Serbinski Accounting Firms

[quote="nelsona"]You will have the choice of filing a 1040/1040NR dual-status return, or a full year 1040, exempting your Cdn wages. Just make sure you get any US source income into your hands before you return to Canada, to avoid it being taxed in Canada.[/quote] for my curiosity. if inco...

Thank you for clarifying.
So as the author is not USA resident and has only 10k in his account would it be the most beneficial for him just to use a standard rate (not NEC), and apply personal exemptions against these 10k? It might be more beneficial that flat 15%.

Actually if it can be classified as "pension" and contributions were done after 1986 then it will be effectively connected income (irs instructions for 1040nr, chapter2). Instructions for chapter with NEC describe retirement benefits that are periodic or sponsored. I.e. in other words, inc...

Hi, I,m not sure that his IRA can be classified as NEC on 1040NR. I did some research and it seems only IRA interest will be NEC. The rest should be effectively connected, as the person was working in USA and all his contributions are actual USA earnings. I do not claim that it,s ultimate truth but ...

Hello, Everybody, Thank you in advance for your help! Our situation is the next. My wife owned a house in USA before marriage. Now we are married, moved to Canada (citizen and permanent resident), and she still owns US house. So we would like to check three questions. 1. In British Coulmbia they all...

Another great idea came to my head . Can I please get an advise if it,s going to work? Am I able to withdraw every year from my US IRA amount that equal personal exemptions? Thus I would be able to claim foreign tax credit in Canada as I actually pay tax when take money out of IRA. At the same time ...

Thank you for such detailed explanation!
I appreciate your help!

Thank you for reply!
I have around 35k of USD in my IRA. Hopefuly my income will cover this amount.

So if I take money out after move to Canada I could have zero tax liability by placing them into RRSP or by not having tax liability as a fresh immigrant?

rlb and nelsona, thank you very much for your reply! I started to investigate ROTH IRA option, hope I can use it efficiently. Meanwhile a quick question about IRA to Canada directly. I forgot to mention that I,m not a US citizen so I do not really have ties with USA. So in case like mine, is it real...

Hello Everybody, Thank you in adavnce for your help! I have IRA account in USA and I'm immigrating to Canada. I know that a standard procedure would be the next: take money out of IRA, pay tax in USA, use that tax as a deduction in Canada, put that money into Canadian pension thus avoid taxation in ...

Hello Everybody, Thank you in adavnce for your help! I have IRA account in USA and I'm immigrating to Canada. I know that a standard procedure would be the next: take money out of IRA, pay tax in USA, use that tax as a deduction in Canada, put that money into Canadian pension thus avoid taxation in ...

Hi, I have a quick question. I'm thinking to move to Canada from USA. I'm allowed to initiate withdraw money from my retirement account as soon as I quit US job (as well as pay 30% tax there). But money will come to me only 8 weeks later. At that point of time I'll be in Canada doing another job. So...

Thank you for your answer and thank you for your suggestion! 2555 indeed looks much more attractive than 1116!

Hi, Just curious if I'm calculating everything correctly. My Canadian wife(only Canadian citizenship, in US she had visa) lived for 2months of 2013 in US and moved back to Canada. (she lived in US whole 2011, 2012). During these 2 months she had 0 income. In Canada she started to work. I lived whole...