Serbinski Accounting Firms

Thank you! I had horrible visions of 3520 filings; I will sleep better now.

Thanks, I think we've got some time to figure out if Can reporting is required since CRA has signalled that they will waive penalties for bare trusts while people are trying to figure it out. And I think we'll need that time to get some opinions. If we need to do it, there are instructions on the CR...

As I understand it a Canadian RPP is reportable on the 8938, but your threshold for 8938 is based on all of of your Specified Foreign Financial Assets. This IRS FAQ might help you on this and reportable value (see the last two FAQs): https://www.irs.gov/businesses/corporations/basic-questions-and-an...

In 2015, my mother added my sister and me to the title of her primary residence in Canada as joint tenants. I am the only dual USC/Can here; everyone else is Canadian. I reside in this same house with my senior parents; my sister has her own residence. We are in the process of trying to figure out i...

If one has an RRSP, does one always check yes to the checkbox question on Schedule B about receiving a distribution from, or was the grantor of, or transferor to, a foreign trust? I get that it's a foreign trust, but does one always check yes every year OR would it only be yes for those years when o...

Dual US/CAN resident in Canada: My Canadian parents have an appt coming up to do their wills. They will take the advice given here to avoid naming me, the dual child, as an executor since there are non-dual children who can do it. Thank you. Question: currently with their financial institution, each...

Thank you. FBAR only then for me as we are not married and we don't have any joint accounts. I hope if we get married that I can file MFS which I understand is most common to keep things simple when one spouse is non-US citizen. Do you happen to know if I need to avoid becoming the holder of the RDS...

Hello, Dual US/CAN resident in Canada. If my Canadian partner grants me power of attorney over their RDSP, would I then have to report the RDSP on my FBAR? I'm guessing yes, but wanted to double check. This would only be to facilitate things administratively as my partner is competent to be holder o...

Hello, Dual US/CAN, resident in CAN. I did live/work in US for 14+ years and have a 401K. I am considering renunciation of US citizenship—just viewed Moody’s seminar re this. I would love to have a TFSA (lower income) and reduce my cross border stress; I do not plan to return to the US to live or wo...

I posted a thread earlier with my questions about how to report Canadian RPP contributions to IRS on 1040 and elsewhere, but found this thread from 2014 where nelsona addresses most of my questions: RPP does not require 3520; contributions can either be deducted from income on 1040 or not. I am stil...

Dual Citizen, residing and employed in Canada Last year I started contributing to the public service pension plan, a defined benefit pension for federal employees. I am struggling to determine my reporting requirements to the IRS for this plan. I have determined that I do not meet the threshold test...

Hello, I'm a dual citizen, resident of Canada, lower income. My aunt and uncle have asked me if I would like to be added to the title of their cottage (in Canada) with an eye to willing the rest to me later. (I will make sure they are getting professional advice if that makes sense for them as from ...

I was told by customer service a few years ago to put zeros in the zip code field for Tax Act. I was able to pay by credit card. The Tax Act system doesn't seem to require that level of matching to billing address.

Thank you. I've added the Canadian tax to the passive income section of my form 1116 for the carry forward. Appreciate it.

I’m dual citizen, Canadian resident. I am wondering if a Canadian cap gains tax incurred due to currency fluctuations has an impact on my US return? In my case, the investment was a USD debenture purchased with USD in 2012 when the exchange was close to par and redeemed in 2018 when USD was higher. ...