Serbinski Accounting Firms

Hi, I am in Canada and a Canadian Citizen, and I have some USD. An American relative across the border in the US has CAD. If I wanted to exchange a large amount (say $100K USD for an equivalent amount in CAD) between the two of us, what are the CRA-IRS reporting / tax implications for each person in...

My mother passed away last year and the US Social Security administration (Department of Treasury) ent a letter to the Canadian Financial Institution receiving the direct deposit to return the payment for the month of death. I am the executor of her estate. She was and I am a Canadian citizen. Does ...

My mother recently passed away and held a couple of 403(b) accounts, from which she had been taking RMDs. My father predeceased her and due to the contingent beneficiary designation, I am now the beneficiary of her accounts. My mother was Canadian citizen and so was I. I have been offered a few opti...

Hello nelsona, I've calculated the payable tax according to the tax table and 15% rate, and the tax table is lower, so I guess I'll go with the tax table figure, file the 1040NR, pay the tax and claim the credit on the filed T1 as an adjustment. Do you think this will work? In the past years, I've f...

Hi nelsona, Thanks for all of your assistance thus far. After working through the 1040NR calculations, I can kinda explain why a balance might be owing. Inspecting one of the 1042-S slips showed the following boxes: 2 - Gross income, $7761 5 - Tax rate - 15.00% 7 - Federal tax withheld - $144 Not su...

Thanks for the answer. So, I don't need to file a 1040NR. If I go through the 1040NR and find there is a small balance owing, can I still omit the return and just pay the taxes in Canada? Also, if I filed a 1040NR in prior years, and paid taxes to the US due to the small balance owing, can I file a ...

Hello, My mother is non-resident alien, who once worked in the US but is Canadian and lives in Canada. She never lived in the US. She collects US pension income (US Social Sec and private pensions). Could someone describe how to report this pension income? Does she need to file a 1040NR if the incom...