Serbinski Accounting Firms

Also I reduce my UCC by NRRP rebate even though I'm not a partnership correct? The guidance on the net is vague as it only mentions the reduction for partnerships.

Hi trying to file T2062/T2062A for disposing of rental property in Canada. I've filled the form based on my half of the property and they mention we need adequate security. Given the house has only accepted an offer and not closed yet I don't have the funds to provide this security. So can I only fi...

Yes thanks for clearing this up.
Misunderstood the 25% withholding with the actual final tax rate.

How would you mark on the Section 216 that you are paying 25%? Federal Tax part1 to guides you to pay 22.2%. I called CRA they said the rate would be 22.2% going up toward the graduated rates regardless of treaty is this correct? Like wise when the house is sold the same Federal taxrate + non-reside...

I'm non-resident and received a T4RSP it looks like I have income now. Do I need to file a non-resident return with the CRA? I collapsed my RRSP in 2014 (Non-Resident) and used form T3012 to withdraw the excess contributions I made in 2013 Resident part of the year. So now I have a T4RSP with an amo...

These statements are assuming the general case and this will be a very general guess. If you've lived more than half a year in the US for 2014 you're very likely a resident and need to file 1040. In 2013 you should have filed 1040NR that way you could have escaped reporting Canadian income to the US...

I think his house is a huge problem. http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/dsp/menu-eng.html#nrcp - This penalty is $25 a day for each day the notification is late, with a minimum of $100 and a maximum of $2,500 - the purchaser is entitled to withhold 25% (50% on certain types of property) of th...

If you meet the substantial presence test you'll file 1040 and exempt Canadian income with 2555. If you have more than can be exempt use 1116 for foreign tax credit.

If you're filing nonresident you don't need to report foreign income. Why do you need to exempt it?

nelsona, Coming back to this, it seems a bit too advantageous. Especially since living in the US I noticed everything gets taxed even bank account opening bonuses to lottery winnings. If an individual with a sizable amount in bank deposits emigrated from Canada to the US and didn't meet SPT, wouldn'...

You should check some of my posts. I'm in the same position as you. If you have substantial Canadian income you'll be better off filing 1040NR, an added bonus is that it takes the foreign accounts off your back for 2013. The 1040 and 2555 foreign income exclusion although excludes foreign income it ...

okay I think I misunderstood your question. You wanted to calculate your effective tax rate and not your taxes. Isn't the calculation for effective tax rate dependent on what you want to measure? I mean you could calculate with Gross income, Adjusted gross income or Taxable income. I think this kind...

As per the 1040 instructions for tax (line 42) http://www.irs.gov/pub/irs-pdf/i1040nr.pdf Individuals. If your taxable income (line 41) is less than $100,000, you must use the Tax Table, later in the instructions, to figure your tax. Be sure you use the correct column. If you checked filing status b...

Confirmed it's not worth the effort. I ran my numbers against Turbo Tax 1040 Online. Although I got the standard deduction and excluded foreign income it looks like the Foreign Earned Income Tax Sheet calculation causes my marginal on the US to skyrocket. http://apps.irs.gov/app/vita/content/globalm...

US Wages: Gross 33k, AGI 30k