Serbinski Accounting Firms

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">That, by itself, does not justify a treaty claim<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote"> I agree. Thats why in 5 years of these posts, I don't...

As I said, none of the moving expenses Ken is talking about are deductible in Canada. To make a move deductible one would first have to move to a place in Canada, but far enough away from their potential employer, then get hired, then move again close to work. In such a case only the move from Cdn H...

1. No. You report the entire wage. You *might* be able to exclude your pension contribution, if your pension plan meets IRS standards (you would need company to tell you). Your CPP premiums are foreign taxes (along with your EI premiums, final fed tax and final prov tax), so you can only claim these...

Again, barebones, as this is covered elsewher: 1. No. In Canada you will be a 'necomer' and will write an arrival date on your return, and only report world income AFTER that date. In the US you will have the same choices you had as the year you arrived. File 'dual-status' US-income only with no sta...

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">I came here only in October 2004 and made less than 10,000 and therefore filled out the 1040NR's for both IRS and New Jersey State. I realize this qualifies for tax treaty benefi...

RRSPs are a trust.

Otherwise there would be no need for any of this Rev Proc, 8891 and 3520 nonsense.

IRS phone line is incorrect.



<i>nelsona non grata... and non pro</i>

LIne 16b, the taxable income.

The term 'gross' here refers to before any deductions (ie. the next several lines) from that are taken into account to determine your net foreign income for use in the credit calculation.





<i>nelsona non grata... and non pro</i>

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">I suppose that electing to have a deemed disposition on emigration (and posting of security to avoid paying the tax currently) might be prudent to avoid this.<hr height="1" nosha...

No. Under RRSP rules as outlined by IRS many years ago, must take into account the untriggered gains that occured before arrival. So, you bought at $5, moved to US when at $6, your basis is still $5. If you sell later at $12, your gain in IRS eyes is $7. That is why, universally, cross-border tax pr...

To establish basis, you need to deterrmine the value in US dollars at the time you bought the investment, which is not necessarily the day you moved to US. IRS generally doesn't like the 'yearly' exchange rate that you allude to as much as CRA does. They 'prefer' excahnges done on a per transaction ...

The basis and final figures MUST be determined at the time, so the basis would be in US$ at the time that the investment was purchased, and the dstribution would be in current US$ so, your first equation, with 2 different exchange rates would be more accurate. It is more likely a matter of needing s...

You report EVERYTHING (income and tax) on a US tax return in US$ of course.

You may use the exchange rate in effect for each transaction, or one that reflects the rate over the range of days you are reporting several transactions.

Simply be consistent.



<i>nelsona non grata... and non pro</i>

Possibly. I would have to know more about her 'fixed-base' in Canada, but if she spends enough days in Canada in 2005, she might not be able to exempt it. Going forward, in 2006 she might (again depending on days and fixed-base) be able to use treaty to exempt it from Cdn tax (and then of course pay...

NONE of your moving expenses to enter Canada are deductible on your Cdn return, so don't worry about the vagueness of their rules. The costs associated with your move are tax deductible in US against your income, if you continue to report in US, and if you meet the other criteria (closer to work and...

I will give bare-bones answers as this is all covered elsewhere, and anyone else is free to answer here, too; this is not my site: 1. yes. 2.1) If you want to file full-year in US (to get joint and standard dedcution) you will have to include ALL his income. 2.2) only if he declares separately from ...