Serbinski Accounting Firms

Q1. for LIRA unlocking, I understand that we need to wait two years as non resident and fill out NR73, but once LIRA is unlocked, does it automatically become a part of RRSP or this year's taxable income? Q2. for RRSP, say 40k is the true cost basis when I funded it in Canada, on the day I moved to ...

Many thanks!

I will try again next week and see if I can speak with the right agent to help me transfer it remotely.

Thanks Derek, I will also keep you posted if I find any brokerage firms that have treaty with the model 3 states. It seems TD direct might be our best bet for now, the only thing they required from me is to physically go back to Canada, book an appointment at the nearest branch and sign some documen...

Thanks Nelsona, I'm nowhere near retirement and I'm currently living in Oregon so I don't think RRIF is an option. Do you happen to know if "the few holdout states were not going to budge" applies to all Canadian brokerages or just certain ones that don't have "treaty" with these...

According to this article: https://www.greenbacktaxservices.com/blog/canadian-retirement-tfsa-rrsp-treatment/ "Canadian Taxes on RRSP Withdrawals for Non-Residents For non-residents of Canada, withholding is 25% for lump-sum RRSP withdrawals and 15% for periodic pension payments." Question...

I called TD direct and the agent told me RRSP account can be maintained in all US states. I specifically asked about OR and told them one of the Canadian brokerages doesn't allow it but again the TD agent told me there's no restrictions in TD. My question is when you say "the few holdout states...

The reason I'm asking is because BMO IL allows me to keep the account while I'm residing in the state of Oregon, but I can only sell equity and maintain cash, not reinvest in new equity. They also said if I moved to the state of Washington, then there's no restriction on buy and sell in the RRSP acc...

Does TD direct allow us to trade freely in the RRSP account with the existing balance or just simply keep the account but you can't sell one equity and use the proceed to buy another?

I'm in the same situation, but it seems I can not open a TD Direct account as a non resident in Canada.

Got it, that's also what I just figured out using the non-resident tax calculator on the CRA website:
https://apps.cra-arc.gc.ca/ebci/nrtc/beta/ng/entry

Thanks so much for the reply!

Sorry I meant to write C = (25% x A) - B

Hi all, I’m a Canadian who has spent 100% of the 2019 live and work in the US. I will receive a T5 from a Canadian bank on GIC interest income pretty soon (this is the only Canadian income I have and I’m unable to sell these GICs until they mature), could someone please kindly help me understand if ...

Thanks again nelsona, So whenever I leave US I have the option to either file dual status or full year 1040 for that year. If I choose the former option and then ash out the "winners" in Canada, no capital gains will be taxed by IRS, or If I choose the latter, I should wait until next cale...

Thanks nelson, your insight is much appreciated! I have 2 quick follow-up questions. What is the definition of “no longer taxable in US”? For example if I leave anytime in 2020, should I always have to wait until Jan 1st 2021 to sell the “winners”? or it can be done 1 day after I enter Canada? or 18...

Hi, I’m a Canadian citizen working in the US on TN visa, currently a non-resident for tax purpose in Canada, but plan to move back to Canada in the near future (possibly next year). I have a regular stock investment account with TD Ameritrade in the US and would like to know what might be a good way...