Serbinski Accounting Firms

[quote="nelsona"]Is there a problem if you report it?[/quote] Thanks for responding nelsona. I am concerned that if I file an amended T1135, it may open me up to audit or worse, penalties. As I said, I forgot about this insurance policy when I filed the T1135 in April 2016. I would have in...

Hi all- I filed my T1135 for 2015 and reported the cost basis I had in a term life insurance policy held by an insurance company in the US. Going thru my records yesterday, I realized that I had a Long Term Care Insurance policy that was still in effect on 4/15/2015. I cancelled it on that date. The...

[quote="Canadian Newbie"]I know I am probably splitting hairs here but do you have to calculate the highest balance based on intraday or can you use the day ending balance. For example I have an account that had 10,000 on 1/1/2015 and then the next day, I did a wire transfer in the morning...

I know I am probably splitting hairs here but do you have to calculate the highest balance based on intraday or can you use the day ending balance. For example I have an account that had 10,000 on 1/1/2015 and then the next day, I did a wire transfer in the morning for 5,000 but then later that day ...

[quote="rafa02"]Perhaps I am misreading this, if a USC had a foreign purchased insurance policy, costing $25 per month, they would need to remit 75 cents every quarter.[/quote] You are correct. I am a USC and pay around $300 a month for travel insurance for sickness and a small life insura...

[quote="nelsona"]US persons paying the policy premiums are involved. It as nothing to do with beneficiary.[/quote] Thanks for all of the responses. I could not see any treaty relief with Canada but I will contact the insurance company to make sure. The crazy thing is that I will now have t...

I just stumbled onto this recently. I am a US citizen with a PR in Canada. In 2015, we purchased some Canadian based insurance which includes a term life policy with no cash value and some travel insurance. It appears we are required to file Form 720 and remit the Excise Tax on a Quarterly basis. Un...

[quote="nelsona"]Don't bother calling CRA telephlunkies.[/quote]

Lesson learned.

:)

Thanks for the help. Your method actually comes out very close to the way I did it. At least I know now what the CRA will accept.

I spoke with the CRA and tried to get an answer on this but no luck. Here are the facts-My US return has 10,236 of income sourced to US. My total income is 68,476. My total tax before the foreign tax credit for taxes paid to Canada is 6,259. I get the standard deduction and exemptions of 12,600 and ...

Hi all- I landed in Canada in September 2014. On my accounting for my auto I listed a value of about 3,000. The border folks changed the amount to around 4,000 on the auto import document. I traded the auto in for another car in Feb 2015. The dealer listed the trade in value as 5,000. Do I have a ga...

How many days did you spend in NJ in 2015? Also, does your Study Permit expire at some point? The reason I am asking is whether NJ tax folks could argue that NJ is still your Domicile.....the place where you intend to return to.

I am a US Cit residing in Canada. After reading the posts here I have decided to tackle my tax filings on my own this year. I have dug into the treaty and understand most of it. I am still a little confused on the wording regarding interest income. I earned about 3,000 CDN based interest on bank acc...

[quote="nelsona"]Since you shouldn't owe any tax in US anymore, since you lived in Canada all year, I wouldn't worry about the tax rate. What other income are you thinking will be taxed in US?[/quote] You are correct. I don't know why I thought about the marginal rate. My only other income...

[quote="nelsona"]The absolute correct way is to re-source the income. However, this issue affects seniors, and is typically the only treaty related issue they have ever encountered, IRS ALWAYS accepts the simple way of zero-ing out 20b. You can skip the 8833. IRS can figure it out. Make su...

I searched the forum for the answer to this but could not find anything directly on point. I am a US Citizen and lived for the full year of 2015 in Ontario. I collected around 17,000 in Social Security benefits in 2015. I realize the income will be taxed in Canada with some deduction for %15 and may...