Serbinski Accounting Firms

Hi heiwang88 I am a dual resident returning to Canada. I have done some reading on the topic (definitely not a tax expert). 1. Roth-Roth and pre-tax(IRA/401k) to pre-tax(IRA/401k) are not taxable events from CRA's perspective. 2. I don't think you will be allowed to open an IRA or Roth with $0 balan...

Thanks for your thoughts nelsona, I am lucky to have about 30% of my registered accounts in Roths. It would be wonderful to convert some more! With California state taxes, and the effect of the conversion, the conversion amount would be taxed at approximately 34 to 39%. This makes it very hard to ju...

Thanks for all your help nelsona! It is nice to hear others have kept 401ks when returning to Canada (so few articles recommended this approach that I wondered if I was missing something!). Wow - I didn't realize you could pension split with 401ks. That's something that will come in handy. The abili...

Dual citizen, residing in US for many years, returning to Canada. I have IRA, Roth IRA, 401K and Roth 401K. "Prevailing wisdom" suggests folks in my scenario should transfer 401k/Roth 401k assets to an IRA/Roth IRA. I wanted to understand the rationale behind this advice, in order to make ...

Thanks for your help nelsona,
Indeed, makes sense! Since I haven't filed US taxes as Canadian resident, it's all a little "black magic" to me :)
Cheers

Thanks for your helpful responses nelsona, Summary: 1) Sell the losers since capital losses won't be of much use after leaving US. 2) Sell mutual funds because you can't own them in Canada. 3) Close US non-retirement accounts. 4) Delay selling winners until it makes sense (I can benefit from no CA t...

Hi diddos Based on nelsona's responses: A dual citizen, US tax resident returning to Canada... 1) You don't have to report income (and capital gains) to CRA provided they are realized before you return to Canada (even if they are in the same tax year. You have more flexibility - you don't have to wa...

Thanks nelsona for your response, This is great news! I mistakenly inferred the "step-up" meant capital gains were realized immediately. I am learning a lot! Thus, a dual citizen, US resident (me) would then have the option to: 1) realize their capital gains in US prior to departure; 2) re...

Thanks for all your support! Background: I am a dual citizen, residing in US for many years and investigating the tax implications of my return to Canada. I wanted to double check what happens to my US brokerage holdings (stocks and funds when I establish residency in Canada). I want to make sure I ...

Thanks for your help nelsona, This is super helpful! Indeed, I was mistakenly looking at IRS distributions to foreign persons. I think I get it now: 1) I would use the W9 to prove to the withholding agent that I am a US person. 2) A US person residing in the US could use W4-P (https://www.irs.gov/pu...

Thanks for your response nelsona

That is good news! Good catch on the Roth restrictions (I am hoping to let mine "brew" for a long time before tapping it ;) )

Cheers

Thanks for your help! Following "best practices" for a dual citizen relocating from US to Canada, I wish to consolidate IRA/Roth IRA to a brokerage that is expat friendly: i) won't liquidate or freeze my account when I change my address to a Canadian address; ii) will respect tax treaty (!...

Thanks for your support! I am a dual citizen, US resident of 20 years, returning to Canada. Please help alleviate my concerns with respect to year 1 taxes in Canada (2021). 1) In the first half of 2021, I will earn salary and stock from my employer. I will also realize capital gains since my stocks ...