Serbinski Accounting Firms

Wondering about “cost amount” in filing t1135. Assuming a USA based mutual fund I purchased for $80000 cdn, has now grown to value of $110000 cdn. Am I correct that I do not need to report that on a t1135 as the cost was under $100k. The cra only looks at cost amount and not what it would it would b...

I now it’s a busy time, thanks so much

I’m wondering if there is any actual publication by the cra for treatment of usa based HSA distributions as a Canadian resident who files with the cra. In searching, a few tax experts report the HSA is not recognized as a registered tax-sheltered account by the CRA, so all gains in it are taxed norm...

In regards to a Canadian owning a Roth, assuming the one time election has been made with cra, and no further contributions done, age 60 and only qualified distributions taken so form 8606 is not required with the irs. Question: does this Roth distribution even need be reported to the CRA even thoug...

My children, now adults, living in Canada have both US and Canadian citizenships. They do file with cra, and I know the irs requires filing but they are students and earn under the standard deduction set by the irs. Do they need to file a 1040 with low income threshold? The typical American living i...

Thanks once again Bty I’m doing a 1040nr but I assume the qualified distributions won’t appear on that either

Thanks once again Bty I’m doing a 1040nr but I assume the qualified distributions won’t appear on that either

On qualified hsa distributions, I know reporting is done with the irs to verify it is qualified. But since it will not be taxable in the US, is any type of reporting required for the CRA? I’m thinking they may want it listed as world income, but wouldn’t that run into a Canadian side tax liability b...

Oh great. At least I found an reputable software for only 50 bucks. The 1040nr verifies that you are treated according to the tax treaty, so no w8-Ben to the irs is needed. Hopefully they change their minds, I’m gonna keep trying

The reason they gave me eluded to irs not giving a clear definition between periodic and intermittent withdrawals, but why change policy now after all these years? I’m gonna keep protesting so hopefully if enough of us do it they go back to accepting the w8-Ben only. For you, that new policy even sh...

Vanguard in their wisdom has just change withholding policy for IRA distributions to Canadian residents as of 2022. Instead of following the w8ben on file and being able to claim the special tax treaty with the irs, they are now going to withhold 30% from all Ira distributions regardless. How does o...

Sorry, Ignore the very last post, it doesn’t apply to me

As a follow up, I found at ssa.gov that “Your foreign pension will not cause WEP to apply to your U.S. social security benefit”

Please excuse me for the diversity of last reply. I did perform the election to the cra properly when I first came back. I didn’t think their was a SS clawback but was wondering if my SS counted as world income in Canada, and that may trigger the oas clawback. I was surprised that you mentioned SS i...

Yeah I thought about that inheritance, that’s why I wanted to draw down the hsa, the beneficiary routes are not as friendly as the IRA and Roth IRAs I have (irs gives more options) Good thing to know about not closing it. Oas is kinda new to me, still not collecting it. My understanding is 10 years ...