Serbinski Accounting Firms

Nelsona, you mentioned earlier that how I do my US filings does NOT impact my Canadian filings. Question on this: what happens to any interest earned from my US bank accounts after September? I will report it on my 1040-NR since I was a Canadian non-resident from September - December. I assume they ...

Hi, I amended my IRS 1040-NR return last year in September since I had to forgotten to include a small amount. The additional tax I owed to the IRS was about $200, which I promptly paid. I understand that the tax due date was in May of last year. My amended return was processed last week and they ch...

One more question: Can I use the full 401K deduction for my Canadian return or does it have to be distributed across the year?

I contributed to my 401K at the start of the year while I was in Canada.

Thank you.

I see. Now that you explained it, I see it here: https://www.irs.gov/individuals/international-taxpayers/taxation-of-dual-status-aliens (Resident Alien at End of Year) I was mistaken that one again starts from 0 for the resident part of the year but that doesn't seem to be the case since the 1040-NR...

Yeah, I think I agree with the last point. Filing dual seems a bit complicated for my case and splitting income and taxes between the 2 will get complicated. I am leaning towards full-year 1040NR since doing a full year 1040 will incur additional filings as I had a TFSA right before I moved to the U...

I forgot to mention that I was working for a US company the entire time and had US income tax withheld. 1. If I file a full-year 1040NR, on my Canadian return, I would be able to claim only the credit for the tax paid from Jan - Sep right? 2. If I file a dual-status return with 1040NR for Jan - Sep ...

Looks like I can do MFJ as per https://www.irs.gov/publications/p519#e ... 1000222177 but then it becomes complicated since you have to report full-year income, which would mean reporting TFSAs and so on.

I am a Canadian citizen who moved to US in September 2021 with my spouse, who is also a Canadian citizen. I am trying to decide how to file my returns for 2021. Which one of these options should we go for: 1. Full-year 1040NR, which means that I will have to pay Canadian tax on all my income 2. Dual...

Hi canadiandeserter, With regards to the phone number, I would suggest contacting the main CRA line: 1 (800) 959-8281. I tried a couple times before they gave me a number to contact. The contact at the Migrations department sent me a bunch of documents to look at, which is how I found out this infor...

Hi canadiandeserter, I believe the department I spoke with was called CRA Migrations or something along those lines. Yes, you are right in that the cash security just becomes tax paid in that case. The benefit is that if you aren't planning on selling your securities, you don't have to pay all the t...

Just wanted to give an update for anyone else in this situation. I contacted the CRA on their main line, was transferred between different departments and they finally gave me a phone number to contact. I contacted the provided phone number and they provided me with the different types of security t...

Yes, I will contact them.

I was just curious if anyone has been through this before and to get an idea of what process looks like.

Any idea if I need to contact by phone, mail or using the CRA My Account? I suppose I should try phone first and then see what they tell me.

Hi everyone, I moved to the US earlier this year (2021) and I am getting ready for my tax returns next year. I hold a lot of shares in a US brokerage and I know that I will have to report the respective capital gains in my deemed dispositions. I am wondering how do I go about depositing security wit...

What happens in the following situation:

1. Bought stock at $60
2. Paid deemed disposition tax on capital gains of $20 since FMV on date of emigration was $80
3. (In US) Sold when stock falls to $70

How do you report this and pay tax on this?

I meant Rev Proc 2010 - 19 and not 2010 - 2019