Serbinski Accounting Firms

Hi there, I am preparing returning to Canada (albeit perhaps for only 4 months) this year after 6 years away on a TN visa. I have investments (stocks) I bought in the US, as well as an investment property I bought 3 years ago. When I return to Canada, is there a deemed disposition rule for the inves...

Hi, are LIRAs to be treated as RRSPs with respect to new 8938 reporting requirements?

Ok, makes sense. Is there a limit to how much can be claimed through FTC 1116? I thought I recall seeing a figure around $86k somewhere (not sure if it was referring to income or actual FTC), but is there a possibility not all taxes can be recovered with FTC?

If I am considered a resident by CRA for 2014, (not even a deemed resident as I will have residential ties to Canada), will I be paying full taxes to Canada, and then will have to recover them from IRS through Form 1116? If so, is there a limit to the amount of foreign taxes that can be claimed?

I am Cdn citizen on TN visa, working for US firm, but will likely be spending most of my time (>183 days) next year in Canada on project work. I plan to maintain official residence in the US, but in this event I will no longer meet the SBT, and I will likely be considered a Cdn tax resident by CCRA ...

Is 3520/8891 also for LIRAs?

Do any of you recall if this exchange rate you mention for 2011 is off Treasury's FMS website?

[quote="skoper"]To clarify, 1040's from previous years missing 8891's need simply to be amended and resent with the 8891 now attached, as simple as that?[/quote]

To be clear, I made an election to defer when the 8891 was last filed for 2009 tax year.

To clarify, 1040's from previous years missing 8891's need simply to be amended and resent with the 8891 now attached, as simple as that?

A follow-up question: I am filing my US taxes now (filed for extension earlier), and I am planning to file 8938 as my Cdn holdings exceed 50k ( I am a US resident). This is the first time I am filing the 8938. Do I need to file for previous 8938's for 2010 and 2011? My understanding is that the rule...

5) Dont forget to file Form TD 90-22.1 by June 30 (filed separately from the 1040)

I'm hanging onto your use of the word "generally". Is there anytime where this is not the case, and book value can be used? Reason I ask is that I have significant unrealized capital losses in my non-registered investments. I departed Oct 2009 but have not yet filed a departure tax return ...

A follow-up quesiton to this: is the only difference when doing this for non-registered investments that the capital gains/loss cannot be deferred with the IRS? The cost basis for non-registered investments is also book value?

nelsona, to follow up on your very first response to this thread, you mention the cost basis 'choice' applies to registered investments only. What about non-registered investments?

A follow-up question to this.
When in the US as a resident, do I need to transfer my non-registered holdings to a US brokerage to incur capital loss to be written off against my US income? Currently, I own securities with a Canadian non-reg broker (my US address is registered with them).