Serbinski Accounting Firms

I would definitely check with CRA, if it is a formal trust. Ask specifically to speak with someone in the trust section; they will probably take your number and get back to you in a day or two. If you do need to report the trust to the CRA, the forms look reasonably straightforward, as compared to 3...

Yes, I called Canada Revenue and spoke to a person in the section dealing with trusts and was told that this type of trust is not one that needs to be reported.

I am dual citizen living in Canada, and I receive some royalty income from mineral rights in the US. After reading the Canatech document Re Article VI, am I correct to conclude that this income is US sourced and cannot be re-sourced? Also, where would this income be reported on the Canadian return?

Thanks nelsona, I should notify my brokerage RE my US citizenship; it is an account I have had for 20+ years and I have never been asked if I was a USC. It is only
from reading your advice that I have become aware of the possibility or requirement(?) for this notification.

Dual citizen living in Can, receiving dividends from US stocks - there is a 15% withholding tax on these dividends. Does Can transfer this tax to the IRS and then I can claim it on my US return, or do I claim it as FTC on my Canadian return?

It doesn't necessarily automatically keep you taxable for 10 years - only if you renounce to avoid taxes, and how is this determined? The new HEART act affects "covered expatriates" - those with at least 2 million net worth or net cap gain over 600k, or those with average annual net income...

nelsona, you wrote in another thread "I find the notion of a Cdn resident renouncing US citizenship so foolish, that I won't even entertain any questions on it. Free country right?" I think this current thread illustrates why one might renounce their US citizenship. My young adult daughter...

"As to you being executor, it would be best if a non-US person was executor, otherwise you may have to make yearly filings to IRS even before she dies. And it is usually not a gret idea for an heir to be executor. The US angle makes it even more complicated" What "yearly filings"...

"Good point. However, I'm sure you'd agree thta IRS often takes agressive positions, too." I opened an TFSA early last year and when I got home from the bank, I read all the documents and there were several references to "Trustee" and "Declaration of Trust", and the pro...

As was stated previously: "You are correct about US taxes on CGs (non-realestate) and interest yeilding no FTC on the Cdn return, and are thus put on line 256 (in the second pass of Cdn return) My understanding is that CG's are sourced to the country of residence, so CG's from US stocks for a C...

My daughters are young adults and do file their own tax returns; I try to help them with the forms. Sorry for any confusion.

Great suggestion RE delaying the deferral of income. Unfortunately I did check box 6c last year so I guess that option is eliminated. With all the forms for US/Can for myself and two daughters, I sometimes have brain cramps. Your helpful advice in this forum is greatly appreciated.

My daughter opened an RRSP last year and I filed an 8891 for her, but now I see that I inadvertently omitted the plan number on the 8891 - all the other4 info was correct.

Should I amend the 2007 8891, or just include the plan number for 2008?

My previous comment was assuming it is in fact a non-registered GIC.

The GIC interest earned will be subject to tax, but the principle should not be taxable.