Serbinski Accounting Firms

Ohh, i guess got it ! In other words, in the example i gave it before,

Gross amount = 10.000
Expenses (insurance, property taxes, condo fees, etc .. http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-e.html#P4036_001) = 2.000
Net = 8.000

for CRA:
- report Gross (10.000) and expenses (2.000)
- fill 216 ...

forgot to add the previous posted where nelsona was so helpful to clarify a lot in my head : http://forums.serbinski.com/viewtopic.php?t=9136

Hi all

I already know that we are (me and my wife) residents for tax purpose based on the previous thread i posted (), but at this point i am facing a dilemma on the foreign income , mostly from the house rental. Tried to find similar forum posts, but not too many canadians with home property left ...

Thanks nelsona, my TFSA was simple, with money only with a bit of interest added , not invested in anything. I will not fill the 3520 in this case.

Thanks so much NelsonA .

I had that feeling on J1 and that's why some said you are , some don't. In other words, what you are saying is that because i am on TN and we met SPT that makes both of us residents for tax purpose (and Cdn non-residents). Is that right?

In addition, was i supposed to ...

I am new to the taxes and being searching on internet all the material possible (thanks nelsona) and impossible about taxes (yeah, welcome to US) , however still questions to clarify raise.

The other day i had the problem to tell my wife if we are "US personâ€￾ or not, even if we moved in April 2014 from Canada:

"You would be a US person if you meet either the substantial presence test (with exceptions) or the green card test (that’s what IRC 7701(b)(1)(A) is telling us)".
Obviously i told my wife that yes, we are considered US even if i am on TN and she is J1.

BUT, "Where an individual leaves Canada after May 26, 1980, the following factors will be taken into consideration in determining whether or not the individual will remain a resident of Canada for tax purposes while abroad:

permanence and purpose of stay abroad,
residential ties within Canada,
residential ties elsewhere, and
regularity and length of visits to Canada" (quote from http://www.serbinski.com/working-in-usa ... tion.shtml)

We do have a home that is rented at this moment in Canada (for a year), as well as some mutual funds RRSP and 2 bank accounts, hence we are theoretical resident of 2 countries.

So i got very confused javascript:emoticon(':shock:'). Tried to call different tax accountants in the past 1 month, they have different opinion, some asked me to fill the 8833 form, some said no need... my question is do i make a treaty election to be a U.S. nonresident? javascript:emoticon(':roll:')

i see the bad mix of TFSA and living across the border as a canadian. I came in US last year and i didn't cancel my account at that time. I did it after i started reading hundreds of posts (thanks a bunch nelsona!!!). I didn't do my taxes yet, but if i close my TFSA now an i didn't o the taxes, do i ...