Serbinski Accounting Firms

Are Canadian Mutual Funds generally considered to be trusts, and if so, wouuld a US citizen living in Canada, be subject to the IRS trust reporting requirements? I am referring to funds held outside of RRSP's.

While searching for info, I discovered only an unanswered question, so I will bump this to the top and see if anyone can answer.

Is there a requirement to report all of the foreign taxes paid on form 1116? I have both US source and foreign source passive income. I am using a tax software program and just input the Cdn taxes paid, in the appropriate boxes for interest and dividend income. However, I have observed that if I cla...

Since 2002, I have been using 02-23 to make the annual deferral. I made the "roll up" early in 2002, before 02-23 was available.

Three years ago, I used the information on the Twincities website to "roll up" past years RRSP deferrals, invoking the tax treaty and Rev Proc 89-45, without actually stating that the election was "rolled up." As I read through this thread, I wonder if I should now use the Rev Pr...

Pardon my ignorance, hopefully I am learning. Hypothetically, a USC over 14 and under 19 has $1000 USD unearned income from a foreign country - no other income. As this young USC could be claimed as a dependent, by a USC parent, he/she must a file US tax return, resulting in a US tax obligation of $...

Probably didn't explain my question properly. Daughter has minimal income, less than the normal threshold for filing (7950.00 for 2004), but more than $800 unearned income, and I would prefer to save the time and trouble of filing her return. She and her mother live in Canada. I do not claim her as ...

As I understand the requirement, a child (over 14, US citizen) must file a US return, if they have $800 or more of unearned income. However, as the child does not live with me (US citizen) but with her mother (Cdn citizen), she cannot be claimed as a dependant by a US filer. Would the child still be...

Nelson, thanks for your quick response to my question regarding late filing of TD F 90-22.1 forms. Your suggestion was pretty well what I had concluded. If a US citizen were to set up an RESP, apart from having to claim income on the holdings and pay US tax, is there also the requirement to report i...

My daughter,living in Canada, has an account that should have been (but was not) reported previously on TD F 90-22.1. I intend to do so this year, but should I file for missed years. She is a dual CDN/US citizen and was only registered as an US citizen about 3 years ago, so hopefully this TD F 90-22...