Serbinski Accounting Firms

The rev PROC which Mark refers to is actually Rev. NOTICE 2003-25 and has been supeceded by Rev. Notice 2003-75. Mark's link abour Form 3520 is OLD NEWS and not applicable for 2003 or furure tax years. This applied ONLY to the 2002 tax year, as Form 8891 will be implemented for the 2004 tax year. <i...

Don't worry, I doubt if those threads will really catch on, I just thought I would give it a try.

It wopuld avoid repition of information

<i>nelsona non grata</i>

From getting your SSN card, to making sure that you get what's coming to you from Social Security, both now and when you retire, post questions here.


<i>nelsona non grata</i>

Bureaucrats are bureaucrats wherever they may be.

Use this thread to post and find out about importing your car to US, dealing with the DMV, and when you leave, taking the car back with you.

<i>nelsona non grata</i>

Many wonder how to establish credit when moving to US; about getting a mortgage on TN.

Post questions and info on this topic here.

<i>nelsona non grata</i>

A major concern for Cdns leaving for ythe US or elsewhere, is what to do to make sure that they sufficiently break Cdn residential ties to avoid continued taxation on their world-wice income. This thread will deal with issues regarding NR73, IT-221, and 'deemed' residency/non-residency status. <i>ne...

We get many questions about handling RRSPs when living in US.

These can be about finding a Cdn broker to hanlde your account, or how to report your RRSP to IRS and state tax agencies.

<i>nelsona non grata</i>

its a play on nelsona -- persona

<i>nelsona non grata</i>

As clearly indicated on Rev Notice 2003-75, you report the entire $100K on line 16a, and you report the TAXABLE portion on 16(b). Now, the taxable portion is basically the value of your RRSP when you cash it minus the BOOK value on the day you moved to US. Once that is determined, you can either cla...

Again, even if you die, whether the money is in RRSP or IRA matters little, except that your IRA *might* result in some small estate tax in US depending on who your beneficiary is.

To you though, it won't matter much, will it?

<i>nelsona non grata</i>

A winterized cottage is indeed a problem with respect to Cdn residency, especially if you (a) are a Cdn citizen, (b) have other ties as well and (c) don't rent out the cottage a vast majoroty of the year. If it is not rented out year-round (save a couple of weeks) then it is available to you as a re...

russ,. i think you are confusing the 10% penalty as something extra that. If you take out $30K Cdn in IRA money while living in Canada, you Cdn tax will still be more than your US tax including the 10% added tax, so you will be able to take credit for all the US tax you paid including the penalty. D...

I tend to agree with you, mark.

However, as russ pointed out, his intent was to transfer for IRA to RRSP, so he was still going to get tax deferral, and as I pointed out, the US tax hit, if doner correctly would not have reduced his overall lump of money,

AGN

Oh and YES the 10% penalty is also creditable, since this is NOT a 'penalty' in the sense of a tax levied in addition to tax -- it is merely a TAX and thus creditable.

AGN

On mark's point about the tax credit. CRA has made it clear in those letters that the tax would be deductible insofar as one would have sufficient other Cdn income to offset the US tax. For a $20K ira this could be done easily, to simplify future. But for a large IRA, as Mark sez, the trouble of col...