answer to this question. Nelson, would you know the answer to thi...

Jonhello wrote:
> Also from what I understand, US$ funds in a Canadian financial institution
> (such as Questrade) does not need to be included in the T1135. Is that
> correct?

I found out this was true. I do need to include my US ETFs from Questrade in the T1135.

Also from what I understand, US$ funds in a Canadian financial institution (such as Questrade) does not need to be included in the T1135. Is that correct?

I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy?

Thanks, Nelson, for the quick and clear reply.

If I officially move to Canada in May, do I pay CAD taxes from May going forward or on the whole year since I will have lived in Canada for more than 6 months out of the year?

One thing that I am trying to figure out is how to report Capital Gains in my TFSA (as well as non-registered USD accounts) to the IRS. I think I understand keeping track of ACB and its complexities especially with USD conversion needed for USD ETFs. I will use the website adjustedcostbase.ca to hel...

"By the way, why would you lose any US withholding? You simply include it on your return and get it refunded." Good point. It seems that the TFSA has been deemed in a few latest court decisions as not a trust and not requiring a 3530. This is seeming to become a more attractive option for ...

Setting aside whether a 3530 needs to be filed or not, can a US citizen residing in Canada practice tax gain harvesting in their TFSA in relationship to US taxes? If a joint married couple's income is under 80,000 USD, then capital gains are 0%. I am wondering whether this could make a TFSA worth wh...

Thank you

Would I need to write the CRA and tell them that the ROTH 403b that I asked for a one time exclusion is now a ROTH IRA?

nelsona wrote:
> Whether you will be able to open a new Roth while in Canada is a matter of
> policy for the firm(s) you deal with.


Thanks, Nelson. I already have a Roth IRA at Fidelity. So it will be easy for me to transfer the 403b to them.

Sometime after moving to Canada, I would like to transfer (rollover) my Roth 403b to a Roth IRA and my traditional 403b to a traditional IRA (there will be NO Roth conversion). Would this be allowed? I can't do this transfer now as I will still be employed with the organization that holds the 403b f...