Serbinski Accounting Firms

You keep saying that it is the relo company that is paying for this and that but, in fact, it will be be either your old or new firm. As such these will be taxable in US in either year; They would only be taxable in Canada if the total reimbursement was more than C$15,000 (half of the excess would b...

You should have filed a 2001 Cdn return in spring of 2002, a year after leaveing Canada, as a departing Cdn. You likely owe tax for any UI you received, and if you had any investments at that time. You get little personal exemption for partial years. The advice you got about 183 days was completely ...

A better Title for your post wouldn't have gone amiss... these are <i>ALL </i> Cdn tax questions. You should have filed a Cdn return in 2001 as a 'departing' Cdn, and you will have to file one as a 'newcomer' in 2005. For 2001-4 you are quite simply a NON-resident of Canada (presuming your immediate...

First, you do have an obligation to report the mere existence of said property to CRA every year (there is a HUGE box on page one of your return to that effect, and a form to fill out). The fact that it is $300K and split 3 ways, may make it slip under the threshold for reporting however. Second, in...

All the 'sliding-scale' figures you refer to do NOT apply to you, because you are a NON-RESIDENT of Canada, and thus are subject to a FLAT 25% tax on all RRSP withdrawals. In US you will report the ENTIRE RRSP withdrawal (including the tax withheld) as 1040 line 16(a) income. The ammount that is tax...

Using this pre-paid credit method is usually counterproductive to establishing credit. Such a card is a red flag on your credit report, and does NOT lead you to getting a good score. You probably would have qualified for a regular credit card after a few months anyways, and would not have had this m...

Likely CRA would come after you for BOTH halves of CPP and EI.
They would also force you to pay your taxes in installments from then on.

They would also be contacting your employer to find out why they were remiss in their obligations.


<i>nelsona non grata</i>

If self-employed, you get no benefits (pension, medical, etc), so your personal situation matters here.

If you are self-employed, you should expect MUCH larger payment, as you will have expenses (deductible) and have to pay both ends of CPP.

<i>nelsona non grata</i>

Your employer MUST set up a payroll for you as an employee, paying EI and CPP (their portion) and remitting Cdn and prov taxes withheld from you. This is their reponsibilty as an employer of a Cdn worker. 1000's of Cdns work this way. Their (and your) other option is for you to bcome self-employed, ...

The source is

http://www.cra-arc.gc.ca/E/pub/tp/itnew ... -31r-e.pdf

<i>nelsona non grata</i>

From time to time CRA wavers on their treatment of Social Security taxes, as to whether these are usable towards the foreign tax credit calculation on the Cdn tax return (for Cdn residents paying US soc Sec taxes, or FICA). In a recent Technical Release, they have clarifid that while, in general Soc...

The figure i've seen is $750K.

The true advantage is fir those who will only stay in Canada for less than 5 years.

<i>nelsona non grata</i>

No one, including children, has to report their assets when immigrating to Canada. Even if the money came directly from you, before you lived in Canada, the income generated would not be attributed to you. Any income they earn will be solely in their name, unless you the parents give them funds afte...

Whan leaving US, it is very important that one ESTABLISH their IRA/401(k) account <b>while STILL LIVING IN US</b>. After that, most US firms will continue to deal with you (and Cdn regulators allow it -- SEC does NOT prohibit this). The problem is getting such an account started AFTER leaving is dif...

Would the ISO capital gains be excludable from US taxation based on Art. XIII.4 of the treaty, if paula were to wait until after re-establishing Cdn residency?

I realize that the Cdn taxrate would be higher if she waited. Just wanted to know if options are excludable.

<i>nelsona non grata</i>