Serbinski Accounting Firms

I am wondering if some readers of this forum are in a similar situation and can share their thoughts. I worked in the USA for a few years and I had a 401(k) at TIAA. In 2022 I started the "Transfer Payout Annuity" which is one of the many ways to draw retirement income from the 401(k). TIA...

Yes, I will increase the Quebec tax withholding on my Canadian sourced pensions.
As for Canada, 2022 was exceptional. My OAS was entirely clawed back because the reference income was my pre-retirement income. But now I am getting most of it back, hence the big refund.

nelsona wrote: > What made you want to limit the fed tax credit? I have income from multiple sources (DB pension from Canadian employer, QPP, OAS, USA Social Security and annuity from TIAA (USA)). Per Canada-USA tax treaty, 15% of my TIAA payment was withheld in IRS taxes. I split my pension income ...

I may have found the answer to my own question: In the UFILE "Interview", at the bottom of the "Foreign Income - Pension" page, you can put a limit on the amount of federal foreign tax credit to be used on line 3 of the T2209. If I put $1,000.00 as the limit, I get the desired re...

I am a Canadian citizen and I live in Quebec. I have US pension income from TIAA. As per the tax treaty, 15% is withheld for the IRS. In 2022 the foreign tax withheld was $5,000.00 (I am converting to Canadian dollars and I am using round numbers for simplicity). I use UFILE to do my Canadian and Qu...

Never mind, I found it!
It is between line 40427 and line 40500.
How silly of me to expect sequential numbering on CRA forms.

Where did you find it?
I can't find it anywhere!

Hi Ron, Just a follow-up on some of the things you wrote. It just happened that yesterday we took out a first slice of $5000 from my son's RESP. I asked that the whole $5000 be in the form of EAP. The RESP is at NBDB (online brokerage). The $5000 will be added to my son's taxable income for 2020. He...

MIKE2000Z28:
Make sure you understand all the consequences of being a dual citizen before you apply for your child's US citizenship.

nelsona wrote: > > There will be withholding. It is always good to file to > reduce the US tax, even if the withholding is 15%. > I don't see what would be the point of filing with the IRS if the withholding is only 15%. If I pay less than 15% to the IRS, I will pay more to the CRA. The only way it ...

exPenn: Thank you for the tips. We live in Quebec. The Quebec "Bureau de la Retraite" can do all the paperwork for us when it's time to apply for U.S. Social Security benefits. They recommend that we apply 4 to 6 months in advance (i.e. 4 to 6 months prior to desired benefit starting date)...

exPenn:
You should join the Financial Wisdom Forum and share your "Case Studies: Social Security, WEP, and CPP" post over there.
Or, if you prefer, allow me to copy your post to the FWF (and I'll give credit to "exPenn from the Serbinski forum").

exPenn:
Please send me a private message if you can.

Thank you.

In a document titled "Strategies for Canadians with U.S. Retirement Plans" published by Sun Life in March 2015 and available online, it says "Under the Canada - United States Income Tax Convention (the treaty), Canadian Residents may enjoy continued tax deferral of their IRA, 401(k) p...