Serbinski Accounting Firms

As nelsona said, form 8891 replaced the requirement to file form 3520 for an RRSP.

That sounds like a good plan. One thing to think about: While avoiding form 8621 due to the complexity alone is quite understandable, there might be some cases where you want want to hold one or a few canadian mutual funds and ETFs and just "bite the bullet" on form 8621. I file on line an...

You're welcome. Any of the big bank brokerage firms should work fine. I use CIBC Investor's edge. One thing you might want to consider when looking for a brokerage firm - how do they handle US investments? I use CIBC Investor's edge - and, although I can buy and sell US ETFS in my taxable account an...

THanks nohairleft. I've managed to find canatech.pdf and will read through it. Cheers!

Yes - many financial planners only sell mutual funds because they get the trailer commissions from the funds. If you want a PFIC free portfolio of US based ETFs, you will have to use a self directed brokerage, or use a fee only financial planner to manage the account for you.

The retroactive tax goes back to the year when you bought the fund. If you bought the fund 4 years ago, and had a gain of $1,000, you would report 1/4 of the gain on the 2014 return ($250 gain) as ordinary income. Then on a spreadsheet figure out the retroactive gain: 2011 -> $250 gain x 35% tax + 3...

Hello, It sounds like you've got it right. The reinvested dividends are as if you bought more units. Don't forget to report the dividend income on sch. B. as an ordinary dividend. Regarding Part I, ln 2 - I've never bothered with this. I just put the first date in the year when I bought units. I'd b...

Hi michsim, On your US return, you report the QEF information, and as well, you need to keep track of the cost base of the funds. The QEF allows the fund to keep its status as a capital asset, which means that you track the cost base, and when you sell, you report the gain or loss on schedule D of y...

Hi - there is a lot of information in this post http://forums.serbinski.com/viewtopic.php?t=9102 It sounds like you would be interested in a portfolio of US listed ETFs. Your Canadian brokerage will provide you with 1099-divs. Keep in mind that US listed ETFs are held in US dollars, so make sure you...

Thanks nelsona. I agree - I can't see the CRA claiming that the dividend was only $85 - I'd have to report $100. I have QCAN in my TFSA so I don't have to report it to Canada anyway. If I did have to report it to Canada, reporting options are: A. Claim a $100 dividend of US source. Then claim that I...

Hi nelsona - didn't see your last question.
I think you're right - and I admit this isn't what I said in the example. I need to figure this out.....

Hi nelsona, I've only ever received 1099-DIVs from my Cdn broker for US dividends. An investment in QCAN gives a 1099-DIV. I get T5s for my Canadian dividends/interest only. I spoke to a coworker, non-US citizen, and he says all of this investments Canadian and US are reported to him on T5s and T3s....

Hi nohairleft, I think we agree on this one. Let's say a US citizen, in Canada invests in QCAN. QCAN generates $100 of Canadian source dividends. QCAN pays Canada $15, then pays you $85. QCAN sends you a 1099-div showing a $100 distribution, and the box that allows you to claim a $15 foreign tax cre...

Yes this is a tricky one. I think the way it plays out is that the US domiciled ETF, which invests in Canada, would not have any "flow-through" characteristic for Canadian tax purposes. The CRA would view it as nothing more than a US stock that pays dividends. So as nelsona said, CRA would...

Hi K104XYZ, Thanks for your guidance on this one. I will go with issuer as well. I'm starting to realize that there is no new information that we didn't already report on form 8891 - except for the fact that they want the peak account value instead of the end of year value. Other than that - it isn'...