Serbinski Accounting Firms

As someone who rents out their property in Canada, you don't need an agent to do the 25% withholding. The CRA has a procedure where you can pay the 25% withholding yourself and then request the CRA to send you a "Proforma NR4" at the end of the year stating the amount you had withheld for ...

Even if he becomes a non-resident of Ontario, its only a 3 month waiting period after showing up in Ontario to be eligible again for ohip.

Here is the link to the CRA website that states they will not collect IRS penalties: http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/fq-eng.html#q2-22 I would be surprised if you where arrested or detained in the US as a result of non compliance at this time. The fallout would be significant. This ...

I closed my TFSA account in 2014. On the 3520-A I am going to report the withdrawal amount (Trust Corpus) as a distribution on 3520-A, Part II, Line 17 a + b. For Part III of the 3520-A I am going to have the balance sheet go to zero. Is my treatment consistent with what others have done when closin...

I had reinvest dividends on several mutual funds. This is in a TFSA so there is no FIFo tracking or any kind of real statement other then manually tracking the shares in a spreadsheet myself. I was not going to separate them. I sold all shares at the same time and was going to enter the sale FMV (li...

I am putting together form 8621 for a mutual fund held in my TFSA. 1. Can I make a Mark to Market election if the fund paid out dividends? 2. Where do I declare the Dividends if I make the Mark to Market Election? Do I just fill out part IV of the 8621? Because there is no place in part IV for divid...

I became a US resident this year, and I started renting out my house in Canada when I moved to the US. I got a FMV, thinking that I would elect to have disposed of the property when I ceased to be a resident of Canada. The FMV is slightly less ($5,000) then what I had originally paid for the propert...

I could not get Taxact or TurboTax to figure out the 1116 foreign tax credit.

Even though it was painful, I ended up just doing them by hand using excel and the pdf copy of the form.

The instructions are awful but once I worked through it once I could see what the IRS was asking for.

If I put the total expense from Schedule E on Line 2 of 1116, do I need to back out the interest expense and include it on line 4b using the interest calculation?

I have moved to the US in 2013. I have a rental property in Canada that I previously made an election under 45(2) to treat it as my primary residence. I can't keep the 45(2) election since I am a non-resident. I am getting a FMV assessment of the property so that I can declare the deemed disposition...

I have the same question. I called the international IRS phone number and the response I got was to include the capital gains on line 13. In my case, we are filing jointly, my wife has some capital losses from Schedule D, and I have a gain on the 3520-a, so I put the sum of these two numbers on line...