Serbinski Accounting Firms

I Thank You for the response Nelson, I understand that rental income expense (including interest expense) are deductable under CRC rules up to rental income as it is under IRS rules for a second home that is rented out and used by owner (14 days or >10% of rental days) the same tax year. As a US cit...

Thanks nelson. An appraisal of the property's value just before the move is a good idea. If I understood correctly whether the property is rental or second home only the difference in captial gains (assuming a higher sale price)will be taxed by Canada? I'm so grateful that this forum exist but more ...

Thank You Nelson. By converting the property to rental property and moving to Canada do I dismiss the 2 of 5 year rule? I.E., if the property is the main or second home for 2 of the last 5 years do I lose the tax free status on capital gains (within the limits) if I rent the place the last three yea...

Thank You Nelson. Another question regarding my current residence here in the USA. In lieu of selling our home we were contemplating using it as a second home and possibly renting it out several months in the year. Will the property treated as a second home or rental property offer any tax deduction...

As a U.S. citizen with only a U.S. source income would there be a Cnd tax liability for the year 2005 if I were to land (exercise permanent resident visa)in Canada in December 2005? Should I hold off (before visa expires) crossing the boarder until Jan/Feb 2006?



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Thank You Nelson![:)]

Thank You once again Nelson. It has come to my attention that U.S. Government employment income is not taxable by Canada by virtue of the Tax Treaty between both countries. Is this true? A possible scenario for me would be that my spouse moves (LANDS) in Canada while I'm still employed by the Federa...

Thank You Nelson. If a citzen but not a US resident when I sell would myu US tax on capital gans be higher or does it remain at 15%?

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Hi Everyone, Is a U.S. Federal Government annuity received by a U.S. citizen living in Canadian taxable by Canada Revenue? Also, if granted Canadian landing priveleges, would it be more advantageuos to sell rental real estate located in the US before or after immigrating to Canada. I contemplate sel...