Serbinski Accounting Firms

As an update. The form 8805 was never sent. Nonetheless I included it as a credit on line 74 and included an explanatory statement. IRS sent CP11, but international allowed the credit after I discussed it with them by phone.

You may not deduct a property tax on your home in Canada on any schedule.

Your Ontario health premium is not a medical expense.

You can no longer deduct foreign taxes you paid on real estate.

2018 Annual FX rates are posted. https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates Something has changed in the IRS calculation. Compare the updated IRS table with historical rates from e.g. https://www.ofx.com/en-us/forex-news/historical-exchange-rates/ ...

I recommend using google to search the site. The search function doesn't work near as well. Just add

site:forums.serbinski.com

After your search terms at google.

"We deeply analyzed this (and the same for CCP and OAS) on Keats, before that forum was closed." Nelson, Could you provide a little more color to this statement. Is the CPP retirement benefit actuarially similar, regardless when one claims the benefit? It is my understanding that this is t...

It was my understanding that an an RRSP contribution is never deductible from US income taxes if the RRSP is an individual plan. XVIII (15) Is this wrong?

I recommend you download the SS program, anypia. https://www.ssa.gov/OACT/anypia/description.html https://www.ssa.gov/OACT/anypia/download.html It allows you to calculate a primary insurance amount (PIA) based upon actual earnings and also permits calculation of a totalization benefit, a handy tool....

I am a US Resident, working in Canada. My spouse pays US health insurance premiums for me. Are health insurance premiums paid in the United States Eligible as a medical expense in Canada (line 330)? I think yes based upon the income tax folio S1-F1-C1, 1.133, 1.12, . Canada Revenue told me otherwise...

Did CRA determine that you are a "deemed resident"? Assets, in general, would be insufficient to make one a resident of Canada. You may be a US resident, but still owe Canada tax liability as your income is Canadian sourced and this seems reasonable since you received a T4A. While the &quo...

If I do not report the income (because it is in the RRSP and tax exempt until the rrsp is distributed) how can I transfer the tax recovery back into my RRSP account without it being considered a contribution?

I am not so sure that it is exempt from US tax because of the treaty. See for example: https://www.theglobeandmail.com/globe-investor/investor-education/answers-to-your-tangled-tax-questions/article1372575/ I will receive Form 8805 "Foreign Partner's Information Statement of Section 1446 Withho...

Is 1446 ECI withholding at max rate appropriate in the RRSP of a US citizen? It would seem to me that since the grantor/beneficiary is a US person, then the supplied W-9 would obviate the 39.6% withholding.

Is there a way to claim this withholding as a payment or to recover the withholding?

You are allowed to unlock a LIRA when you become a non-resident of Canada. This turns it into a RRSP. Thus, you could collapse all of your accounts into a RRIF.

To get the 15% Canadian tax rate, you would convert your various accounts into a RRIF. You are allowed to withdraw the greater of (10% of the market value or 2X the minimal amount) at the 15% withholding.