Serbinski Accounting Firms

My wife started recieving her US pension from a state pension fund in 2017. She bought back some pension credits and did not recieve a deduction at the time for the payments. The total amount she paid is reducing the gross distribution a few hundred dollars for taxable purposes in the US per the 109...

Sorry about that. I will not ask any questions in the future that strictly pertain to either US or Canada taxation and limit the questions to cross border.

As always, thanks for the response. I will see if my doctor can provide me with a letter.

The CRA allows medical travel in cases when travel is over 40km and "substantially equivalent" services are not available within 40km. We moved to BC in 2017. We both have previous serious medical issues and felt it would be better to have a family doctor that we could rely on that we coul...

Sorry for the confusion. I was confused over the term annual and anniversary date. It makes sense to me know that even though the GIC term was 18 months, since it matures in 2018, the income is reported in 2018. If the GIC for 18 months matured in 2019, I can see how that is different. If I had take...

Thanks for the clarifications. One more issue if you don't mind. One of the GICs I own was an 18 month GIC. I opened it on Feb 1, 2017 and it matures in August 2018. Do I have to report any of the interest income from this GIC on my 2017 return?
Thanks!

Sorry if this was covered elsewhere but I could not find anything right on point. I opened two GICs in 2017. One just matured a few days ago after one year and I rolled it over into a new GIC. The other GIC is for a term of 18 months and matures in September 2018. I tried reading the tax rules but g...

Interesting. I am getting a real education here today.
Thanks!

Thanks for the info on New York. I was actually in the process of figuring that out and read NY does not allow a foreign tax credit for non residents. I was not aware that states do not have to follow the treaty so thanks for that. I will take the NY tax as a credit.....it will be small but every bi...

Thanks Nelsona.
It does not appear I need to file form 8833 for the wage under $10k since resourced income is waived under the reproting requirement. Please correct me if I am wrong.

Thanks again!

I will second that. Nelsona makes it easy to understand some of the complex matters we face.

I searched this topic but did not find anything exactly on point so sorry if I goofed. I am a US citizen residing in Canada since 2014. I spend over 183 days in Canada and have my permanent residence here. In 2017 I earned around $5000 working part time across the border for a US employer located in...

[quote="MGeorge"]Hello, Market-linked GICs would not be considered PFICs. Similar to futures and other contract derivatives - these wouldn't be considered PFICs. I saw a bank suggesting these as a good option for US taxpayers living in Canada.[/quote] I was hoping that was the answer. I am...

Hi all- I read a previous post where it was discussed that a GIC investment in a Canadian bank would not be subject to the PFIC reporting rules to the IRS. It appears that the rules have not changed since that post however one quick question....some banks offer GICs which are based on returns in the...

I was curious if you filed late or filed an amended return. In your above post it appears you were going to amend but it is not clear if amended or filed late.

[quote="nelsona"]Does this LTC policy have a cash value? If not, it would not be reported. Even a term-life policy, where there is no cash value, would not need to be reported in my opinion.[/quote] The LTC policy had no cash value. I canceled it in April 2015 and received nothing when it ...