Serbinski Accounting Firms

Also, if I expect my year of return to Canada to have a employment gap (say 3 months without income) so my income for that year will be low, does it make sense to have Traditional IRA convert to Roth IRA that year?

Check out this https://philosopherc.wordpress.com/2014 ... checklist/ if you have not yet left Canada

Also https://philosopherc.wordpress.com/2014 ... ax-return/ is helpful to determine what your first tax year will look like

I see, that make sense. I thought the refund of 1.5k on putting 5.5k into IRA was a decent return but if I were to convert that 5.5k in 2 years into Roth I'll probably be subjected to a higher tax at that time, plus the early withdrawal penalty. So buying 5.5k for roth IRA for 2016 and keep maximizi...

Thanks Nelson, I actually never considered roth IRA and my top choices would have been traditional IRA and regular investment accounts. My logic being that, my US stay will last 2-3 years and I'm single still, the traditional IRA helps lowering my taxable income and the regular investment may be tax...

Also, questions regarding the transaction in my TFSA. While I sold all assets prior to my US move to avoid capital gains they were in US stocks in US currency, I had to purchase a money market fund in TFSA(USD) then transfer to TFSA(CAD) then to Investment (CAD) and Investment (USD) to avoid currenc...

So I'm about done my first year of US taxes and looks like a contribution of 5.5k will result in 1k+ refund. I'm planning to open a Traditional IRA under TD Ameritrade for holding mutual funds, ETF, stocks etc. Question, what happens to my IRA when I become a non-US resident person? I know there's t...

I've read through the IRS instruction on 3520, but it's not clear whether one has to report all transactions during the year prior to becoming resident alien. Other forms (like 8938) specifically allows reporting of part year info only, so should I keep it consistent and consider only balances and t...

Thanks for clarifying Nelsona. I've set up my 1040 and 1040NR as dual status and there's a 3-4k refund on the 1040 part year. When I previously tried full year 1040 I was then owing so much more when the CDN income is included even with 1116/2555 so I got confused and wasn't sure if I did it correct...

For #4, I think I have to fill all the wages and investment/TFSA gains on schedule NEC on 1040NR, is that right?

So, TFSA gains goes with 0% rate and the wages/investment gains uses the effective tax rate from my Canadian return? Can I then claim foreign tax credit on form 1116?

Thanks nelsona, I'm looking into the dual status now using TaxAct For 1040, I'm reporting all US income after May plus some Canadian interest/dividend income after 05/2016 For 1040NR, I'm reporting pretty much zero income except some non-resident withholding tax levied by the US when I sold my stock...

Ah thanks so much for pointing that out, I chose non-resident since the ufile interface asked only about residency on Dec 31 2016. I've changed it to ON now as the last day I resided in Canada, I assume the tax for ON can be used towards NY resident credit? For the TFSA part, I've followed the recom...

Ah sorry, I posted this while still editing the title. Appreciate any help on pointing me to the answer. Thanks

I am single, moved 05/2016 to NYC from Ontario and so far have the following sources of income. Canada wage 01-05/2016 US wage 05-12/2016 Canada + US bank interests and dividends in all 2016 Capital gains of US/Canadian stock/mutual funds held in Canadian investment account, sold prior to US move Ca...

I'm under similar scenario, also moved to US in May 2016 under TN first time and I sold my TFSA stocks prior to moving to US. Now, I know I have to report FBAR for TFSA but for filing 1040 full year in US for 2016, do I need to report the capital gains on TFSA and other non-registered investments (i...

No, the account has to be closed. I thought the account just cannot hold investments to avoid being taxed capital gains, but even with a few cents in them as cash will be subjected to reporting.