Serbinski Accounting Firms

I just mailed both 3520A and 3520 at the same time. I only have one TFSA, and I put both 3520A and 3520 in the same envelope.

I'll have a look at my 1116 more closely - I haven't filed my Canadian taxes yet so the info in 1116 is just an estimate. I think something isn't quite adding up. The software is adjusting line 18 for me, since I have some Canadian stocks at a long term gain. When I adjust 1a by the corresponding am...

I was worried because I remember hearing that the amount I'm allowed to claim on the Canadian return is limited to the amount a non-USC would have to pay. Since I didn't understand the NEC income concept, I thought that a small amount of dividends, say less than a personal exemption, would mean that...

Hi nelsona, Thanks so much - this answers my question. I am a US citizen, so the W9 wasn't a mistake. I was just wondering if I claim close to 15% on these US source dividends, would the CRA come back and say that it is too much and I should have taken a treaty position to get it reduced. Instead th...

Hello, This is probably a trivial question but I can't seem to get a straight answer from anyone on this. If a US citizen living in Canada has a brokerage account with US stocks and ETFs in it, and has submitted a W9 to open the account, is there still a 15% tax withholding on dividends? If so, what...

Thanks nelsona,
This year (on my 2012 return) it looks like I'm stuck with a mark-2-market gain tax from my Cdn mutual funds held in a TFSA. I'm planning to change these to US based ETFs - although still US taxable it will be at a much lower rate.

Thanks - I didn't know about the restriction on US mutual funds. ETFs must be ok though, cause I'm currently holding them in my self directed investing account.

If there is witholding on the US ETFs/stockes held in a TFSA, can I get it back (or have it applied to any liability) when I file my 1040?

I had an idea I want to float: For a USC resident in Canada, who doesn't mind 3520/3520A reporting, and wants to get around PFIC report without the risk of holding only stocks; Is it possible to hold US dollar, US domiciled mutual funds and ETFs in a TFSA? I guess the dividends and distributions wou...

Hi nelsona, for 1116 purposes, this would be "general category" income correct?

I stand corrected.

Hi - I don't know if this is correct, but I received parental leave a couple of years ago from the Quebec parental insurance plan (with this came a T4E slip and some other quebec slip). I reported it as "social security benefits" because I read somewhere that any foreign social security li...

Hi gerrymeyers, I was in a similar situation, I was born in Canada as well, didn't know I had to file, then hired an accountant to fix my problem almost 2 years ago. My accountant back filed 6 years of FBARs and tax returns for me - this was before the streamlined process. For your case - having big...

That's good to hear! I'll keep my fingers crossed. Thanks for letting me know.

Hi Abelc61, I'm by no means an expert, and certainly not a pro. From what I've read about PFIC reporting and from limited experience, any income earned in a PFIC is calculated using form 8621, and the income will always end up as "other income" on your 1040 if you go the mark-to-market rou...

Shouldn't any income from a Canadian mutual fund be reported on form 8621 since it is likely considered PFIC (Passive Foreign Investment Corporation) income?