Serbinski Accounting Firms

US immigration *could* have a problem with it; that is why they question you when you cross. But, so long as you maintain a residence in canada (most snowbirds are encouraged to carry a 'file' with them with copies of recen phone bills, mortgage/lease, etc). If you are a visitor in US, you should ge...

Yes, you should have reported a capital gain on the exchange in 2005. Schedule D.


The regulatory issues are with regards to anti-money-laundering measures. Since the check is made out specifically to you, it will not be viewed as cash

Each entry into US can only be a maximum of 6 months. The actual time period is determined by what you say to the officer when crossing. You MUST maintain a Cdn residence available to you at all times during your visit to US. If you say you are going 2 weeks, you can only stay 2 weeks. If you say 6 ...

Oops, didn't noticce that the account was in US$. :oops: Forget the exchange rate and forget the capital gains. Just write yourself a check. make sure it is payable to YOU. This will meet any regulatory requirements. However, you did lose quite a bit of money keeping it in US$ over the past couple o...

If you write yourself a Cdn check and try to deposit it in an american bank account, expect to lose 2-3% on the excnage rate over current market, as well as wait weeks for the check to clear. You would be better to convert the money into a US check up in canada and then deposit it. Better yet would ...

You should, of course, set up a Cdn bank account (for your pay to be directly deposited), and if possible, a Cdn credit card. Use the Cdn credit card in Canada. This will avoid any fees. The easiest way to bring the money to US, will be from time to time, get a bank draft from your cdn bank in US do...

First off , I should warn you that the FEIE has become a whole lot less attractive as a result of 2006 legislation that effectively turns the exclusion into a credit, so much so that many are going to opt for FTC this year. second, if you have kids, you should have been using the ftc for the past 3 ...

Generally in US, if you elect to include the income in the year it is awarded, and then 'lose' the stock, it becomes a capital loss in that year.

CRA and IRS do not have the same rules for options. Genarally, in canada you MUST declare the option as income in the year you exercise it. In US, you have a choice to make, particularly with restricted stock. You may wish to base your choice on meshing tax credits, particularly the US tax you can u...

This is always an option, up until you invoke the treay. However, for those who intend to go back to canada, this would mean having paid tax where none was due. Also, for those intending to remain in US and only cash their RRSP at retirement, the deferral of taxation would likely far outweigh any lo...

In general, the time spent abroad with one's Cdn spouse is not counted against the three years outside Canada.

This is licensing by california -- or at least compliance with california requirements.

Your Cdn broker/dealer would know if they arecompliant to california regs.

What is better for us to file if we marry this year? If you marry this year , then filing jointly in US becomes a possibility (she would still have to file in Canada), and her expenses become your expenses, and your overall taxrate will likely go down. As to ITIN, she will submit the W-7 with her f...

No. In fact, if any of your funds were to declare a distribution on Dec 31 (this was common in the past, less so now) you would be on the hook for cdn tax. Canada gives you about $25 tax deduction for every day you are a resident. ($8000/yr prorated), so not worth declaring early. Unlike US, where e...

CRA is the Canadian Revenue Agency (our IRS).

You were bright enough to find this site, I'm confident you will find the CRA website, too