Serbinski Accounting Firms

If you are already non-resident, isn't some of this income yours? If so this would seem to indicte that at least some of the renatl income should be considered NR, subject to withholding.

The rollover is a non-event for Cdn tax .

As long as the monies stay within the sheltered arrangements, there is nothing to report to cRA. Only when you begin taking it out will it be reportable to CRA, to the same extent it will be to IRS.

Read IRS publication 519. While Cdns are by treaty exempt from having to formally make such an election, it is wise to submit the election just so that IRS knows what is going on. But if you file a full-year joint 1040 with your spouse, you are fine, regardless of whether you submit any notice of el...

Most couples in this situation can indeed see the US resident spouse be considered a "deemed non-resident:, thus avoiding Cdn tax on their US income while still having to file a Cdn return.

Mark's take on this is higfhly conservative.

There is no OHIP tax, there is an Ontario Health Premium, which, if you pay, you are doing to help support ALL Ontarians, including your wife and kids. Besides, all it is is another TAX, dressed up with a new name. Do you actually think that you get dollar for dollar return from any government servi...

For OHIP, physical presence is what counts for the 150 days (where you lay your head at night) and is not related to CCRA residency. The 150 day requirement is a 'rolling' period. In other words, the instant you have been out of the country for 210 of the last 365, roughly, you have failed your OHIP...

To clarify my statement, Cdn brokers do not withhold Cdn tax from Cdn residents.

The coverage you bought is exactly what I meant. it is important to note that nay of these cdn blue cross programs bought in Canada for use in the US have the requirement that you maintain and qualify foir provincial healthcare FIRST. Many who MOVE down to US to work, think that 'snowbird' insurance...

If you are truly going down to US temporarily (and certainly having youyr family back in ON would seem to indicate this) then you can apply BEFORE leaving, to have your OHIP coverage extended even if you do not meet the 150 day presence requirement. Otherwise, you need to spend the rolling 150 days ...

As i said, they suspected you were a US person by the fact your lived in US and this kicked in the request.. They may simply be asking you IF you need to file w-9, not that you MUST file w-9 to deal with them. Technically, you do. As to withholding, Cdn brokers don't withhold from cdn residents. The...

Once it becomes known to the brokerage that you are a "US peron" (either by citizenship or US residence) they are bound to comply with US withholding. Had you not mentionned to them that you were a US citizen, there would have been none of this. The w-9 avoids all US withholding. Otherwise...

Yes, the weather will be warm tomorrow.

Yes these palns are like any other pension, and cause an adjustmwent to RRSP limits.

Not germane to this thread however.

Canada: She will be taxable on the gain. The big question will be how much of the gain is taxable. Recall that for many years there was a cap gains exemption, and there have been various cap gains taxrates over the years. She would need to talk to a Cdn acct who would be familiar with these historic...

A US citizen is a US citizen. The fact that you are now in US *might* make the IRS wonder why you haven't filed before (you will of course file this year). It is sometimes better to file before they ask you to do so. Your RRSP, for instance has ALWAYS been taxable in US, unless you took positive ste...