Serbinski Accounting Firms

After reading this https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/changes-use.html It looks like if I go from rental property to principal re...

When I stop renting and start using it as my second home (I’m still a US resident, so primary home in USA) will it trigger capital gains in Canada due to conversion of purpose...also will transitioning from secondary home to primary home along with becoming a Canadian resident trigger any capital ga...

wandersean wrote:
> I use Google search as an alternative to the somewhat broken search engine
> here: put "site:forums.serbinski.com", (no quotes), followed by
> your search terms, and it will limit to results in these forums.

Thanks!...great idea.

If anyone else wondering this IRS page has lots of info
https://www.irs.gov/individuals/interna ... alAccounts

thanks that makes sense now...

As I understand, depreciating in Canada doesn't help with taxes, but I think you had mentioned in a different post it's easier to keep track of things if it's depreciated in Canada as well. Can you elaborate a bit? would this help when the house is sold? and how?

Thanks!

I’d really appreciate if someone can check and see whether they have the same problem...I am using an iPad.

I am unable to do proper browsing...now I am on page 64 going page by page, but then a sudden question that I never thought of comes up, quite impossible to go thorough every page again.

Only question remaining is...given the situation, are the mentioned forms the only ones needed. I assume I don’t file 8938 if Canadian bank balance stays under $100k @ end and below $150k at any time. So, for CRA file T1, & T1135. For IRS file 1040, 8889, FBAR (account will have more than $10k),...

As the title say, when we move cash from USA to Canada from bank to bank, how does attribution rule work? Say this was a savings account funded over the years as a dual citizen in US over decades, and then when we become Canadian residents how does CRA know what’s attributed to whom? How about even ...

On page 56 now, and got the answer for dealing with interest earned in USA bank account as a Canadian resident

“US Bank interest is not taxable for US non-residents. Period.”

It looks like 85% does not go along with CPP. 100% of SS is reported in line 115 and then 15% deduction is taken on line 256 https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-115-other-pensions-supera...

Questions remaining ...(of course I’d also appreciate if errors are pointed out as well) 1) Phase 1 (Dual citizen, US resident...renting home):....How to calculate exactly how much Canadian credit can be applied to IRS? Also, I would think I can deduct expenses that could be deducted for Canada with...

I think I got some of the answers...hope these are correct. Phase 2: While I am a USA resident Canada will not accept the Canadian home (even though not rented, and only I use it for less than 183 days/year) as primary residence. I have to be a Canadian redsident. for Phase 4: Dual citizen selling A...

Is the following accurate? Also, bunch of questions. Phase 1: Dual citizen purchasing a Canadian home and renting it as a USA resident. Phase 2: Then 4-5 years later stop renting it but remain USA resident. Phase 3: 8-10 years after that, home becomes the principal residence and we become Canadian r...

Question 2: It looks like I will pay Canadian taxes for interest earned in Canada and USA, and will get no credit for USA taxes paid (I guess as a Canadian resident USA bank will have some withholding even for USA citizens?) on USA interest. I will get credit for Canadian taxes pad on Canadian inter...