Serbinski Accounting Firms

While filling the online application form I have to select either a US permanent resident or Citizen. If I don;t anyone, I can't go to next step. Then I called the Merrill Edge and they told me that if I'm not PR or Citizen, I can't open an account. Is there a good online broker you can advice ?

I ...

Hi,
I searched through the forum but didn't get a good thread or clear answer discussing this topic. Due to economic reasons lots of Canadian professionals are working in USA on TN visa, with intention to go back to Canada after few years.

I moved to Michigan end of last year on TN. I'm keeping my ...

Thanks a lot for quick answer. Just to clarify -
1. I don't file any CRA return in 2016 even if I have T5s.
2. I report all my T5 and NR4 incomes in 1040 as interest and attach T5 & NR4 receipts.

I have another situation - that bank also closed by TFSAs in March 2016 because of US resident (Which ...

I am a Canadian Citizen living in US on TN and my last year's tax was filed as Canadian resident till Nov 2015 and US non resident for Dec 2015. CRA accessed my return and confirmed as non resident from 2016 onwards. In 2016 I will file IRS return as joint with wife and US (Michigan) resident .
I ...

Thanks for prompt reply.

My funds already gone sour and if I take money out now, both I and my wife will be losing about 5K compared to last year. All Sun life funds are going down.
Can I open TD Direct after become nonresident and the ask for transfer from Sun life to TD while I'm non resident ? I ...

Hi Nelsona,
I had death in my close family and so couldn’t take any action on my RRSP since we discussed last December.
As you advised my wife didn’t withdraw RRSP in 2015. This year onwards she will withdraw about 20K a year and also will file 217. I wanted to open TD direct trade account and ...

Hi Nelsona,
I’m sorry to screw up the post. Because I switched HTML, I thought the tags will change color and font of my question, but wasn’t. OK, let me try as follows-

1. <Raju> I calculated and found if my wife withdraws 30K RRSP this year (my income 75K+ wife's 30K RRSP) our total tax increases by $5958. If she withdraws as no resident 25% of 30K come to be $7500. So withdrawing now saves about 1.5K. I don;t know what will be US tax implication to this. Did your calculation gives same result or more?

2. YOU SAID “You will not benefit for 217 while working in US. Your RRSP will be at 25%. 217 is for those with little other incomeâ€￾
<Raju> If my wife withdraws next year as nonresident ($0 US income + 2K Canadian GIC interest), can she benefits from 217 ? She will withdraw about 20K each year. Approx. how much TAX on withdrawal each year?
I have no plan to withdraw, but if I can lower tax, I would like to withdraw. Next year I have US income 80K + Canadian GIC interest 1K. Can I still benefits from 217 or because my US income is high, I will get no benefit of 217 and pay 25% for my RRSP withdrawal ?

3. YOU SAID “My original advice stands: move your RRSP to a self-directed broker like TD Direct, and wait until next year to begin taking funds for either or both of you.â€￾
<Raju> Do you think Sunlife will not allow me to withdraw or grow my RRSPs as non resident? How TD direct works? Can I open as non resident and withdraw any time and also trade funds or I have to open while I’m a resident now? Do you recommend TD e series funds, because I like Index funds for my RRSP, which I am not planning to take out now if I can’t exercise 217 route.

Thanks a lot for your help and have a Happy and Prosperous New year in advance.

Regards’

Raju

[quote="RAJUMONI"][quote="nelsona"]First of all, just because your wife is still in Canada does NOT necessarily make you resident of Canada (CRA will ALWAYS say this, but they are not necessarily looking at treaty or your particular circumstances. For example if you have stayed in US since you went ...

[quote="nelsona"]First of all, just because your wife is still in Canada does NOT necessarily make you resident of Canada (CRA will ALWAYS say this, but they are not necessarily looking at treaty or your particular circumstances. For example if you have stayed in US since you went to work, not ...

Hi,
I'm a Canadian citizen movig to US in 2016. I have 70K and wife has 50K (SPOUSAL) in RRSP. I am right now working in Michigan and since my wife still lives in Canada, I'm still Canadian resident as CRA confirmed me when I called them today. My wife has 0 income this year ad so thinking to ...