Serbinski Accounting Firms

The basic problem with owning an LLC while a Canadian resident is that there is no tax paid by the LLC since it is a "flow through" entity. As such only the owner of the interest in the LLC is taxable. If there is no tax paid, there is not foreign tax credit. A subchapter S corporation is ...

There are several ways through which you may claim your spouse's charitable deductions in the U.S. First, you could elect to have your non resident alien spouse treated as a U.S. resident for the year (under IRC 6013(g). Since she has no income, this can only help your tax situation when you file a ...

As a green card holder, you continue to be subject to U.S. income tax rules, and must continue to file a return, no matter where you actually live. Since you have expressed an intent not to require your green card, and have no intention of ever living in the U.S. again, then you should surrender you...

An alternative is Jameson International Foreign Exchange. They can be reached at (800)363-7363

Regards,

Mark T. Serbinski, CA, CPA

We provide services in the Ottawa area, and throughout Canada in our cross border specialty. We have many clients in the Ottawa area. These days, it's not where you are, but what you can do, and that is why we provide this service throughout North America. Please contact me if we can be of service. ...

IRS has issued form 8891 (still in draft) which will simplify the reporting of RRSP's on U.S. tax returns.

Regards,

Mark T. Serbinski, CA, CPA

nternal Revenue Service has recently (April 11, 2003) issued Rev. Proc. 2003-25, which outlines the new filing requirements for U.S. persons who have an interest in or transactions with Canadian Registered Retirement Savings Plans (RRSP's). For the purpose of this document, RRSP's include RRIF's and...

I hear Newfoundland is beautiful. A friend of mine visited recently, and purchased a house on the ocean for $20,000.

Regards,

Mark T. Serbinski, CA, CPA

I have always been a proponent of buying real estate... but I think you need to be realistic, and realize that you may have to rent the property and keep it as an investment property if you lose your TN job. This means you are in two separate endeavors.. a) Working on your job; and b) Real estate in...

Residency is normally a question of fact for Canadian tax purposes, and although no definitive definition exists, CCRA looks at the number of ties you have to Canada to develop an idea of your residency. The best way to look at the situation is through common sense. If your job, family, school, bank...

I guess the main point I was trying to make is that having a tax deferred plan can be beneficial, unless you are in dire need of the funds at this time. Pre tax growth of your investments until retirement age is a major benefit, which will make your total retirement savings compound much more rapidl...

Well, let's examine the entire process you intend to complete... It seems that your funds are now in a tax deferred vehicle (IRA) in the U.S., and you want to move to Canada, and transfer it to another tax deferred vehicle (RRSP), and pay a 10$ penalty and U.S. non resident withholding taxes in the ...

Welcome to our redesigned forums. We are pleased to announce that our new tax and accounting forum hosted by myself, and our new legal and immigration forum are now up and running. Registration is simple, free and quick, and we hope that these forums continue to provide you with the information you ...

No, your visa does not permit you to be "self employed" in the U.S.


Regards,

Mark T. Serbinski, CA, CPA

Also, if you are living in the U.S., let's not forget that the inheritance may need to be reported on form 3520 in the U.S., since it adds to your taxable estate.


Regards,

Mark T. Serbinski, CA, CPA