Serbinski Accounting Firms

OK. what about form 8938, when I report the interest, do I do the currency conversion the day I receive the the cash or Dec. 31 of that year?

To clarify, when the GIC matures and I perform the cash method on all the interest, as long as my taxable interest for that year does not go past 129600 (for 2015 year) and boost me up into the 28% bracket, this is the smarter way to go? If it did jump me from 25 to 28%, paying yearly would be wiser?

what if you have a significant amount of interest a year, like 5K, would it be wiser to pay yearly to avoid a jump in the higher tax bracket the final year the gic matures?

Am I correct in assuming that you would want to report the interest in the year the gic matures to defer taxes?

what is the tax consequences (as a US resident), for holding a Canadian savings account that collects interest from a GIC? the bank is in manitoba and interest would be <10k>50k. I know i would have to do a fbar with the irs, but who gets the tax money? will the cra require me to pay any taxes in th...

i am surprised individuals can fill out the 8621. I looked at it and it seems complicated. from what I heard accountants are charging up to $300 per filing form. that cost and considering the taxes, it is investing in pcif as a us resident or even a usc in Canada worth it?

I agree with everything you said. the retirement accounts are exempt from taxes here, but fidelity will NOT let me exchange into Canadian currency and buy off the tsx in the sheltered accounts after all, probable because of the pfic which is the real issue. i will just keep the strategy of not trigg...

well i did miss something extremely important that has made me decide not to invest this way. If I do the exchange and buy etfs on the tsx, I am subject to (all dividends and capitol gains)a 15% tax from Canada and also be taxed as regular income from the irs (now for me 25%).. furthermore the irs w...

I no longer contribute to my 401k because by the time I retire it will be close to 900k and I do not want too high of a tax burden later in life while living in Canada, i have transferred all the funds to vanguard where i control hem all now. And yes I do want to take advantage of the poor Canadian ...

doing it that way i could really have some tax savings. I have a new query: you previously stated "On matter of currency, I have no opinion to give other that not believing that one should sit on any currency when interst rates are so low, but rather should invest in comapnies that operate (and...

sounds like a favorable deal. just to clarify, say i bought 10 shares of X stock 3 years ago, and moved back to Canada aug 1 2015 and establish residency, what year would i wait to sell the US based holdings to take advantage of not paying us capitol gains? would it be 2016?

Well, I am not a citizen or GC holder. I understand what you mean by canada zeroing all gains (ie entering canada and investment price cost basis is established the day you enter, as if it was never bought before), but does the IRS actually allow me not to pay any taxes on the sale of the funds once...

I got lucky just asking questions. Fidelity will hold the accounts in Canadian currency and provide all recording and documentation for investment and tax purposes. Essentially I can invest in any tsx listed funds, but not directly with TSX, it will still be through Fidelity. Unbelievable that I can...

I am still planning on moving back to canada in a few years. AT present, I have 100k in my taxable at my investment bank here in the US. They will allow me to exchange that amount into Canadian currency (at a very low cost) and still keep it with them, then will allow me to invest in any mutual fund...

believe it or not that what they told me because they treat it like the way the irs treats it. i spent 45 minutes on the phone with the international tax agent who examined the tax treaty. since the irs treats it as "ordinary" income only when i get a distribution (similar to a salary) it ...