Serbinski Accounting Firms

p.s. John has been filing MFS for the past 15 years, as Jane has not elected to be taxed as a US resident and does not have a SSN.

I have a strange scenerio, and I'd love some feedback on my proposed approach. Here are the facts: 1) John is US citizen 2) Jane is Canadian citizen 3) John and Jane lived in Canada for the past 15 years 4) John and Jane intend to relocate to the US 5) In September, John rented a home in the US and ...

When withdrawing undeducted RRSP contributions using T746 or T3012, does the US recognize that this is, theoretically, a return of the taxpayer contributions (thereby making the taxable portion, nil)?

I came across this post looking into a similar matter. My situation is a fellow who works 2 weeks in the US, lives one week in Canada, throughout the year. He filed a 1040NR (married filing separately) each year, and claimed non-residence using 8833. I now understand (after reading this thread) that...

Correction: "use 2555 to eliminate his tax," should have read "use 2555 to eliminate his income (all earned income),".

"I don't see a way around it not being reportable in canada, and thus having the effect you describe." I meant a way around the double taxation - not the inclusion of income. For instance, it's conceivable that he may be able to elect to be taxed as a full year resident (married to a US ci...

She's a US citizen, so my question was only with respect to Canada - the US taxation was inevitable. Unfortunately, in this instance they're effectively being double taxed on it. Her US return (she has other taxable income) and his Canadian return (by virtue of the reduction of spousal amount). Some...

Righto! That's precisely where I was headed with it. Unfortunately, the spouse (the recipient) had no other income in Canada for that period, so will not be taxable. Therefore the FTC will not be beneficial to her - nor her husband who effectively will be paying tax on it via reduction of spousal am...

I have a client that received a payment from the Alaska Permanent Fund. It's called a dividend, but is issued on a 1099 MISC. This leads to two questions: 1) Is it taxable for Canadian income tax purposes? The Alberta government issued a similar one-time payment back in 2004, which was non-taxable. ...

I haven't seen K-1's for any of my clients, except those that belong to partnerships in the US. I think the K-1's are only for partnerships and such. Regardless, I think you're absolutely correct with respect to the withholding. As a US citizen, he really shouldn't have US withholding on those divid...

[quote]I thought Cdn firms with US citizen clients has started issuing K1's?[/quote]

Are you suggesting that the investment firms have started issuing K-1's (in lieu of, or in addition to the T3 slips)? If so, perhaps I should touch base with them and suggest that.

I've got a client (US citizen) with over $1,000 US tax withheld per his T3 slip. Can this be included as "Federal income tax withheld" on his US 1040?

"A bit of an exercise in futility, to get one day's accrual tax-free." You're right. I was mistakenly though that he'd still be able to avoid the tax on any unrealized gains to the date of entry into Canada by filing the election. To illustrate: A US resident invests $10k into XXX fund wit...

Update: Based on my research and discussions with an agent at the Competent Authority (she did sound competent), an election can and should still be filed in order to formally permit the deferral to the date of the first Canadian Contribution. Unfortunately, after a bit more digging, it turns out th...

A fellow (a US citizen / Canadian resident) self-financed the sale of a US property to a US citizen/resident. Unfortunately, the purchaser has subsequently decided not to pay any more (obviously this matter is being addressed, but they only paid 1/2 of one monthly payment during 2010. Am I to unders...