Search found 137 matches

by Mark T Serbinski CA CPA
Sat Sep 01, 2007 10:45 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian citizen working in US tax question
Replies: 1
Views: 3039

Since you maintain a home in Canada where dependents reside, you will be considered a resident of Canada while living and working in the U.S.
by Mark T Serbinski CA CPA
Sat Sep 01, 2007 10:43 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian working in US while Spouse/Kids live in Canada
Replies: 12
Views: 10082

[quote="nelsona"]He would probably be considered Cdn resident, because of his visits. To avoidf this, You should visit him.[/quote] Residential status is determined by connections to Canada, including where the permanent home of a spouse or other dependents is. If the husband works and liv...
by Mark T Serbinski CA CPA
Tue Aug 21, 2007 8:21 am
Forum: Canada / United States Tax & Accounting
Topic: s-corp
Replies: 1
Views: 2742

If you are a legal resident of the U.S. (which you are), you can own a subchapter S corporation.

You should, however, consider how this may affect your Canadian tax situation, if you are still considered a tax resident of Canada.
by Mark T Serbinski CA CPA
Wed Jul 11, 2007 4:53 am
Forum: Canada / United States Tax & Accounting
Topic: Scenario
Replies: 2
Views: 3192

California Job

You should note that whether you are a resident of Canada or not is not a question of choice, but of the facts in your circumstances. In any event, if you will be living and working in California, you will be subject to paying tax at U.S. federal and California rates regardless of whether you are st...
by Mark T Serbinski CA CPA
Sun May 13, 2007 5:33 am
Forum: Canada / United States Tax & Accounting
Topic: T3012 A - Tax Deduction Waiver on the Refund of Unused RRSP
Replies: 2
Views: 3748

If you made your 2006 contribution in 2007, then you must wait until you file your 2007 return next year to file for a refund of excess contributions. If you made your contribution in 2006, and have received your notice of assessment, you can now file the form. However, your tax free refund will be ...
by Mark T Serbinski CA CPA
Sun May 13, 2007 5:29 am
Forum: Canada / United States Tax & Accounting
Topic: Bad handling of 401k
Replies: 1
Views: 2749

Aggregate contributions to your 401(k) plans in any year in excess of the allowed maximum will automatically trigger the inclusion of the excess amount in income for the year of the contribution. The fact that this happens, however, is a tax issue only, and should not in any way affect your new empl...
by Mark T Serbinski CA CPA
Sun May 13, 2007 5:21 am
Forum: Canada / United States Tax & Accounting
Topic: Retirement savings for US citizen permanent resident in CA
Replies: 5
Views: 4832

Please keep in mind that although the capital gain on the sale of a principal residence is fully tax exempt in Canada, as a U.S. citizen you will be subject to U.S. rules on the sale of a Canadian home. This means that if you are married, a maximum of $US 500,000 of the gain would be exempt from tax...
by Mark T Serbinski CA CPA
Sun May 13, 2007 5:16 am
Forum: Canada / United States Tax & Accounting
Topic: Do we need to file US tax return for telecommute income.
Replies: 2
Views: 3270

If all of your services were provided while you were physically present in Canada, and if you have not travelled to the U.S. for the purpose of providing any services, then if you are not U.S. citizens or visa holders, you are not liable for tax in the U.S. If you do start travelling to the U.S. to ...
by Mark T Serbinski CA CPA
Mon Feb 19, 2007 9:23 am
Forum: Canada / United States Tax & Accounting
Topic: deducting Canadian charity from us income
Replies: 4
Views: 3655

You cannot claim charitable donations on your Sec 216 return.

In the U.S., you may claim the Canadian charitable donation, but only to the extent that they do not exceed half of your Canadian source NET income.
by Mark T Serbinski CA CPA
Mon Feb 19, 2007 9:07 am
Forum: Canada / United States Tax & Accounting
Topic: Schedule A deduction for Canadian withholding tax?
Replies: 4
Views: 3924

Since your RRSP was never taxable either in the U.S. or Canada previously, the entire amount you withdraw will be subject to 25% withholding in Canada (assuming that you are a non resident of Canada), and it will also be taxable fully in the U.S. As a general rule, you will be better off claiming a ...
by Mark T Serbinski CA CPA
Wed Feb 07, 2007 6:51 pm
Forum: Business & Personal Immigration to the United States
Topic: H1-B question about a new born!
Replies: 4
Views: 5404

In order to be claimed as dependents on your tax return, your wife and all of your children must have U.S. Individual Taxpayer Identification Numbers (ITIN's). These may be applied for through a certifying acceptance agent at the time your return is filed, or you may take completed forms W7 to an IR...
by Mark T Serbinski CA CPA
Sun Feb 04, 2007 8:01 am
Forum: Canada / United States Tax & Accounting
Topic: US/Canada Returns
Replies: 17
Views: 12286

For 2006, your year of departure from the U.S., you need to file individual "dual status" returns. On these returns you must file separately, and must itemize deductions. The standard deduction is not available to you. You should also file form 8891 or an election under Rev. Proc. 2002-23 ...
by Mark T Serbinski CA CPA
Sun Feb 04, 2007 7:55 am
Forum: Canada / United States Tax & Accounting
Topic: US Brokerages
Replies: 2
Views: 2964

Current SEC rules permit you to continue an existing relationship with a broker but only in respect of your pension account. However, if you find yourself in the U.S. from time to time, you may visit the office of your broker to make trades. The broker must execute your trades based on orders provid...
by Mark T Serbinski CA CPA
Sun Feb 04, 2007 7:53 am
Forum: Canada / United States Tax & Accounting
Topic: 8891 Never Filed
Replies: 32
Views: 23677

You should likely make sure that your RRSP disclosures and elections are good for the past six years. This means filing an election under Rev Proc 2002-23 or Rev. Proc 89-45 for years prior to 2003, and form 8891 for 2003 onward. The revised elections or form 8891 should be sent to your regular IRS ...
by Mark T Serbinski CA CPA
Sun Feb 04, 2007 7:51 am
Forum: Canada / United States Tax & Accounting
Topic: Rental Property Depreciation
Replies: 16
Views: 10747

In the U.S., you must use the depreciation rates mandated by the IRS code. For the building component of a real property located outside the U.S., you would depreciate it on the straight line method over 40 years. (It's 27.5 years for property located within the U.S.)