Serbinski Accounting Firms

Thanks for the heads up on that other thread, I did read through it and it looks like that persons situation is the opposite of mine and my wife's. It appears that he is a US Citizen commuter with a higher income than his non US Citizen spouse. For him to transfer income to his spouse as well as tak...

I was just curious as to how the new Family Tax Cut in Canada would affect a USC as the recipient of the transfer? My Wife is a US Citizen and PR of Canada, I am a Canadian Citizen only, we both live and work in Canada, we have two dual citizen children under 18 years of age.. All of my income for 2...

Thanks nelsona, thats how I understood it as well.

My wife will continue to answer yes for line 8 schedule B, as she has always been doing.

As for 8938, she is no where near the threshold (200k/300k) for filing the form so we will not be including it with this years return.

Thanks again.

I was just wondering how the now obsolete form 8891 affects the answer to line 8 on schedule B? Here's the scenario: a US Citizen lives and works in Canada as Canadian PR. They have been filing form 8891 for their RRSP from day one making the election to defer on the first form. Even though they did...

Forgive me if this is a silly question and I may be over thinking this.... With regards to form 8938 I am reading through the instructions and when determining if you meet the threshold for filing 8938..... Is the filing requirement met when the value of your foreign financial assets (bank accounts,...

Thanks nelsona, that's kind of how I figured it would play out. So basically we are going to file her CRA return first as we normally would, including that little bit of US interest income on her CRA return. There will be a small amount of Canadian tax that applies, as it would for any interest inco...

My wife (USC living and working in Canada as PR) has been receiving her additional child tax credit from the IRS by filing form 1116 with her 1040. She receives $2000/yr for our two children. She just received a form 1099-INT in the mail from the IRS, this was for $48.25 interest that the IRS paid h...

Ok, understood on the compliance letter from CRA... I have started to read through the instructions for schedule C.. Just spoke with our CA and because last year was her startup year for this business it looks like there is the potential that startup costs and expenses may wipe out (or nearly so) an...

Resurrecting this thread as I have a couple of questions.... Nelsona, My wife did register her business name with the Province of Ontario as a small sole proprietorship business. This is for the children's book she wrote and had published, she is working on the next book. She had startup up costs as...

I'll take a look at pub 514.. I have been using TaxAct software for the IRS returns, so I am assuming that it should be able to guide me through this re-sourced 1116, as it has done for the gen limit and passive limit 1116's that we have filed in the past... As far as the 3 form 1116's that she will...

nelsona, Once I determine what amount (through apportionment) of the taxes paid to CRA directly relate to the US sourced SE income, I will be able to determine the FTC using a specific f1116 for "re-sourced by treaty" In addition to this 1116, should I also include a form 8833 to explain t...

Thanks nelson, appreciate the reply! I am going to spend time researching "re-sourced by treaty" income and its 1116 credit, as this particular income scenario is all new to me… My basic understanding if I am correct, is that under "resourced by treaty" agreements, whatever inc...

Update and follow up question: My CA who prepares our CRA returns, verified (as you said, nelsona) that any money made in Canada from her book - whether it is payment for an appearance or for the sale of books will be shown on her CRA return as self employment income. All appropriate taxes will be t...

As always, thank you Nelsona! Being exempt from the SE tax in the USA means no schedule SE AND no form 8959 as I understand it? I can get a letter from CRA if need be... I'm glad you mentioned the tax credit, this brings up another question: I'm guessing that TaxAct will show this income on line 12 ...

Hi, I have some questions about a change in my wife's scenario for next years IRS filing (for the 2014 tax year). She is a USC who lives and works in Canada as a Canadian PR. To date her scenario is pretty straight forward as far as her income, bank accounts and spousal RRSP. So far her returns have...