Serbinski Accounting Firms

Thanks for another ah-hah! Was not even paying attention to that but that made me go refresh my limited formal financial training.

https://www.mint.com/blog/planning/the- ... ates-1212/

Thanks again Nelson!

Well ok. This really is easy then. As Nelson indicated everything is in one bucket. This really boils down to applying the tax bracket for all the income you are getting (All of it) and then using the Canadian tax rate. I tallied up all income sources individually and we are just shy of the ceiling ...

Awesome this is so helpful. Thanks Nelson. To summarize. In retirement when living in Canada I will file 1) Canadian tax return with all my income. I will get a credit for the 15% flat tax I paid on my 401k distribution. WEP rules will apply to social security cpp and OAP. 2) US tax return 1040nr wi...

So file 1040nr and fill in the flat tax portion. Ok thanks! Would I include my private pension distributed from a company in Canada in that income? If so would that income also be included in the FlatTax bucket (renamed from RetirementBucket above? Also there is potential for me to have stocks TSE a...

I am a Canadian citizen who is eligible to collect Social Security at 62 (I surrendered my green card long ago). So is my wife who is a US citizen living and working in Canada. What happens at age 62 when we start drawing Social Security in term of me filing US taxes? Since I will be drawing on Soci...

I am a Canadian Citizen who married US Citizen. I grew up in Canada moved to and worked I worked for exactly 40 quarters in US. Moved back to Canada (I surrendered my green card at the border) where wife will have worked for 26 years when we plan to retire at age 60. I will have worked in Canada wel...

Also, normally the tax rates are higher in Canada than the US so normally you will owe no tax at the end of it all. There has been some discussion about dividing the income 50/50 but you will probably find you won't need to worry about that hassle.

Hello, great post. I have been looking into doing something sililar. I have 401ks in the us as my wife does and am wanting to move them up to Canada. One of the things I was looking at was converting them to Roth IRAs but I thought I read somewhere that that wasn't possible because I am living abroa...

Hi rlb,

can you cite a reference (link) to the document your reading please?

Get software like TaxAxt figure out if you owe or how much you owe. once you do that you will have the info to file the necessary other forms. FBAR, 3520, 3520a etc. and what process you will use to get complaint.

One of my sons is currently living in Canada (19 years old), has lived in Canada since he was 6. He is attending full time university in Canada since September of 2013. Question1 T4 income should go on line 7 of 1040. Should the T4A income from a scholarship from the University be declared on line 3...

Taxignorant, I also highly recommend purchasing the last 6 years worth of TaxAct software. This will cost you less than $100 and it works very well. I think the 2008 version will be retired soon so you may not want to delay. All in the name of getting organized and finding out where you stand.

Yes I see what you mean!

I would start by gathering what you know. To start understanding your situation fill out 1040s for the years you have not filed to get an idea of where your at. You generally pay more tax in Canada than the US. The TFSA income (interest) will need to be reported on 1040. You will also have to. Fill ...

I used taxact to file 1116 for 2013 for this year. I had read through the form instructions prior though. [quote="nelsona"]I have never had issue with 1116 and taxact. Possibly you expected 1116 to be more than taxact correctly calculated. 1116 almost never yield 100% credit. That is the w...