Serbinski Accounting Firms

Currently living in US as resident (TN) and have in the past kept Canadian bank accounts (RRSP, checking accounts and GICs) and reporting on 8938/FBAR Few years ago purchased high rate GICs and they are all maturing, the rate now is not as high and along with FBAR/8938 reporting I'm wondering if it'...

Due to unfortunate series of recent health events, I now have to seriously consider estate planning to plan for uncertainty and hence asking questions here. I will consult professionals on this obviously to make it effective, but would like some inputs as well. Background: Single under 40, Canadian ...

As a US resident and non-resident of Canada In 2020, if I converted USD$10,000 to CAD$14,000 at rate of 1.4 and keep in bank while earning slightly higher interest If in 2021 I convert CAD$12,000 back to USD$10,000 at rate of 1.2, can I simply declare the remaining CAD$2,000 (USD$1,666) as capital g...

As per title, other than one's own personal needs, is it worth to pay for long term disability insurance while being on TN in US?

Assuming that is, if one goes without work due to disability and subsequently leaves US, will LTD be affected by non-residency in US or it doesn't matter?

I'm going to remain US tax resident and still non resident of Canada. Family (parent) is buying a house, I'm helping with money and will transfer over 200k to make the final payment. It's more of a free loan and I'll take back 170k before year end but keep in Canada under my own account because inte...

1. Non resident of Canada can open taxable account to trade, but only few allow them (questrade, interactive brokers, possibly TD waterhouse), you have to check individually to confirm. However, if you are also US resident, no Canadian brokerage can take you because they need to be licensed with SEC...

You should start a new thread, your situation is quite unique and differ from those that have already established non residence prior to 2020. I would calculate carefully on both scenarios in terms of tax burden to US and Canada, especially with any assets sold with capital gains. 2020 isn't over ye...

I checked few times from May to July and there was no result, then stopped caring.

They (IRS) only went back to office in late July I think, so the paperwork piled up and wouldn't be in the system for a while.

Mailed 1040 on Mar 13
Refund received Sep 10

You probably have a month or two of waiting still.

Agree with above. There is another thread (https://forums.serbinski.com/viewtopic.php?f=2&t=299631) that has some CRA updates which may excluding counting the March-September 2020 period in 183 day calculation, but I think to keep being non-resident while in Canada one still has to avoid many th...

Thanks for posting the CRA response, did you ask via PERESCOVIDG@cra-arc.gc.ca whilest describing your unique situation?

If one is able to exclude those days from 183 day count then that's pretty useful and would eliminate a lot of filing hassle for 2020.

Thanks for the CRA update. I have a similar thread on https://forums.serbinski.com/viewtopic.php?f=2&t=203914 but everyone's situation differs. It depends on your long term plan for the next 2 years and family/employment situation. If you're staying longer than 183 days and have ties to Canada, ...

I try to summarize the conclusion, for my own reference on steps to take next year in filing 2020 taxes, as well as to help anyone in the similar situation :) I'm keeping track of the days present in Canada, and until I exceed that I probably wont' do anything. Afterwards, I'll have to calculate and...

After spending the weekend reading thru the non-resident return guide, I got a better understanding of the reporting requirements. Basically, one reports the prorated US-wages to CRA and pay the federal and provincial taxes. The only difference with a resident return is not including other income li...