Serbinski Accounting Firms

My source was a U.S. estate lawyer (who I thought was very knowledgeable about the US-Canada tax treaty!). I asked the question to attempt to verify his statement as it was something I was not aware of (and did not understand how it might work).

Nelson, thanks for your input.

I am hoping you can assist me. Recently a couple of my Canadian relatives inherited assets from their parent where U.S. Federal & State estate taxes had been paid. I read that under the U.S.-Canada tax treaty, when the Canadian who inherits the property dies, the U.S. estate tax will be a credit...

We live in the US and need to periodically transfer funds for our daughter's living and education expenses in Canada. We have used Transferwise as a way to limit the FX cost. It has worked well for us. There are other online services that provide the equivalent function. Just my $0.02.

Thanks for your response, Nelson.

Good advice on the CPP/OAS income.

I will echo what many here have already stated, you are a valuable sounding board!

Hi Nelson, I am back with another question for you. Again, our background is we left Canada in 2007 and became US citizens last year. We have "investment in account values" at departure for our RSP accounts which will reduce our US taxes when we start RRIF RMDs but expect the CRA WHT to ex...

Thank you, Nelson. Got it!

Brent in Ohio

Hi Nelson, I have one more question for you ... I understand you may not reply for another month ... but it came up as I was preparing my taxes. Do I need to report the investment in each of our Canadian retirement accounts to the IRS? If yes, how would I do this? From my prior note, our basis would...

Nelson, thanks! To answer your question: No we were Canadian citizens while in Canada. We only recently became dual citizens (just in time to vote?!?) One last clarification on my part, the account Departure Book Values (CAD) are converted at the departure date exchange rate to USD and this value is...

Nelson, I would appreciate your input on our situation. I just came upon this forum and the topic of RSP Book Value. We moved to the U.S. in 2007 with 3 RSP accounts. I have the book value for 2 accounts (they were included in a departure valuation report prepared by RBC). For the 3rd account, we di...