Serbinski Accounting Firms

Hello, I sold my property earlier this year and just got back the tax clearance. However, noticed a 25% tax on capital gain. I bought this condo as a pre construction and have been renting it out for the past few years. Does the 25% on capital gain make sense? Do I need to file this on the US side w...

I'm a Canadian citizen working in the US on H1B. I recently bought a place in downtown Toronto, thinking to hire a company to manage my property for short term rental. The issue is that I will need to apply for a short term rental permit and to do so, I will need to demonstrate this is my principal ...

Hello, I'm a Canadian citizen working in the US on H1B, but wanted to start a small business. What would be my options here. Thought about starting a LLF in the US but can't do it due to Visa restrictions. Can I start a LLC in Canada and use it to do business in the US. What about Cayman Island? Tha...

Hi all, I just sold my condo in Toronto, my accountant is helping me clearing the tax in Canada now, and lawyer withheld 25% of my proceedings until tax cleared. So it's all taken care of it the CDN side. Question is when do I need to report this sales on the US side. I'm reporting on the Cdn side n...

Hello, I'm a Canadian working in the US. I'm planning to sell my condo in Toronto and transfer the money to the US for a down payment for a property in NYC. I have two questions - 1) tax implication, do I need to pay tax in both countries? I have declared nonresident in Canada and have been just pay...

Up. Wanted to see if it makes sense for me to convert to traditional IRA or Roth IRA

Hello, I'm a Canadian working in the US (on TN, no GC). I recently switched employer and wondering what should I do with my old 401k. Some financial advisors told me to convert to Roth or other vehicles but I'm not sure if that's wise for me. Maybe good for US citizens but may not work for me. And I...

Hello, I'm a Cdn working in the US. I own a pre-construction condo in Toronto (the province that has some kind of tax for foreign buyers... I'm not entirely certain about the terms). My question - I am a Cdn but didn't pay Cdn tax for the past couple of years (only paid US tax) and the construction ...

Thanks Nelsona. Just to clarify, did you mean that I should disclose my TFSA, trading account and bank accounts to IRS but don't need to disclose my RRSP and condo deposit? I didn't do a good job in disclosing these foreign assets when I filed my 2014 and 2015 tax returns (though when I filed my 201...

just to clarify, it's declare these assets to the IRS as foreign assets

so if I am going to file as non Cdn residence and US residence. how should I declare my TFSA, RRSP (I have a mutual fund), Canadian trading account and my deposit for my pre-sale condo?

Just wanted to be more specific, I own a pre-sale condo, the actual condo won't be ready in another year or so. I guess there is no capital gain or so related to me. but to your point, I will probably need to fix my 2015 tax, right? I started working in the US around Nov. 2014 so I guess I don't nee...

In my case, I took the job close to 2 years ago, but filed my income tax in Cdn both 2014 and 2015. Is it possible for me to declare non-residency now? to indicate I moved out of Cdn 2 years ago? what about my 2014 and 2015 tax returns then?

Also, nelsona, may I ask what it takes to establish non-residency in Cdn. Do I need to close all my bank account,trading account, etc.?

Thanks nelsona. I only come back 3-4 times a year. The reason I'm still paying my Cdn tax is because I have a condo in Toronto and I am not sure if I want to lose my residency in Canada yet. Also, if I stop paying my income tax now, what will happen when I come back? I will be considered as a new co...