Serbinski Accounting Firms

Sorry! Question 1 was posted prematurely...answer - Attach schedule 3 and take deduction on line 12 of 1040.

Question1) Is there a line in 1040 to claim 1116 credit?

Question 2) How to deal with Canadian and USA bank interest with CRA?

Question 3) Am I missing any forms in my post and nay mistakes with what I Wrote?

Thank you!

Sources of income SS, CPP, OAS, Roth IRA (Immediately report via CRV technical #43) possibly some tIRA, HSA, bank interest in both countries for my wife and I. Homes in both countries but not rented. - For CRS 1. File T1 85% of SS and CPP goes together. Roth IRA is reported in lime 115 and taken cre...

Thank you...I knew only 85% of SS will be taxed but only recently realized there is no 50% or 85% thresholds. I was hoping to stay below the 50% threshold or just above it and pay little SS tax...Canada will tax SS just like CPP, except they are not taxing 15% of SS...it is nice that Canada doesn’t ...

Dual citizen, retired. Do not apply for provincial health, but purchase travelers health insurance while visiting Canada Home in both place, other than that everything else is in USA...Retirement accounts, drivers license, voting, club membership How long can I stay in Canada and still not pay Canad...

The search results are not complete...I get a few recent posts up to mid 2018 and then it skips to 2005...why can’t I see posts in between 2018 and 2005 in the search results?

Thanks!

May be someone can help me with what I’m doing wrong with the ‘search’ function here...with every search I’ll get a few recent posts (may be up to 2018) and then the results jump to 2005 results...I can’t seem to get any posts between 2005-2017 by doing a search .....very frustrating!

In 2019 combined Canadian Ontario tax for up to $43,906 income is 20.05% tax and I need to be below this...capital gains is 10.03% tax and I intend to have none of this - except whenever we sell the Florida home and if I owe any capital gains then. We both will get SS of about $50k, I don’t expect m...

Oh yeah the quarterly payments once retired...very true! I don’t think I’d be underprepared for taxes when I become a Canadian citizen. Roth converting almost all of my tIRA is in the plans. In fact, in a couple of years me and my wife will only be contributing to Roth 401k, so I don’t have too much...

nelsona wrote: > You do realize that as a US citizen you still will file a 1040 every year > reporting world income. IRS 101. And like now, withholding is just > pre-payment of tax, that will be determined on your tax return. > > More reading, please. Yes! that thing I know...as a USA citizen I will...

nelsona wrote:
> SS is the only US-sourced income that does not get taxed at all by IRS
> while residing in Canada.
> All other world income is subject to US tax.
> Foreign tax credit can be applied to foreign income, but not US-sourced
> income.

Oh!...yes! more reading is needed.

It sounds like there is no withholding for IRA withdrawals for USA citizens...but the following statements are still ambiguous to me as it almost sounds like I could pay IRA withdrawal taxes in Canada (as a USA citizen, Canadian resident) and claim it in the 'foreign tax credit' " At that time,...

nelsona wrote: > Siblings don't count. DEPENDANTS is what matters. > > Again, all been dealt with here before. > > Not sure why you would say that IRS won't get your IRA tax, they will get > up to 15%, depending on your other income. You still report all world > income other than CPP/OAS/SS to IRS. ...

The tie breakers rules seems to imply I should be fine to be a Canadian resident after age 70 when my wife and I will spend most our times in Canada ‘A person’s center of vital interest is based on family, social, occupational, political, and cultural activities. Membership in professional associati...

My residency will be Florida and as it has no state tax filing I should be fine. I’m glad Canada can determine the Residency status,...however I’m surprised USA doesn’t care. Aren’t they missing out in getting taxes from us for social security and traditional IRA. In fact as a resident of USA I’d be...