Serbinski Accounting Firms

Hi, I'm a taxpayer making my first QEF election on Canadian mutual funds, and I'm trying to figure out my tax basis for the year. I'm receiving the Annual Information Statement, which gives values for deemed dispositions of property, but it doesn't say whether they were previously taxed. But it does...

Oh right... mutual funds. They are a mine field. And the computation of tax is inpenetrable, and impossible without software. You might want to call the Streamlined Hotline and ask them if they will let you make a retro-active QEF election... IF your mutual fund will supply you with the Annual Infor...

Hi Cathaea, Are you sure you have US citizenship? If you don't have a passport or other inditia, look up the rules on the immigration site. A single US parent does not automatically make you a citizen. Yes, I would definitely do a Streamlined submission as the FBAR penalties alone can bankrupt you. ...

You likely would be seen as willful if you disclosed you had waited two more years in your certification. I don't know for sure. I don't think the US is organized to cross-check immigration records vs tax records, etc., except possibly for people who renounce. My sister got interrogated 3 hours at a...

What, OVDP allows for retroactively deferring RSP income? Oh god, extreme indeed. The "reduced" FBAR penalties alone could clean you out. And I have a friend who was in a similar situation. I spoke to the streamlined people at length and no, there's not another option. Are you travelling t...

By non-filier, do you mean you have never filed US income tax returns or FBAR's? You can file through the Streamlined Foreign Offshore Procedures and include a request to late defer RSP income in the certification you have to prepare. For good measure, I included the old 8891 with my three required ...

Sounds like it's causing problems in HIS internal software systme. ;P

Hi there, I have a friend who moved from the US to Canada. She has a trust and is the trustee, so CRA says the trust is a resident of Canada and she must file a T3. Does this mean the trust has now become "foreign" for US tax purposes, and she has to file a 3520 for that trust, even though...

It says in the FBAR instructions, which you can google and download, to use the US Treasury year end rate.

Have you called the US Tax Advocate?

https://www.irs.gov/advocate

Hi John, On the FBAR, there is a reason for late filing field. You select "Did not know that I had to file". If they ever ask you about it, keep a full, detailed account of when you found out, how soon you filed etc. It sounds like you either paid all tax due, or didn't own any, so you sho...

No tax was due for my sister or mother. The only time tax comes due is in response to a return. You've elected to defer taxation on the RRSP income, and maintain that election until the moment you expatriate. When you expatriate, you only pay the exit tax if you are a covered citizen ($2m assets or ...

Hi all,

CRA says I can count private health premiums as a medical deduction, but not government health premiums. Any idea if I can count marketplace health premiums as a Canadian medical deduction?

Thanks!

Phone the CRA. They'll tell you.

Also, google the Canada Us Tax Treaty, and search for the heading "Interest" and read that.

I should correct one statement I made... Under the tax treaty, and Rev Proc 14-55, these taxes are NOT DUE, unless you fail to meet the criteria in Rev Proc 14-55. And if you do, you can come to MEET them through the Streamlined Procedure as long as you qualify for that program. But get help from an...