Serbinski Accounting Firms

Dredging up a 6-year-old forum post: http://forums.serbinski.com/viewtopic.php?t=3488 This relates more to my "what if QCAN invested in worldwide international stuff" hypothetical. In that earlier life, nelsona recommended the following regarding this specific situation and canatech.pdf: &...

[quote="nelsona"]How about this. If QCAN knows you are Cdn resident (your broker certainly does) would not your Cdn tax merely be reported as such on your Cdn return, with all other Cdn tax that was witheld by payors? After all QCAN sent $15 to CRA (in your name?) Your broker is going to i...

Buddy:
"Not all TFSAs are structured as trusts, however. Check your “terms of accountâ€￾. If your TFSA is not structured as a trust, it may be treated as an ordinary bank or investment account, and 3520/3520-A are not required."

Do you know, offhand, of any specific TFSAs that are not structured as trusts?

Doesn't this come down to a question of whether a "distribution" of foreign taxes paid by the US ETF is recognized by CRA as a distribution as such? It seems like that strategy would work OK for Europe/Asia funds: if the ETF distributed its foreign taxes paid to shareholders, they would re...

OK, I see that you actually wrote "US tax" so maybe we were talking about slightly different things.

[quote="nelsona"]2. Any US tax on the ETF would be credited on your Cdn return against the Cdn tax.[/quote] To be clear, assuming a US-entity ETF holding Canadian stocks: The owner of the stocks (the US ETF) is foreign, so wouldn't Canada apply a withholding tax on the dividends paid to th...

Hi MGeorge, Thanks for your detailed reply! 1. Investing in Canadian funds with QEF elections I admit that I have avoided Canadian mutual funds (even those with QEF options) after being scared off by reading about the hassles of the PFIC forms. For those of you who have QEF-reporting funds, how long...

Hi all, I have been trying to come up with a tax-efficient investing strategy for US Citizens who are resident in Canada. Due to the PFIC rules, as well as the mutual FX gain rules on both sides of the border, this seems like a very thorny situation. If I have parsed the regulations (and previous fo...

I may have missed your point, but folio S5-F2-C1 (at least in 1.22) seems to refer to the 15% limit only in the context of income derived from property. In terms of the hint of "put any denied credit as a deduction on line 256", my point was that "any" denied credit, by my readin...

"And remember to put any denied credit as a deduction on line 256." In terms of putting "any" denied credit on line 256, am I jumping to conclusions to have interpreted that as "denied credit for dividends, interest or royalties"? The only place that I can see the deduc...

It happens that I did not earn any wage income in the US before my move date, so the sub-$10k amount I earned while a Canadian tax resident is also the total for the year. But you're right, the devil is in the details and things get complicated quickly. You wrote "unless the income for the enti...

I have a correction/clarification to nelsona's excellent commentary above for those who stumble across this post: [quote="nelsona"]3. There is no limit on what CRA will allow on foreign wages, and the portion earned in US is US-sourced, so there is no 1116 for this, other than for the port...

I had originally been thinking that part-year residents could possibly have some special rule for pro-rated CG distributions based on residency duration, but in hindsight, regular CG distributions are simply accrued by the owner on the distribution date without regard to how long you held the fund a...

Nelsona, I did not buy or sell anything after I moved, mostly driven by a desire not to complicate my returns. Perhaps I did not emphasize this one word as strongly as I should have in my previous posts, but what I am reporting is a capital gains *distribution* (from a US mutual fund), as opposed to...

Nelsona, Thank you for your response! That was very helpful. The US company already has me on Canadian payroll, so I am covered there. The tip about the newcomer guide was also good (Turbotax got most of those credits right, but I had missed the correct filing postal address for 1st-year returns). I...