Serbinski Accounting Firms

As usual, Nelson is absolutely correct.

There are only a very few assets (like Canadian private company shares) on which a post departure loss can be used to reduce your departure gain. Marketable securities do not qualify.

Sorry.

Check your tax guide and the instructions for Schedule 1, line 405. It will refer to schedule T2209.

Everything is available on CRA's website.

Use the International Office address on Walkley.

Yes, attach all of the slips normally required, i.e. tslips, donations, medical receipts, etc.

US government and bank interest is not subject to a withholding tax, therefore Canada will not provide a FTC. But other forms of US source interest are subject to withholding (or were in 2007), and therefore a FTC on your T1 would be available. It's not so cut and dried. CRA doesn't require your 109...

Per Treaty, 15% on dividends, 10% on interest.

If you are a US citizen, you can also get a 20(11)/(12) deduction for any excess US tax paid on US interest/dividens, AND the US may allow a Treaty based additional foreign tax credit on the US return.

No.

You are not a deemed or factual resident of Canada in 2007, You were an actual resident until your date of departure. So, use the emigrant's guide.

You may be able to deduct some required (i.e. T2200 from your employer) employment expenses on T777. Check the instructions.

What's "contractor W2"? Also, do you have a corporation, or are you a proprietorship? Both can have a BN. Did you receive a W2 for US employment income, or do you mean you worked as a contractor and received a 1099? Please be specific. If you received a W-2, then it's employment income on ...

Please restate and clarify your questions. I don't have a lot of time at this time of year to try and figure what you're asking!

Lisa, if I can assume that you are moving to the US, then the Treaty holds that the #1 determinant of residency is where you have a permanent home available to you. As long as that is only in the US, then no amount of secondary ties will give you a problem.

Do NOT file the NR73 unless they explicitly request it. Secondary ties are not an issue without primary ties. There is no departure tax unless you have accrued capital gains on assets that you own when leaving Canada. Unless your care is a collector's item, it is unlikely there is a gain in value. S...

No.

Just have proof of fair market value in your files in case you ever have to justify the "new" cost basis to the Canada Revenue Agency.

2. - Give him whatever your US accountant prepares. Wouldn't this be obvious?

4. This is what you pay your Canadian accountant to figure out. What, you're looking for free advice?

Well, to be most conservative, I agree that you should decrease current year wage expense.

Your question is an accounting question, not a US/Canada tax question.

But, how was it accounted for in the first place? It must have gone through the bank account. What was the other side of the entry? You must reverse the related entry.