Serbinski Accounting Firms

@vkg01
I would be very surprised if what he said was true. Perhaps more a sell job to have you transfer assets? I did find an IRS document that talked about an example of periodic payments being an annuity. Without an annuity, one could argue that in analogy with Canada, "periodic" could be ...

Sorry for the delayed reply - this site was down for a while and was just checking tonight if it was back up. I was asking for my younger brother who is not a USC nor US person. He had a 401k when he worked in the US 20 years ago. I also asked my own providers, since he would be one of my ...

Hi,
I've haven't had any luck getting my plan providers (Schwab,Fidelity) to commit to a withholding rate of 15%. On the phone support they say just file W-8BEN and depending on when I call I get different answers, usually one of the following two: (1) "the back office will do the correct ...

After some more research, the following is updated:

[1] 401(k)/IRA
Me: no tax; account goes to beneficiaries. (Not sure the actual mechanics of how this happens. Will my 401k/IRA plan holders [Schwab, Fidelity] set up a special sell-only account so they can liquidate the assets? Is this an issue ...

After some more research, the following is updated:

[2] RRSP/LIRA/RRIF/LIF
Me: (a) Cdn: 25% lump sum withholding, final. (b) US: subject to US estate tax only (on total value at death).
Beneficiaries: no tax
There might be an issue that the RRSP/etc. goes through probate taking longer than the ...

Hi, and thanks in advance!

I'm a dual citizen and US resident. My Beneficiaries are Cdn citizens and residents.
Been thinking about death and tax/estate planning :(

I've been going through the scenarios. Some I *think* I found answers here, but others have no idea. Appreciate any input!

Taxation ...

I'm going through this right now, and so far have received one RIF, full proceeds. The tax at collapse of the RIF at death is paid by the estate in the final return. The estate is issued a T4RIF with Box 18. I was told the investment GAINS from death to when it is paid out to me is taxed. They would ...

Thanks nelsona! I guess the key is employer-sponsored.

Hi!

This is a technical question in understanding why a (Canadian) DCPP which is later transferred into a LIRA (then a RRIF), one cannot make withdrawals where *some* of the withwdrawl is tax free (return of capital). I have read this in the forum but don't really understand the technical basis. I ...