Serbinski Accounting Firms

Thanks for responding Nelsona.
Sorry for my error in listing my reporting regarding my interest income sources.

I do report the CDN interest income as foreign passive income on 1116.
I do report my interest earned in the US as re-sourced.

Thanks again.

Darn. I have been filing the 720 for five years now thinking the tax was due on my GSC health plan premiums. I missed where it only applies to residents of the US. I thought since I am a US citizen, I was required to file it.

I think I will file my final return in April.

Greetings. My FTC on my US return falls way short of the tax I pay in Canada on the stuff I am entitled to take a credit on. Lots of variables involved. My total tax in US is way below my Canadian tax. In my case it never will be dollar for dollar unless for some reason my US tax goes way up due to ...

I forgot to add that I am curious what you mean by the FTC falling short if you are a dual citizen. I became a DC in 2021. I am curious as to what you mean by that. Is there a change in how the US FTC is calculated upon becoming a Canadian Citizen?

Thanks for responding.

My core question is-

Will my becoming a dual citizen have any effect on my filing under the tax treaty? My guess is no. I file the same way I did prior to becoming a dual citizen.

Thanks again.

That is a great question and it applies to me as well. I sold some personal items in 2021 and am paying almost no tax based on the Canadian basis calculation. I am paying tax on my 1040. My guess was that as you said, it is a "just out of luck" situation. But when you think about it, you a...

Hi all- My wife and I were granted Canadian citizenship in 2021. Now Dual Citizens of CDN and US. From all I can gather, there is nothing in the US/Canada treaty that will not change the treatment of my income which is simple- US Social Security-Reported but no tax on my US return and I get the 15% ...

Thanks. I will have to file T1 Adjustment requests. I wish I would have asked the question here first before filing this year. I assume I will have to wait intil they assess before filing an adjustment request. This rule by CRA is surprising somewhat. It would seem that the chance for double taxatio...

Sorry but I am still confused. Her pension is $10,000. I am reporting 1/2 of the pension which is $5,000 as splitting. We paid joint tax of $1,000 on the pension on our US 1040. So, from what I understand I am not permitted to report $500 paid as a tax credit on my T1 even though we split the income...

I saw some other posts on this but I am still somewhat confused. My wife and I are US citizens/Canada residents and she earns a US based pension. We are splitting the pension amount between us on our canadian returns. My question is, does she take the credit on Form T2209 for the entire US tax we pa...

Thanks for the info. Most of our income is Canadian sourced such as interest income, wages earned in Canada and even my social security is re sourced to Canada. So , there is not much going on with the Foreign tax credit on my canadian returns except for credit for the US tax on a US based state pen...

The statute of limitations for most returns is 3 years for audit and amending US returns. My 2014 US return will soon be out of time to be able to amend it. Does the US allow amendment past the three year period in cases where the Canadian statute of limitations is longer? I was just curious what my...

Thanks. My post was confusing. I am using the tax just before the FTC on both returns to calculate the taxes paid for each FTC. I make sure all of the income and deductions are correct on both US and Canadian and then I finally work on the FTC amounts after I know the tax before FTC is cast in stone...

Thanks. On the US 1040 side, in computing the Canadian tax paid for the US foregn tax credit, I also have not factored in the Canadian non refundable tax credits for the computation other than simply starting with the basic tax on line 429 and taking the percentage applicable to the income based on ...

I am a US citizen and perm resident in Canada. This year I am reporting a US based foreign pension for the first time. There are no deductions against the pension however, I am allowed the 2,000 non refundable credit for the pension amount on Sch. 1. This saves $300 of tax. When computing the FTC on...