Serbinski Accounting Firms

You can try Interactive Brokers. They permit cash holdings in multiple currencies (including CAD), and you can trade TSX securities there if you like. You won't want to invest in Canadian mutual funds or ETFs due to PFIC regulations, so that's about your only real option if you don't want to convert ...

Sorry! Thanks for all of your help.

Nelsona, aren't you supposed to be on vacation?! :-)

The biggest problem was that I hadn't figured the 1116 correctly. In particular, I had a $3,000 capital loss carryover. I didn't realize (until after I analyzed the formulas used by the 1116) that this $3,000 was the equivalent of a not ...

Thanks again for the responses!

Thinking through the 1116 re-sourcing calculation more: this is interesting, but it feels like I'm using double-dipping if I use a different effective rate than in the 1116.

Suppose that I have $100 of US-source interest income, which attracts $16 of USA taxes @ 16 ...

Thanks for the tips about the 1116 calculation. One note:

"AGI IS gross income from all sources."

I notice that TurboTax's calculation of "Gross income from all sources" on the 1116 is different from, say, my official AGI on line 37. For example, I had a bunch of capital gains which I wrote off ...

Hi all,

I've been working through the last steps of my dual filings as a USC resident in Canada.

When calculating the effective tax rates on both sides of the returns manually, I notice that I am coming up with a different rate than what form 1116 seems to provide.

Based on past posts here, I had ...

As a US citizen residing in Canada, if I incur any capital gains from investment sales, I will be taxed on those gains in both countries. I understand that I can use foreign tax credits to eliminate double taxation in many cases.

Despite that, there are many scenarios in which I will recognize a ...

Wouldn't he be subject to FX gains or losses based on the US$ cost at which he acquired the CDN$, as of the time he disposed of the CDN$? (Assuming the transaction gain was over $200, of course.)

Or at least that's what I thought nelsona wrote here many moons ago: http://forums.serbinski.com ...

If it were me, I certainly wouldn't rely on a webpage...I'd at least call Tangerine and ask them, specifically, how their TFSA is structured.

Canadian law (http://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-254.html#h-80) seems to allow TFSAs to be structured as one of the following:

* a trust ...

If you look at the article you posted, there is a "Is There a “Trustâ€￾?" section that seems to describe what you are looking for.

It does matter what Tangerine says in some senses, in that their assertions of how the account is structured could presumably influence whether or not the US considers it to be a trust.

Before you get to answering that question, you have to classify the entity. I read that statement as: " IF an entity is classified as a trust for US tax purposes, THEN it is also classified as a foreign trust if it fails either [...]."

I think the more important question is the first one, and that ...

After reading the ITA 39(1.1) itself, it looks like the credit card ACB of payment-vs-individual-charge question becomes mostly irrelevant:

My reading of the tax act section above is that the $200 is a per-YEAR exemption and not a per-transaction exemption, so if you have over $200 of gains or ...

@rlb, it's possible and I'm trying to do it--with the help of software and already having had an electronic record of all of my financial transactions--it's just a serious pain in the ass.

I believe nelsona previously wrote (correct me if I'm wrong!) that all of your US$ need to be pooled together ...

Linking to some older forum posts with specific examples and advice related to this topic that may be helpful:

Examples of FX gain/loss calculations:
* http://forums.serbinski.com/viewtopic.php?p=13683#13683

Cost basis for foreign currency (IRS):
* Talking about IRS rules, I think (says can use ...

buddy:

That's helpful, thanks!

I wonder if the trust aspect is required to have an account in which you can hold investments. Otherwise, reading the income tax act, it says that if the TFSA is not a trust, then it can otherwise be structured as an annuity or a "deposit with an issuer" (http://laws ...