Serbinski Accounting Firms

Sorry I was rushing,

I read this information from Micheal Atlas posted June 2017 in Alerts News,

Thanks for the information.

COPIED AND PASTED. "Canadian T1135 Reporting for Part-Year Residents As a general rule, Canadian residents need to file form T1135 with the CRA for any year in which the total “cost amount” of “specified foreign property” exceeds $100,000 at any time in that year[1]. Depending on the circumstan...

When it says Owned by an international financial institution,.. is that the same as your account being maintained at the institution , for instance you personally own the money , but it is being maintained by the bank ????? Or is it meaning you borrowed money from them and its OWNED by the financial...

Hi,

sorry for any confusion, but are you saying if a usa citizens has a account at TD or RBC while living in Canada that the funds DO NOT have to be reported on FBAR ????

I thought all bank accounts had to be reported.

Thank you for the great tips.

Nelsona, even when I look at new homes when we move, I will say look at this one...his reply will be, we will buy whatever house you want, you pick what you want........its to have the freedom to do that, but at the same time its not !!! sorry to get all personal and stuff, but you have kinda got me...

Nelsona.. Unfortunately only me at the moment, he is a great guy who works really hard at his job, but alot of things are left to me, when I research something ,then I will discuss it with him.........yep, this has caused me alot of stress and anxiety, but I Feel like I dont want to burden him with ...

I was concerned about PFIC issues...not that I know much about them, only that they are toxic for USA citizens !

I was not aware that we could have a brokerage account in Canada, I will certainly research that for sure.
thank you

Hi , thanks for the information, I will be doing more research , many thanks.

Thanks Nelsona, much appreciated your knowledge and replies . I am just tring to figure out the best way to handle our funds when we move, we have a high 6 figure acct, in cash and brokerage acct leaving all that $$ in a savings acct state side is probably the easiest thing to do, planning on transf...

can we maintain a regular bank acct in USA as a NON resident ? I have not really researched this , I just assumed we could keep a regular bank account..

Nelsona,

we are just converting to cash and keeping it as a regular bank account, hoping we are able to do that with TDA.
When we move to Canada we are going to open a TD acct, the person I spoke to said transfers would be ok to do...hope this is the case !

Thank you Nelsona, We had our meeting with Fidelity today, it went good. We have a email from them stating we are able to maintain all our retirement accounts with them when we relocate to Canada , however we are not able to maintain the after tax account, which is what we were expecting. Also, they...

Hi all, I would like to ask about state taxs on IRA distributions for NON US residents. Planning on moving to Ontario next yr, we plan on taking distributions from IRAs when we are 60...we are both 54. We live in OHIO at the moment, this may seem a crazy question but I need to ask, do we have to pay...

One more thing TDA did specify that we could NOT maintain a non retirement account with them, which is keeping in what everyone has been posting. Nelsona , I am a bit surprised at TDA saying they could not maintain Roths...they told me yes, I will double check with them again on the Roths. I was hap...