Serbinski Accounting Firms

Your best investment is likely your home. It will grow tax-free. Your RRSP will do the important job of lowering your Cdn taxrate, which should be your primary concern right now. Same for company pensions. An IRA at this point will not reduce your taxes, so is of little value. When you return to US,...

First off, your BC pension IS taxable in US, and has been since you were in US. You report it as income on your 1040 and take credit for any Cdn tax you paid. Whomever suggested to you that it was not reportable in US was incorrect. The fact that 15% tax is withheld in Canada simply means that you d...

This one is a bit tricky. I'll try to peel the onion a bit. First, your wife: By being a student, she technically is NOT becoming a US tax resident, so she can simply choose to continue to be taxed in canada on her world income, and in US on her US-sourced income ONLY. Likely she would face little i...

Probably

The return will be forwarded to Intl.

Don't expect any response before Aug/Sept. Intl returns are done last.

That sounds correct. While, technically, the old RP 02-2003, which is supposed to govern the use of 8891, stated that even a statement had to be provided yearly even old RRSP which was rolled over into a new one, this has never made much sense. I would do as you outlined. As you said, The rollover i...

Yes. Be aware that some brokers won't deal with clients with Cdn adress.

Not really grist for this forum, but the interst you will be paying will either be for the mortgage on your home, or will be for your RRSP.

I don't see how this would make any interest you pay deductible.

At this point it is not really a cross-border issue. Small businesses are sold all the time. Your lawyer should be helping you a little better. Contact a rela estate broker, they will have plenty of contacts.

I'm sure your accountant will be able to help you on these issues.

Score means nothing in Canada. Your US history may be transfereable, but remember that canadian lenders doesn't rely robotically on these factors. If you have income, and assets you will have no problem getting loans, etc. I would not worry about trying to transfer anything or have Cdn institions lo...

No, it should be sent to international. So should your departure return.

You can elect not to have any GST payable on the sale of the business EXCEPT if the buyer is not registered for GST AND you are. All other scenarios are fine. So make sure your buyer is GST registered. See: http://www.cra-arc.gc.ca/tax/business/topics/gst/nonresbusiness/cancelling/selling-e.html Mos...

Your Cdn interst earned after leaving is not to be reported on any Cdn return, so you must send a separate letter explanation with check. Don't send with your return.

It doesn't matter from a tax point of view whether you move it to an IRA or not, since you shouldn't fund the IRA either, for the same reasons .