Serbinski Accounting Firms

Also, closing the company or disposing of company stocks for the purpose of avoiding filing 5471 will not absolve you of the requirement of filing 5471, according to IRS guidelines.

I am not an accountant and you should seek professional advice, but I have filed 5471s before myself. Whether you need to file 5471 will depend on whether you're classified as one of the Category Filers -- see IRS Form 5471 instructions. For example, if in a year you acquire more than 10% of the com...

Another perfectly legal way to overcome this Roth overcontribution problem is to do something called the "backdoor Roth". You contribute the money first into a traditional IRA (which may not be limited the same way as Roth is due to your filing status). Then you do a traditional-to-Roth co...

I am most definitely not an accountant or tax lawyer. But my understanding is that FBAR, 8938, etc. are normally for account holders or those with signatory power over the account to file (e.g. parents). I do not believe that your daughter currently holds the RESP account. As long as the account hol...

to clarify: the information in the link above may not exactly help in your case, but it may make some of your questions moot

This may be helpful: https://serbinski.com/reporting-relief- ... 3520-3520a

Just for the sake of completeness of this discussion based on additional research (though again, I'm no tax lawyer) - Non-residents of Canada are taxable on the various incomes as listed in the Canadian Income Tax Act Subsection 115(1). Of this list, neither research grants (56(1)(n)) nor scholarshi...

Thanks all for your helpful feedback!

Thanks. As per Bubba Gum's suggestion, I studied 3.88-3.89 (S1-F2-C3), as well as the original legal language in Subsection 115(2). If I understand the language correctly, I don't think it's saying much in my case. The non-resident of Canada receiving the income source from a Canada person would, by...

Thank you for all the lively discussion above! Based on the discussion, is it fair to state the follows: If the postdoctoral fellowship income appears on Box 104 of T4A, then it is categorically considered employment income? (which in my case would be U.S.-source) And if it appears on Box 105 of T4A...

Thank you for the clarification. One further question - I believe that this postdoctoral fellowship is specifically reported on Box 105 of T4A (which goes on line 13010 - scholarships, fellowships, bursaries, and study grants) rather than on Box 104 (which would otherwise go on line 10400 - research...

I am a U.S. resident (dual U.S./Canada citizen) receiving a Canadian federal (e.g. SSHRC/NSERC/etc.) postdoctoral fellowship. I will be performing the work associated with the fellowship while living in the U.S. (I do not plan to move to Canada, or at least not in the initial phase of the fellowship...