Serbinski Accounting Firms

Any employer-sponsored retirement arrangement is considered a pension for this purpose.

Not usually.

I would send all the 1040-X's in one envelope.

I would only send in the TD form for calendar year 2006, which is due in June 2007.

In my opinion, the best thing to do is leave it for retirement

spocket, my comments about your responsibility are in reporting your 401(k) contributions as wages. That's were your responsibility ends.

It is up to CRA to calculate a PA. There is no provision for calculating your own PA: either your firm does it, or the CRA does it, no the taxpayer.

TD forms are separate, and should not even be sent with your forms, they go to Detroit in all cases. I would not back-file, since there is no provison to do so. You need to submit a 1040-X to send in your RP statements as well, not jus the old 8891s. If you have signing authority over the pension ac...

I have never known of anyone who 'self-adjusts' their PA. THAT is up to the govt to do, not us.

The only time I would worry about PA is if I felt CRA made it too big. Otherwise, forget about it.

The COST of the land is the determining factor. Remember, you would have begun depreciating as soon as you bought the place, so the land's cost is still the same as it was when you bought it.

I would make the depreciation as big as possible, especially since you do not plan to live in US: You will never have to pay back this recapture when you sell in US, since you won't have to file a 1040 in that year.

No. TD filing is actually MORE important as it can get you serious fines, like $500,000. Not fuling an 8891 will only cost your $35,000

Sprocket, What you have done is under report your income. 401(k) contributions made by you are to be included in your wages. It is NOT upto the CRA to read your W-2. This is in the instructions. I would go back 3 years and correct. For the previous years, I would forget about it. BUt I would also no...

Telly, you make a good point. A loss susstained by the spouse not working in US should not be taken into account. But since you both worked in US, and the loss is shared, I would include it.

Don't forget, it's ALL income, cap gains, interest, dividends. Not internal RRSP income though.

First off, the amount that is considered 'investment in the account' ('mine'), is not necessarily only the $100K. It could be much more, since it really is the book value when you became taxable in US, which could be even more than its current value. In any event, I have seen a few methods: 1. Non-t...

Sprocket, as you pointed out earlier, the proforma for XXV(4) assumes all income comes from US, so no 2555, no 1116, no foreign income tax deduction. the proforma is not a tax return, it is simply a method of determining a taxrate, and is only available to non-US citizen married couples maintaining ...

The TD form is for foreign ACCOUNTS over which you have signing authority, and the $10K threshold is anyday during the year, did YOU have a sum total in all your acounts ov $10K. If you do, then you need to report ALL accounts.