Serbinski Accounting Firms

Nelsona: Now I'm confused. If the basis for an RRSP for expatriation purposes includes all growth, then on form 8854, Part V, the value in column b (US adjusted basis) and in column a (FMV) on the date of expatriation would be the same, so there would be zero gain to report in column c. Previous pos...

One also needs to know the 'basis' for an RRSP when calculating your net worth on form 8854 after expatriation. If there have been no withdrawals from the RRSP, I am assuming the basis is just the sum of all the annual contributions, (converted to US$ using the proper exchange rate for each year). I...

Don't have an answer for you, but your post raises another question: If Canada is not taxing gains inside a US Roth IRA, why is the US still taxing gains inside a Canadian TFSA? I don't understand why Canada would allow this change in the Tax Treaty without negotiating similar treatment for TFSAs wh...

By my reading of the instructions for form 8938 (see the final example on page 4), if you and your wife are filing separately, and if your wife is not a 'specified individual', i.e. does not have enough foreign assets to require her to file her own 8938, then you must include the entire amount (not ...

I knew that the spousal amount is reduced by my wife's WEP, i.e. SSspousal = 1/2 SSwife = 1/2 (SSbasic wife - WEPwife) = 1/2 (SSbasic wife - 1/2 CPPwife). My concern was that there would be a further WEP reduction based on MY non-SS pensions, which would reduce the spousal amount to zero. That is no...

I few days ago I spoke to someone at the Niagara Falls, NY Social Security Administration (that handles the Toronto area). I had a long and informative conversation (which I take it, is a rare occurrence) about WEP, so I thought I would share it with the forum. By the way, don't bother E-mailing que...

Thanks for the tip. I will look into fighting the WEP when she gets closer to applying. In the meantime, do you happen to know if the WEP is recalculated annually, or do they just calculate it once when she applies, and then apply the US COLA to the reduced benefit every year?

My wife is renouncing her US citizenship next Monday so 2013 will be her last US tax return. (Thanks to previous posts for info on filing a final 1040 and 8854). Is she required to submit an FBAR for her expatriation year? If so, I will be tempted to send in a paper copy next June, regardless of wha...

I tried checking out some on-line Canadian Banks, like ING Direct Canada, but to open an account they all ask for a Canadian Social Insurace Number. This might be the biggest impediment to opening a Canadian account. Have you tried a TD (Toronto Dominion) Bank N.A. branch? They have branches all dow...

My wife worked for 18 years in the US before moving to Canada, and has worked 25 years in Canada (self-employed, part time, no pension). I have estimated her CPP, OAS and basic Social Security benefits (SSb) using on line calcuators. I also calculated her WEP, and it appears to be the limiting value...

I'm afraid I have no answer to your question, but I have a similar but more general question. I have read many of the previous posts about filing your final year's tax return after expatriation, and I believe I understand the options of filing a 1040 for the full year or a 1040NR for a dual status y...

Thanks, that's what I was asking.

Thanks. It's good to hear that I don't have to file 3520's. A related question: If my wife decides to expatriate, where on Form 8854 should we list her share (50%) of the assets held in the Cash Account? Since we hold only GIC's within the account, should we list it with the other GIC's on Line 1., ...

I have a Cash Account with TD Waterhouse (joint with my wife) where we hold most of our non-registered investments. At the moment, they are all GIC's, but we could buy and hold stocks, bonds, ETF's, etc. within it. I have disclosed this account in my wife's US tax filings - in her FBAR as a "Se...

Thanks for the reply. A follow-up question: Should I report the value of a GIC in column (a) as the Principal plus the interest accrued up to the date of expatriation, and the basis of a GIC in column (b) as just the Principal? While you doesn't actually receive the interest until maturity, you have...