Serbinski Accounting Firms

The vast majority of Cdn Universities participate in these programs (if they have any US students they almost surely do). Now, AU being an on-line University may not qualify for some of the programs sponsored by the US: lifetime,HOPE etc, and the fact that you haven't readily found your answer is pr...

Sounds about right. You owe tax on the interest that you defered so far, regardless of which deferral mechanism you used. Rev Proc 89-45 WAS your deferral mechanism, so you have deferred for those years. If you didn't report income in the other years, your deferral is assumed to have continued. I wo...

Well, you can't claim a tax home in canada without filing taxes in Canada, no?

Looks like you were trying to play boith sides of the fence.

If you filed a 1040NR for all these yearts in US, then yopu cannot have been a non-resident of canada for all these years.

Did you file a 'depature return' when you left canada? This would have been the first step. You are in fact deemed non-residents, but this genearlly requires approval from CRA, and the filing of departure paperwork. see the "Emigrants" guide for details. There are hefty penalties (for last...

Anyone from canada sending you money, should do the conversion in Canada, and send you a US cheque, or draft. This will always be cheaper than doing the conversion at a US bank. There are other more sophisticated ways of doiing this, but they all require some form of account in Canad in your name, s...

Yes. You report the income just as if the account were not sheltered (which it isn't in Canada). So you report interest dividends and cap gains just like you would your investment accounts in canada. The cost basis is based on the arrival date in canada. Alternatively, you can contact CRA and reques...

You most certainly can take the tax deduction on Schedule A. The deduction for foreign tax is NOT based on income that you report in US, it is based on the fact that it was legally charged tax bt a foreign gov't based in ITS own definition of income, not IRS's. You are the beneficiary of the RRSP. P...

8891 serves TWO purposes: 1. It allows you to claim the treaty exemption from paying income tax on your RRSP when not withdrawing fund. This does not apply to you since (a) you prefer to report and (b) you are collapsing the RRSP. 2. The other CRUCIAL mechanism served by 8891 is for the reporting of...

You need to report certain deductions on 1116 in order to correctly divide which deductions were strictly against your foreign income, and which were more 'general'. On form 1116, when it come to foreign taxes, you have the choice of claiming taxes actually paid in the calendar year, or climing the ...

This interpretation is no longer the case. Since the enactment of 250(5) and its subsequent interpretation in IT-221R3, CRA has been taking the position that if the sale of the house was 'in process' at the time that the person left Canada, and that the sale took place 'soon thereafter', they will a...

For Cdn tax purposes: The day you moved to canada, the Cost basis of your shares became the value on that date. The sale of the stock, or its exchage for some other stock, will trigger the capital loss (ie. you do have to dispose of the stocks), and you calculate and use this as you would any other ...

Note that you would not need to add this 'income' to your US tax return

Prety much what I said a week ago.

Could be.

Do you have kids? You are giving up $1000 each by not filing jointly.

There is no difference in the age when penalty dissapears between IRA and 401(K), your information is incorrect on that point. I suspect that your 401(k) manager is putting out this false info to keep people in his fund: something to consider when determining if you should leave your funds with him....