Serbinski Accounting Firms

Ok thanks for this info, I will get the NR6 done ASAP to improve my chances of getting it approved on time. Yes I assume the math is the same; I just didn’t know if CRA wanted to see one full year or a partial year on the form. As you say, it will all reconcile when you file the return anyway ...

I recently purchased a rental property in Canada and I’ve educated myself on all of the non-resident requirements on this forum (Canadian agent, 25% withholding, NR6, NR4 slip, S.216 return etc). Great info by the way!

I purchased the property in January and my tenant will start renting it in May. I would like to get the form approved before May so I can withhold on a net basis. I’m in the process of completing the NR6 form and I’m confused about one part.

The form is asking me to estimate my expenses “for the yearâ€￾. Because this is a partial year, do I just estimate my expenses for the remaining months of the year (May-Dec) or do I still estimate 12 months? This will have a pretty big impact on my cash flow depending on which way I have to do it. Anyone have any experience with this?

Ok thanks for taking the time to explain this further.

Yes correct, I have a TD Waterhouse account in Canada with a Canadian $ account and US $ account.

If I move to the US do the same rules apply to this account on the Canadian side? In other words, can I keep this account in Canada or do I ...

Oh wow, thank you so much for pointing this out to me, I interpreted this completely wrong. Was it ever calculated this way in the past? I just did some follow-up research based on your response and it looks like the rules may have changed in 2012? Does that sound about right or has it always been ...

I’m a Canadian citizen and resident of Canada with a US $ brokerage account. I’m looking for some help understanding foreign exchange gains/losses. I sold over 30 stocks sporadically in 2015 at various times throughout the year and I’m trying to figure out the gains and losses.
I read on CRAâ ...

Yes correct, I'm single and have been under the $200,000 limit the last three years.

Nothing other than the RRSP. I thought about a TFSA and mutual funds, but thanks to this site and my financial advisor, I have stayed away from them.

Thanks for the help. Have a great Christmas!!

Thanks so much Nelsona! I stopped filing because I had some major health problems. I'm finally feeling better and slowly stating to pick up the pieces to my life again.

Ok, so 1040 and FBAR's for all three years, complete and sign form 14653, and form 8891 only for 2012. Does this sound about ...

Anyone have any input on this? Any guidance would be greatly appreciated.

I’m a US citizen living in Canada with an RRSP. I have filed all of my US 1040 tax returns, FBAR’s, 8891 forms, etc for all years up to 2011. I normally have no tax owing in the US. I would like to get caught up on my reporting requirements and need some advice on how to proceed.
I’ve done some research on the Streamlined Foreign Offshore Procedure and the changes to the 8891 filing requirements. Here is a summary of my research:

“Eligible individualsâ€￾ are no longer required to file 8891 annually, but still have to file the FBAR and 8938 (if applicable). Form 3520 is still not required for RRSP’s. To be considered an “eligible individualâ€￾ you have to satisfy “any “ requirement for filing a US Federal income tax return for “eachâ€￾ taxable year during which you were a US citizen or resident. So because I did not file a return for 2012, 2013 and 2014, it appears I’m not an “eligible individualâ€￾.

As a result, I must seek the consent of the IRS in order to elect deferral of the income generated by the RRSP. This basically involves paying a hefty fee of around $7K and satisfying a bunch of other requirements; which almost seem impossible to meet.

The steps to follow for the Streamlined Foreign Offshore Procedure seem reasonably clear on the IRS website. Essentially file the last 3 years of tax returns, 6 years of FBAR forms (submit them electronically), provide a written explanation of non-willful conduct on form 14653, write “streamlined Foreign Offshoreâ€￾ in red at the top of each return and form, and pay all tax and interest owing. A couple things are not clear to me.1) I assume you submit the FBAR’s electronically before you submit your returns? 2) How is the 8891 RRSP reporting handled?

As part of the streamlined procedure, it appears that I don’t have to worry about seeking consent from the IRS and paying the $7K, is that correct? Even if I’m not considered an “eligible individualâ€￾ it appears that if I meet A) C) and D) of Rev. Proc 2014-55 (which I think I do), I can use the streamlined procedure for this as well. It looks like I can simply include a written declaration to request an extension and identify treaty provision XVIII(7) on the same form 14653 as I use for the other stuff. Is this correct?

Is there standard boiler plate language that I should use for any of this, or can I just summarize this in my own words? It also says that I need to include 8891 forms for each year. I think these forms were no longer required as of 2014. So do I just include an 8891 for 2012 and 2013 and nothing for 2014?

Anything else I’m missing? Any help with this would be greatly appreciated. I’ve been stressing about taking care of this for a few years.