Serbinski Accounting Firms

Ok, this makes sense to me now.

Thank you so much for taking the time to help me out with this.

Thanks so much!

I think I know what you are saying...

This might be applicable to me when the amount I take from my RRIF is less. I'm taking more than the minimum, so the amount I withdraw will eventually decrease over time and my average tax rate might drop below 15% at some point. If so, at ...

Great, thank you!

The taxable benefit is for the insurance premium my former employer pays on my life insurance policy. This will continue as long as I'm alive, so looks like I will be stuck filing a return every year.

Thank you for mentioning the 8833. Last year I did not include this. I just ...

Hi Nelsona,

I did as you suggested and completed the W8-BEN in 2015 and Fidelity is now withholding the correct 15% tax on my pension. In addition to the Fidelity income, I have US SS income and a small taxable benefit of $745 for life insurance that shows up on a W2 slip every year.

I read the ...

Yeah, you are probably right, effective tax rate is likely below 15%.

Ok will check out the T1135 and see what I can find out.

I have one more issue I'm not too sure about. I have a 1099-DIV with 1a ordinary div, 2a capital gain dist'n and 3 non-div dist'n. I read elsewhere on this forum and ...

Thanks for the quick response, this is helps a lot :)

I read somewhere that the foreign tax credit I can claim in Canada for a US citizen is limited to 15% for pension income. Is this correct? If so, does this apply to this annuity?

Also, I have over $100K in the annuity, do you know if I have ...

US citizen living in Canada with a non-qualified annuity (purchased with after tax $). I think this must be similar to a non-registered segregated fund in Canada? In which case, I think only the growth is taxable?

I received a 1099-R slip with $5800 in box 1 (gross), $3300 in box 2a (taxable ...

Ok thanks for explaining this further! I think I get it now. For whatever reason I was thinking that the entire loss (pre and post) could come over to the Canadian side (via re-sourcing) and be used there. So instead of using the loss in the US before leaving, I thought you could just use it in ...

Sorry I think I`m missing something; this is getting confusing. If the entire gain is considered re-sourced (pre AND post arrival gain), I guess this would mean the entire loss would be re-sourced as well?

If that`s the case and I did not sell the losers before leaving, the entire loss would be re-sourced to Canada when I sell. This would essentially eliminate the step-up in ACB you receive on arrival and eliminate the primary advantage of selling them before coming to Canada. This would mean that Canada would give you credit for the pre-arrival loss would it not? In which case it really wouldn`t matter when you sell them; just like it doesn`t matter when you sell the winners.

If this is true, the arrival step-up in ACB for both winners and perhaps losers is basically meaningless for US Citizens and Green Card Holders. The step up in ACB appears to be the primary reason to sell losers before coming; as it essentially eliminates the loss. If the re-sourcing “trumpsâ€￾ the bump-up, then maybe it doesn’t really matter when you sell them? Am I overlooking something?

Ok makes sense, thank you.

I’m just confused about one more thing. What about the growth AFTER you arrive in Canada? I read on this forum that gains on non-retirement accounts are normally based on residency via treaty, but as a citizen or Green Card holder I must still have to report POST ...

Ok thank you so much.

Just so I understand correctly, if you maintain green card status or are a US citizen you must have to keep the same cost base in the US; you just get a new cost base for Canadian purposes when you arrive right?

In other words, if I don’t sell the losers before I leave ...

I’ve read several posts on here about selling your non-retirement account losers before moving from the US to Canada and then wait one year after your arrival to Canada to sell your winners. I also read that this does not work for US citizens or Green Card holders.

I’ve been a US resident ...

I just got off the phone with them and they mentioned the exact same form you suggested; the W8-BEN. They had no explanation why no tax was being withheld and said it must have been a mistake. They gave me an address to mail the completed form to. So I guess I will do this right away and maybe ...

Wow, thanks for the super fast reply! I knew something didn't seem right. They send me a cheque to my Canadian address each month so they must know I'm Canadian; but I don't ever remember completing the form you mentioned. I suppose I will give them a call and see where I can mail this completed ...

Wow, thanks for the super fast reply! I knew something didn't seem right. They send me a cheque to my Canadian address each month so they must know I'm Canadian; but I don't ever remember completing the form you mentioned. I suppose I will give them a call and see where I can mail this completed ...