Serbinski Accounting Firms

As far as I know TD visa is for family members of TN holders and are not allowed to work in the USA, but you probably figured this out since you want her to get her own TN. While the TN allows “multiple entrys” in and out of the USA, the risk I see is some border agent questioning why did you get a ...

Any guidance for transferring post secondary education tuition (provincial and federal) amounts to parents tax returns? Assuming the child doesn’t owe taxes for the year, transferring the maximum allowed amount to parent would offset parents tax burdens. Or would it be more prudent to let the child ...

Im assuming it’s a tn 1-94 allowing you to work over the border. I had a tn visa for 23 years while living in USA. I went back and forth to Canada and Mexico multiple times during the validity period without any issues since the TN is “multiple entries “. The big issue is not to go “out of status”, ...

Leave the money in the ira and let it grow. You’ll likely be glad you did when you hit retirement age. It seems you’re young enough right now to take on real estate debt instead of depleting the retirement account. You may not want a higher mortgage in the present but is it worth not compounding the...

Suprisingly this agent was pretty informed and they send the certificate based on residency and earned income, regardless of whether you actually earned enough to pay CPP. Maybe that department is more educated and capable than most at the cra. She did admit, in her experience, that the IRS does acc...

Interestingly enough I spoke with the CRA social security unit and they reported they will send a certificate of coverage even if she didn’t pay into CPP. The key is she was “subject” to it as the money was earned income, as opposed to dividend income. It didn’t matter if she actually paid cpp for t...

I posted then saw your last reply. Seems like a pain to get that letter even though the treaty is pretty clear. She owes about $130 so it’s not much. Am I correct in assuming that once she does pay for the required 40 quarters of work, she would be entitled to the benefits even though all the income...

I was able to find an answer on the forum. Generally, under the terms of Binational Social Security Agreements (or Totalization Agreements), self employed persons who are subject to dual taxation are only required to pay social security taxes or their equivalent in the country in which they reside. ...

My daughter being an American (and Canadian) living in Canada obtained employment while attending university. She made around $2000 cdn this year. My understanding that unless she meets the minimum gross income, she will not need to file a 1040. But, is she required to pay social security and Medica...

When filing the T4, do I use line 11500 -Foreign Pension Income- for a USA based HSA qualified (non medical) distribution? The same line when reporting an IRA distribution. Does a qualified Roth distribution also need to be reported line 11500?

Both my wife and I have Roths and made the election with the cra properly. In the event on one us inherits the others Roth, I know this can be easily done on the USA side in brokerage company, either rollover into my/her account or open a new account. Because we both already made the election or pre...

For a spouse yes and apparently a non-child (RMDs mandatory in this case) beneficiary, but rules are funny for a child depending on their age. After 21, the 10 year rule applies in this case. That may change in the future anyways. As another benefit, if you are unaware, there is a bill in US congres...

Spouse gets rollover advantage only. Some specific rule changes but generally everyone else has 10 years to withdrawal all funds from ira or Roth. Pretty advantageous now to prolong growth, and minimize tax burden when doing inheritance planning. Btw, the inheritance ira/roth is the only exception a...

Yeah that makes sense, especially for a new Roth account. I’m wondering about the option the brokerage company (and irs from the Cares Act) that allows just a transfer from the deceased spouse into the qualifying widow(er) already existing Roth? It technically new money going into an established acc...

In regards to CRA taxation of inherited IRA, from previous search on forum I read that the cra treats it as if it was your own ira, taxes you on distributions, claim tax credits on taxes paid to the irs. Seems like no other forms required telling the cra you inherited it. What about inheriting an Ro...