Serbinski Accounting Firms

[quote="nelsona"]Yes, reverse what I said. You need to ne tracking your contributions, that non-deductible ones (ie. all those so far and any in the future) and the deductible ones (ie. the ones that will be made thru employer starting this year).[/quote] Thanks for the clarification. I wo...

[quote="nelsona"]You need to ne tracking your contributions, that deductible ones (ie. all those so far) and the non-deductible ones (ie. the ones that will be made thru employer starting this year). All US citizens with RRSps do this.[/quote] I thought you said in another thread that RRSP...

[quote="nelsona"]As a US citizen, there is no point shuffling your RRSPs, as your future US tax liability is based solely on your CONTRIBUTIONS (valued at the time you made them) not the book value when you moved. Your CDn spouse, assuming she has never filed jointly with you, should sell ...

Thanks, I'll go back and look for it.

Thanks! I need to go back through all your replies and write down things like this, especially that may apply at a later date. One more question on the TFSAs---for people like us, with medium income, who don't ever owe the IRS once we've used the foreign tax credits, does it matter so much that we d...

[quote="nelsona"]No. Pension deductions are 'above the line' deductions taken off gross income, not part of Schedule A.[/quote] Thanks so much for being so quick to answer all my questions! As per the above answer, if I don't usually get anything back from the IRS except for the child tax ...

I think they should contact their visa office for specific guidance. My guess is that it won't be complicated to get her PR if her parents have qualified but the visa folks could tell you for sure.

[quote="nelsona"]All RRSP growth is sheltered, and has been for many years. That is why you file Form 8891. However until now, no RRSP contributions have been DEDUCTIBLE on one's 1040. Now, as a result of the new treaty, at least contributions made thru one's Cdn employer are deductible. C...

[quote="stewak2"]Also, the 401K/RRSP agreement only applies to employer sponsored plans. Presumably, you'd need an employer sponsored TFSA?[/quote] I wanted to clarify this. Does this mean that if we want to add extra to an RRSP, we need to do so through the employer sponsored RRSP DH has?...

Thanks.

My husband has his RRSP at RBC. Would there be any taxation if we moved it to another institution?

Thanks! That's reassuring. We have been filing form 8891.

OK, as I said, I need to focus on retirement planning. My husband has an RRSP and hopefully I'll get a spousal RRSP soon (when I am eligible for an SIN). I'm really hoping to step up our contributions. Because we were not eligible for the Child Tax Benefit and UCC for 18 months after our arrival, ou...

Thank you for the opinion on RESPs. I think I'll forget about it for now. We need to get our own retirement plan in order first. I will check out that other book you mentioned.

Yes, we file our US taxes using a foreign tax credit and receive $1000 per child.

[quote="nelsona"]To your question: I've never been that big a fan of RESPs, so, given the complications of US citizenship, I would have to say pass. If you have Cdn parents, it would be better for them to set up the RESP for your kids. They will be taxableon your 1040 from day one.[/quote]...