Serbinski Accounting Firms

I am collecting CPP and will be collecting US SS, USC dual citizen resident of Canada. My understanding is I am only taxed in Canada on *both* the CPP and US SS, and only 85% of the US SS is taxable in Canada. ( I am still commuting to work in US and have US-source employment income ). Correct? My n...

My understanding is you won't pay WEP as you don't have 40 quarters in US. Your will qualify for US SS based on Canadian credits, but those credits are for qualification only and don't increase the US SS amount ( which won't be much with 14 quarters ). You will get whatever Canadian CPP and OAS you ...

Wow, lots of answers, thanks very much Nelson. She lives in a border town, she could probably get the quarter credit fairly easily. The Medicare is really hard to figure the value of, since they live in Canada and are covered by OHIP. It would be additional options. She can estimate her CPP pretty e...

Interesting question re my sister in law: US Citizen residing in Canada. Married to Canadian citizen 9 years older than her. 39 quarters of US SS work credits. Currently working in Canada and paying into CPP and will presumably do so for another 10-15 years. Does it make sense for her to work on qua...

66 + 10 months for me, not 67 and 6 months, you are right

My plan is similar, take CPP at 60 and full US SS at 67 1/2, similar logic. I'm a commuter to work in US, resident of Canada - not working in Canada. So I plan to take CPP even while working in US, apparently this is legal, maybe retire at 62 or 63. CPP will be taxed heavily while still working, of ...

If you plan to live in US forever, probably not. If you ever move back to Canada as a US Citizen, you are stuck filing US taxes forevermore. Makes it impractical or difficult for things like RESP, TFSA.

The flip side, I am beneficiary on spouse's RRSP. I am dual citizen, resident of Canada, she is Canadian citizen/resident As far as I can determine, if I am beneficiary of her RRSP, no Canadian taxes are due until funds are withdrawn, at which point they are taxed in Canada. IRS should have no claim...

My non-USC, non resident, spouse will/must get the proceeds either way. Difference is if no 401k beneficiary, estate inherits and from what I've just read, would pay tax as if it entire amount was withdrawn in lump sum. I would think this could be at a higher rate than 30% since standard income tax ...

Wondering if this is a good idea or not. Dual US/Canadian citizen, resides in Canada with non-USC spouse. Commutes to work in US -> employer 401K If I designate my spouse as beneficiary, I expect 30% withholding on disbursement(s) when she inherits, correct? She would have to get an EITN and file IR...

To close this out: After 10+ weeks CRA completed review and accepted return as filed. Got interest on refund due. Since I submitted IRS CP24, Minnesota Revenue cheque, and then later full IRS and Minnesota Revenue transcripts, when they arrived, I can't say for sure what was actually required. Was t...

Update: I've been told it will take CRA 8-10 weeks to evaluate the documents I submitted and reach a decision. Was also told that filing a Notice of Objection to my Notice of Assessment was not a good idea at this time. Once that is done, apparently, the file is handed over to the team that processe...

You need a US-registered cell phone - in your name. IRS checks with credit bureau that the phone belongs to you, and sends by SMS text a confirmation code you need to use to proceed with the download. Since I live in Canada, I don't have an eligible cell phone. I suspect I'm not only cross boarder c...

If CRA accept the CP24, it's a good idea. Easy for me since I always make 1040ES payments. I can just report $1 less than I actually paid, and generate a CP24. However, if you have a US registered cell phone, or your accountant has access to IRS E-Services, you can get an IRS transcript online for i...

Got the letter, called Winnipeg Preassesment Review line. Agent *thinks* they may accept an IRS CP24 form ( which as luck would have it, I received, as my 1040ES arithmetic was off by $1 ) and a bank statement showing cheque payable to Minnesota Revenue matching amount owing on M1. Faxed it to them,...