Serbinski Accounting Firms

Hi nelsona, I did file 1040 and Sched B last year, but confused some of the reporting thresholds and didn't know about the TFSA as foreign trust situation. I'll be correcting this for 2014 and filing correctly going forward.

The 1040NR and 1040NREZ are perfectly fine for nonresident aliens however ...

I ended up calling the OVDP Hotline at 267-941-0020 and left a message, they returned my call the same day. Just thought I'd post this for anybody else in the same boat.

They clarified that the Foreign Offshore Disclosure eligibility is based on physical presence not tax residency. So I will file ...

*ignoring Part I except for lines 15-18 in the 3520 as I am acting as my own US agent

Thanks for the input.

Another quick question: if I made no contributions to the TFSA and it only accumulated interest, I ignore Part I of the 3520 and just report the taxable interest in the 3520-A, right?

Quick question (or not depending): I was a US non-resident alien for 2012 & 2013, but a resident alien for 2014, under the terms of my J-2 visa (first two years I am an exempt individual). Given that I technically was non-resident for 2 of the last 3 years, would I use the Streamlined Domestic or ...

My two cents from personal experience (also in the US for my husband's medical residency training, but under a J-1/2 visa instead):

Whether to file as US resident/non-resident depends on whether you still have significant residential ties to Canada (house, bank accounts, you intend to go back ...

Am also using the Dept of Treasury EOY exchange rates for 2014 for the Beginning of Year figures, and the rate for 2015 for the End of Year figures. Should I be using the same exchange rate (2015) for both columns instead?

I just went through this very helpful thread, I think I have a handle on everything except for the balance sheet (of course). This is how I filled it out for a pre-existing TFSA for 2015. I am a Canadian who is a resident alien in the US.

Part III
Beginning of Tax Year 2015
Line 1 Cash, Line 11 ...

Just for info for TFSA owners living in US, whose CDN banks don't have an EIN:

1) fill out SS-4 form:
line 1: legal name of entity - I put my full name and appended TFSA (i.e. Jane Doe TFSA)
line 2: trade name of business - left blank
line 3: executor, administrator, trustee, "care of" name - I ...

got it, thanks - now to wade into the 3520/3520-A posts...

I haven't been able to Google a satisfactory answer to this specific question so hopefully someone out there may have the answer.

My TFSA is specifically set up as a deposit account, not under any trust arrangements, and does not have any investment in mutual funds - interest is accrued similar to ...