Serbinski Accounting Firms

Based on the August 2013 supreme court ruling the Windsoe case the court ruled that the IRS shall now recognize same sex and common law unions if teh state or foreign country where the couple reside are legally recognized. If you live in a province that legally recognized your common law union then ...

As you are already aware the special lifetime exemption on farm property in Canada up to $750K cap gain is not receognized in the US. For US purposes ita considered a Sec 1231 capital gain subject to long term rates depending on your AGI this will determin your rate. If you had deducted certasin exp...

I do not see how teh CRA has allowed you to treat proerty as Invetory yet when you sell it the gain is capital, you are definitly facing a potential tax problem in Canada once your file is closely examined . The only time I know one can elect to have capital gains treatment to asn Adventure in trade...

I agree the pension split allowed in Canada was never allowed in the US so this should fasll under the same rules.

As I said the proper way to do it is based on who contributed the capital to acquire it. That being said you now must be consistent going forward on the US and CND side it should be the same. You can file jointly in the US but in Canada you will be filing a Sec 216 return for this rental income you ...

1) If you remain a green card holder and do not incorporate then yes you pay tax to Canada and get tax credit in the US side , since Canada is higher it should work out but your taxed at 50% basically. 2) Incorporate and if you salary off the earnings there will be no tax owing by corp so no double ...

If you are no longer a US resident no CFC issues apply so its a CCPC carrying on business in Canada with domestic rules.

I assume you are going to own more that 10% of the shares of the Canadaian corp and since you state the corp tax is about 17% you are saying that it qualifies as a CCPC meaning you will be reisent of Canada otherwise you do not pay corp tax on income at this rate. Having said that you then have to s...

To add to the above comment the with tax even if you did not elect on the net income basis and are required to remitt on the gross this too should be the same name as what you file your tax returns on. Just to clarify.

I do not see a problem in doing it 50/50 since it was in both names and both contributed capital to acquire it. Be cautios however did you file for the reduced witholding tax based on the net income instead of the gross if so under who's name this should be the same as the tax filings.

Once you pledge securities this means effectively you give up certain ownership rights to the third party Rev Canada will hold tiltle to the shares since they must to secure their tax collection on eventual sale by a non resident. As such the legal requirement will be to transfer title to them so th...

It has been my experience in these type of situations that when shrs of a CCPC are pledge as security CRA will always give the file to Minister of Justice lawyers to do the paperwork. This involves you to sign over full authoirity of these shrs to the Govt of Canada, then eventhough you still have v...

Once you leave canada as you know you will have a deemed dispostion at FMW of your shrs in your CCPC that basically will equal at least to the retained earnings on hand plus any other items such as goodwill etc. You could elect to however the deemed proceeds to occur and them claim your small busine...

I can not speak for Nelsona, but yes in all cases we recommend that if you feel you are not subject to US tax then your Corporation should file a treaty based return 1120F along with other required schedules stating that you have no PE in teh US, are not filing tax returns in the US and this way the...

If you and your wife now reside in US and severed ties in Canada then you are leaving Canada and will simply file a departure T1 in Canada . On this tax return you will indicate the date you left Canada and since you have no other property other than RRSP the departure tax will not be an issue so ye...