Search found 137 matches

by Mark T Serbinski CA CPA
Sat Aug 14, 2010 9:48 am
Forum: Canada / United States Tax & Accounting
Topic: 401k question with an example
Replies: 5
Views: 5405

Likely the best thing to do is to leave the 401(k) intact, or roll it to an IRA, and keep it until your normal retirement age. This prevents the imposition of the 10% early withdrawal penalty, and results in a diversified retirement portfolio. If you move back to Canada, and live in Canada during re...
by Mark T Serbinski CA CPA
Thu Aug 12, 2010 6:49 am
Forum: Canada / United States Tax & Accounting
Topic: returning to Canada and then leaving again maybe
Replies: 28
Views: 19178

The currency issue is completely separate from tax, but could be important as well. If you move back to Canada, it is not necessary for you to move all of your invesments back. In fact, you should consider the long term trends in the currency in which you are invested vs. the Canadian dollar, and th...
by Mark T Serbinski CA CPA
Tue Aug 10, 2010 5:39 am
Forum: Canada / United States Tax & Accounting
Topic: 529 plan vs Coverdell education saving account
Replies: 1
Views: 3444

First of all, you can roll amounts from a Coverdell plan to a 529 plan without tax effect. Eligible educational institutions at which a designated beneficiary may incur qualified higher education expenses include any college, university, vocational school, or other post-secondary educational institu...
by Mark T Serbinski CA CPA
Tue Mar 23, 2010 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: $0.00 dollar taxes owing on T1 (scam) help!
Replies: 4
Views: 4438

Any scheme which purports to allow you to entirely opt out of taxation in Canada or the U.S. is a scam, and is totally illegal.

Do not follow the advice given by these crooks, or you will likely end up with huge fines, in jail, or both.

This topic is closed.
by Mark T Serbinski CA CPA
Mon Mar 15, 2010 5:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving RRSP to US
Replies: 3
Views: 3826

NOTE: For residents of California, the income earned within your RRSP is taxable at the state level, and is NOT protected.
by Mark T Serbinski CA CPA
Sun Jan 31, 2010 10:08 am
Forum: Canada / United States Tax & Accounting
Topic: Moving expenses- W2 Box 12 code P
Replies: 1
Views: 2871

Your W2 income has already been adjusted for the deductible portion of your moving expenses, and you likely have had a tax grossup, and the income included for non deductible expenses. Therefore, just pick up the W2 income amount on your return. For Canada, international moving expenses are not dedu...
by Mark T Serbinski CA CPA
Mon Apr 20, 2009 12:54 am
Forum: Canada / United States Tax & Accounting
Topic: US-Can Tax Treaty: Government Services
Replies: 17
Views: 20047

Note: The IRS code contains provisions which will exempt you from penalties if you rely on incorrect information provided by an IRS agent. Keep the exchange you had with IRS in the event of any future trouble, since it is clearly flawed, and can later be used to avoid penalties which may be imposed.
by Mark T Serbinski CA CPA
Fri Jun 20, 2008 5:55 am
Forum: Canada / United States Tax & Accounting
Topic: Tax Freedom Day in Canada Finally Arrives! :CRA SOTW
Replies: 1
Views: 2844

Note:

I have travelled to counrties which do not have an income tax... and you would not necessarily want to live there.
by Mark T Serbinski CA CPA
Thu Nov 08, 2007 11:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Should I submit late T2062
Replies: 11
Views: 10360

.. But let's keep in mind that no gain is realized for tax purposes anywhere until the funds are actually transfered into another currency.
by Mark T Serbinski CA CPA
Thu Nov 08, 2007 11:27 pm
Forum: Canada / United States Tax & Accounting
Topic: 2006 Dual Returns?
Replies: 7
Views: 6360

Hmm.. If you were a resident of Canada for part of a year, and then departed from Canada, you will need to file a departure return in Canada in that year. On that return, you will need to declare capital gains and losses arising from "deemed dispositions" of capital property owned anywhere...
by Mark T Serbinski CA CPA
Fri Sep 07, 2007 10:08 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k to IRA rollover while Canadian resident
Replies: 6
Views: 6570

You can roll a 401(k) to an IRA at any time, even while living in the U.S., without tax consequence. Moving to Canada will not change anything here.
by Mark T Serbinski CA CPA
Fri Sep 07, 2007 10:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Terminating IRS Taxation
Replies: 5
Views: 5525

Your return for 2007 will be an "expatriating return". This notification is given on form 1040NR, and will terminate her filing requirements with the U.S.
by Mark T Serbinski CA CPA
Sun Sep 02, 2007 12:16 pm
Forum: Canada / United States Tax & Accounting
Topic: us tax canadian tax
Replies: 12
Views: 10716

[quote="canuck1915"]How do I file it?[/quote] The election is in free form, and must be signed to be effective. If married, the election is pursuant to IRC 6013(g) and must be signed by both spouses. If single, the election is pursuant to IRC 7701, and must indicate the 30 day period after...
by Mark T Serbinski CA CPA
Sat Sep 01, 2007 10:51 am
Forum: Canada / United States Tax & Accounting
Topic: Form W-9 for Canadian resident
Replies: 7
Views: 7891

Most Canadian brokers collect US identification data or residential informatin so that they can withhold appropriate non Canadian tax amounts for investments made in the U.S. or elsewhere, through the Canadian brokerage account.
by Mark T Serbinski CA CPA
Sat Sep 01, 2007 10:48 am
Forum: Canada / United States Tax & Accounting
Topic: us tax canadian tax
Replies: 12
Views: 10716

[quote="nelsona"]If you were in US for almost entire year, then it probably makes sense to file as a full year resident of US. This would get you standard deduction. Filing any other way will not. For canada, You would file as a departing Cdn resident for January 2006. [/quote] Note: To fi...