Serbinski Accounting Firms

Okay, that's starting to make sense. So I won't be double-taxed on the gain for the period up to the departure date. Since that gain is being included in my Canadian taxable income and I'm paying Canadian tax on it. Then on the US side, that should be taken into account for the FTC. But any gain aft...

Thanks Nelson! I wasn't aware of Rev. Proc. 2010-19. The Rev. Proc. 2010-19 approach looks quite intimidating and I'm not sure that's handled by UFile. I can manually correct T1243, T1244 and T1161 and list the missing ETFs, with their FMV on the day before I emigrated in 2024. I'm not sure whether ...

I emigrated from Canada back to the USA early last year (and according to the determination from the CRA, I am not considered a Canadian resident for 2024). I had a bunch of US-based ETFs that I transferred "in full" from Canada to the USA after leaving, and sold them all in the USA. I fig...

Thanks for the clear information, and the point about future taxable income. Didn't think about that.

I'll look at switching to the FTC instead of the FEIE this year.

There's conflicting info online. This page from Serbinski suggests it's possible: https://www.serbinski.com/working-in-usa/rrsp Because an RRSP is not a "qualified" plan for U.S. tax purposes, contributions made in Canada are deductible for U.S. purposes in a limited way. Article XVIII(8) ...

Continuing my string of tax errors, it occurs to me that I should probably have been reporting my Transferwise "borderless" account, even though I've never used it. That leads to the question of whether I should have been reporting Transferwise before it offered a borderless account. Or wo...

Thanks, I've submitted a request for a consult, though I'm not expecting that before April 30. I think the key questions are (1) how I know whether my late election mailed on Dec 31, 2020 was received and accepted as valid, and (2) whether that absolves me from having to retroactively file T1135's a...

Sorry if I wasn't clear, but it was a rollover of a 401k with Traditional/Roth components into a new Traditional IRA and a new Roth IRA. This random link on the internet seems to suggest that would be okay if I had made the election: https://ca.rbcwealthmanagement.com/documents/359011/946626/Moving+...

I finally got around to filing the election in late 2020. Snail-mailed the Competent Authority Services Division as described here: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-3-cross-border-issu...

Numbersman61 wrote: > Simple solution for Norbert’s Gambit - trade an inter listed stock such AS > Royal Bank. Sell Royal Bank on NYSE and buy on TSX. Thanks, I was aware of that, but that adds equity risk on top of the currency risk. With my current broker it takes 4-5 days to complete NG. In retro...

I just realized this evening that (as a US-expat) the multiple conversions I've done with Norbert's Gambit and DLR/DLR.U the last couple months are going to introduce me to PFIC land since DLR is a Toronto-listed ETF. Ironic since the whole point of doing the conversion to USD was to invest in only ...

I'm a US citizen living in Canada as a PR. In 2019, I opened a non-registered account with a robo-advisor (Wealthsimple). They have both Canadian and US branches, but this account was opened with their Canadian branch and I give them CAD. To avoid PFIC they only invest in US-listed ETFs. For my Cana...

Thanks Nelsona. I think that means I'm obligated to file amended 2555's for the last 5 years, recording those days?

And if that disqualifies me from using the Physical Presence Test for any year, take (or attempt to take) the Bona Fide Test for that year?

Maybe obvious in retrospect, but it just occurred to me that driving over the border to pick-up packages probably counts as a day in the USA (and conversely, not a day in a foreign country). Even if I'm there under 30 minutes. Am I missing something?

Concur. Wish I knew about this forum before the move.