Serbinski Accounting Firms

Nope, anything they pay you will be on account of employment, and will be reported on a T4 slip. If the payment is for less than CDN $10,000, you can use the Treaty to exempt it from Canadian income tax, though you will still have to file a Canadian tax return to do that. And of course, it will be f...

Is it a distribution of capital, or a distribution of your share of income? If the former, there is no tax in either country. If the latter, the US gets to tax you first on US source income/gains, and Canada will also tax it, but provide the usual foreign tax credit. In the end, you will pay the hig...

Forms can be downloaded here:

http://www.irs.gov/formspubs/lists/0,,id=97817,00.html

I recommend that you speak with a Canadian cross border accountant, such as Serbinski. This kind of advice takes time and therefore will cost you. I see a lot of issues, both personal and corporate.

Also, remember that you can only deduct your mortgage interest from the rent, not the entire mortgage payment.

It sure sounds like you have gone non-resident if your only Canadian home has been rented out. It is not optional whether or not you have left Canada. It is fact based.

I'm using Lacerte, which is professional level software. Even so, it has its limitations!

You interpretation is correct. Box 20 only includes those accounts in which you have a financial interest. So, the University account would not be included in the Box 20 total.

That's also how the software I use does it. Makes sense given the definitions.

Since combining a spousal and a personal RRSP taints the regular plan, you want to ensure that it's been at least 3 years since the other spouse contributed before RRIF distributions begin. Also, I remember reading that a spousal RRSP converted to a RRIF is only allowed minimum distributions in the ...

If you are going to be a Canadian employee, instead of a self-employed consultant who invoices the company, then besides the Canadian payroll issue, they will now have a Canadian branch office. This will require them to register for corporate income tax, GST, perhaps provincial sales tax as well. Th...

T4 and WSIB statement are sufficient proof. Claim everything (up to the limit per child of course) paid out, including the WSIB payment.

Watch out for US gift tax, b/c your wife is not a US citizen. The fair market value of half of the house is the gift. You are limited to a gift of USD $128,000 in 2008 to a non-US spouse before gift tax is payable. Note, the gift tax issue applies whether you are a US citizen, or just a Canadian. Al...

The lawyer for the purchaser does this due diligence because the **purchaser** is on the hook for the 25% withholding tax. It often happens that the seller's lawyer will get the affadavit on behalf of the other lawyer. Just to clarify, a T2062 (and/or T2062A if the proeprty was depreciated in a prio...

[quote="Arteeh"]A family friend has approached me about her RRSPs. After working many years in Canada, they are back in the U.S. They will not live in Canada again. She wonders whether or not she and her husband should keep their RRSPs or collapse them and bring the proceeds down to the U....

Check this board for info on your US reporting requirements re RRSP's and foreign bank and financial accounts. Beware using H&R Block (says he who charges significantly more to do US returns)! You generally get what you pay for. Roth's are not Treaty protected in Canada to date, so the annual in...

[quote="nelsona"]Yes the 15% is refundable, by filing a non-resident tax return, and reporting that the income was not taxable. (repoert the income and then deduct it on line 256).[/quote] Yup, except I would explicitly reference the Treaty, article XIV - Independent Personal Services, as ...