Serbinski Accounting Firms

Norbert, are you able to give orders from Canada to TD Waterhouse USA to trade securities within your IRA or is TD Waterhouse USA only happy to mail you statements in Canada? (What with Ameritrade taking over TD Waterhouse USA, and TD taking over Ameritrade Canada, I'm sure everything will get all s...

If I have a Roth IRA, and plan to move back to Canada, can I transfer the Roth IRA to a non-deductible IRA before I move back to Canada? (I suspect not, because it would change my US taxable income for previous years, requiring me to re-submit those 1040's, wouldn't it?)

Nelsona, thanks for the advice. I now understand the US situation quite well, but you've confused me on the Canadian one! In your first reply in this thread, you pointed out that CRA taxes Canadian residents via annual accrual on strips. That's why Canadian residents don't tend to own them in unshel...

I am a Canadian resident who will become a US resident in May 2005. In 1994, I bought a Canada stripped coupon that matures in 2013. Of course, it is in my RRSP, so I have paid no Canadian income tax on the accruing annual interest. After I've moved to the US, I plan to defer the taxes on the intere...

Thanks, Nelson!

We know that California will tax the income that is actually earned on Real Return Bonds held in an RRSP (just as if it were a normal bond). However, does California also tax the phantom income that results from an inflation adjustment to the principal? Is this inflation adjustment even visible to C...

Before we move to the U.S. (by the end of the month), we expect that we will have to sell those securities which would trigger a capital gain under CRA's deemed disposition rules. Our expected net capital gain is about $42,000. However, we are planning NOT to sell some of those securities on which w...

Thanks. Are you saying that if she continues to earn income after our departure date of April 30, she will report and pay tax on that income to Canada?

My wife and I live and work in Canada. On April 30, we will move to California, where I will be working. My wife is self-employed in Canada and has not yet paid any 2005 income tax to Canada. She has not and will not be working in the U.S.
To which jurisdiction will she pay 2005 income tax?

Thanks, that is great news, but again, given the cost of collapsing the RRSP, and the greater than zero risk of having to return to Canada, it is probably not a great idea to take them out of the RRSP. This takes some thinking about! <blockquote id="quote"><font size="1" face=&qu...

<u>Real Return Bonds (RRBs) in RRSP</u> I will move to California for a job in May. I know that California will tax my income within my RRSP, but (I think) that's ok because I'd have to invest it unsheltered in the US. Much of my RRSP is invested in Canada Real Return Bonds. However, if I held Gover...

If you don't report to the state, is that not illegal and potentially catastrophic, not only in terms of tax-penalties but visa status in US? I.e. one becomes "undesirable"? Is the risk of the state auditing you truly zero?