Serbinski Accounting Firms

Hi, I hope everyone is doing well these days! Quick Q: My wife and I are perm residents in the US and may receive a sizeable cash gift from a Canadian living in Canada. I understand that neither party is subject to any gift tax because a) Gift taxes are applied to the donor, not the donee and b) Can...

Would this activity (if I did daily commute) in any way compromise the GC? It might. You need to be living in US to safely maintain your GC, or get specific short-term permission to live outside, which would be subject to daily scrutiny at the border. They would see that you are 'putting your head ...

Canadian citizens & greencard holders (my wife and I). It is desirous for us to live close to a major hub, to facilitate timely travel to eastern canada. Toronto airport fits this bill better than anywhere, but it's also desirous for us to remain in the US (maintain GC but also it works signific...

My wife heard that passports are needed and I am quite sure she's referring to the 2008 law. Currently, for this year, a US born daughter to Canadian parents will need nothing but her birth certificate to enter Canada and then the US on the way back from vacation, correct? I'll be damned if I'm payi...

FAFSa says what schoos are eligible for US-sponsored student aid http://www.fafsa.ed.gov/FOTWWebApp/FSLookupServlet You could claim it, but be prepared to have it rejected. Thanks, I won't bother with it. Sadly, that site only covers US schools on its search. Do you happen to know if ITI (that IT d...

And the University doesn't need to participate in these US programs, just be eligible to. Thanks! I think that last point is the question, then...I got this response from them just now "Athabasca University is currently not participation [sic] in the FAFSA program.", so apparently they ar...

In the past, I thought that tuition or student loans for Canadian schools was deductible on an IRS return. However, it seems that according to this pub http://www.irs.gov/publications/p970/ch10.html#d0e11013 An eligible educational institution is any college, university, vocational school, or other ...

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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by nelsona</i> I think it was unfortunate that you picked both a 50% taxrate and a scenario that ...

Hey I was thinking! Let's say, simply, I have a 50% tax rate now and make $100k/year, and will in the future. No withdrawal limits or anything on various plans: Roth IRA: I pay 50% on the 100k, leaving $50k. I dump it into the roth. In 10 years it's doubled to $100k. I withdraw $100k, tax free. Trad...

Thanks, guys!

Thank you, Nelson. I hate to scour your brain so much, so one last clarification, if you could [:I] <i>If any contribution to an IRA is not deductible that amount would be withdrawable tax-free (in both US and Canada). </i>We'll say my contributions to a Trad.ira are not deductible. Thus, I'm puttin...

Thanks, Nelson ;) Re. Trad IRA vs 401k "If you or your spouse do participate in an employer-sponsored plan, your contribution may be fully or partially dedutible depending on your income and tax-filing status" (from vanguard). My wife contributes to a 401k now, and I will be soon. Our inco...

Wow, so if I invest $10k and it turns into $100k in 6 months, but I move to Canada and sell it after moving I pay no tax on that $90k? That sounds incredible - I wonder how long that will last? :) It sounds like a Roth without any contribution limit, but the only thing is to use it you have to move ...

UPDATED: OK I've read through the seven pages and I still have a few questions :D As I understand it, if I have a 401k and/or a Traditional IRA there is no major issue if I move back to Canada: I pay non-resident taxes on anything withdrawn, and these can be used as a tax credit for CAN taxes. In th...