Serbinski Accounting Firms

The gains/income that occured in your RRSP between your arrival in US and your divorce, is YOUR income, not hers. Thus you have to account for it, not her. Besides, by you taking it, you get to exclude it. Your ex living in Canada doesn't even have to bother with US tax reporting at all. The treaty ...

You do have to make a notation for that year, and in fact, you have to file an 8833 for that year, otherwise you are liable for tax on what IRS would consider a withdrawal. The tax treaty only allows IRS to include RRSP income on your 1040 to the extent that it was included as income in Canada. Sinc...

Any income generated by the property -- rent and eventual gains when selling -- will be taxed in Canada and US. with US granting a tax credit for Cdn taxes paid. One thing that you do have to watch for is buying property for your own use (ie. a cottage). CRA may view this as a sufficient residential...

Remember that there is a VAST difference in US and Cdn views of deductible moving expenses. There is also a difference for transferees. When you move to US, your firm will cover MANY expenses (it has to be an accountable plan) and all but a very strict ammount is taxable. Otherwise it is ALL taxable...

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by Mark T. Serbinski, CA CPA</i> Hi Nelson: Just to clarify what is taxable in the U.S. in respec...

Rev Proc 2002-23 allowed for a return to ~1996 in order to fixe your returns, and this is waht I would do. You attach a statement in compliance with the Rev. Proc for 1996 and a photocopy thereafter for each current account. There is a special procedure outlined for years after a transfer. I prepare...

You keep saying that it is the relo company that is paying for this and that but, in fact, it will be be either your old or new firm. As such these will be taxable in US in either year; They would only be taxable in Canada if the total reimbursement was more than C$15,000 (half of the excess would b...

You should have filed a 2001 Cdn return in spring of 2002, a year after leaveing Canada, as a departing Cdn. You likely owe tax for any UI you received, and if you had any investments at that time. You get little personal exemption for partial years. The advice you got about 183 days was completely ...

A better Title for your post wouldn't have gone amiss... these are <i>ALL </i> Cdn tax questions. You should have filed a Cdn return in 2001 as a 'departing' Cdn, and you will have to file one as a 'newcomer' in 2005. For 2001-4 you are quite simply a NON-resident of Canada (presuming your immediate...

First, you do have an obligation to report the mere existence of said property to CRA every year (there is a HUGE box on page one of your return to that effect, and a form to fill out). The fact that it is $300K and split 3 ways, may make it slip under the threshold for reporting however. Second, in...

All the 'sliding-scale' figures you refer to do NOT apply to you, because you are a NON-RESIDENT of Canada, and thus are subject to a FLAT 25% tax on all RRSP withdrawals. In US you will report the ENTIRE RRSP withdrawal (including the tax withheld) as 1040 line 16(a) income. The ammount that is tax...

Using this pre-paid credit method is usually counterproductive to establishing credit. Such a card is a red flag on your credit report, and does NOT lead you to getting a good score. You probably would have qualified for a regular credit card after a few months anyways, and would not have had this m...

Likely CRA would come after you for BOTH halves of CPP and EI.
They would also force you to pay your taxes in installments from then on.

They would also be contacting your employer to find out why they were remiss in their obligations.


<i>nelsona non grata</i>

If self-employed, you get no benefits (pension, medical, etc), so your personal situation matters here.

If you are self-employed, you should expect MUCH larger payment, as you will have expenses (deductible) and have to pay both ends of CPP.

<i>nelsona non grata</i>

Your employer MUST set up a payroll for you as an employee, paying EI and CPP (their portion) and remitting Cdn and prov taxes withheld from you. This is their reponsibilty as an employer of a Cdn worker. 1000's of Cdns work this way. Their (and your) other option is for you to bcome self-employed, ...