Serbinski Accounting Firms

Tania, your analysis is ALMOST correct about 16b. For interest bering accounts , the cost basis and the current value are identical. Book value and market value are only different in investments which have a capital component (stocks and mutual funds, basically). But to accurately determine your &qu...

It has been to your advantage NOT to defer in the past, since, as you say, the income (true income) that your RRSP was generating, was undoubtedly below your standard deduction. Now that you have a larger sum, it may indeed be to your advantage to no lonfger report the income yearly, but take the de...

Ther TD form's primary goal is to combat international money laundering. If hubby's accounting practices and records are such that there is no doubt that YOU are not hiding money in the firm, and you otherwise are not engaged in any illegal financial activities, there is no harm in reporting. If the...

A LIRA is a <b>L</b>ocked-<b>I</b>n <b>R</b>etirement <b>A</b>ccount, which is exactly what your firm is offering. The 8891 election, if you choose it, must be repeated every year, even though once made it is irrevoccable. IRS logic for you.[xx(] The 8891 also serves as a reporting mechanism, so, ev...

Who is the "you" you are talking about/to? This is a forum not an interview session. Some foreigners have taken to putting large DEPOSITS on their Credit cards, in effect creating a bank account from which they can draw. IRS would be intersted in knowing this. If you have not been using yo...

In general, true Cdn pensions are not reportable in US, as they inherently meet all the reporting requiremnts. I would only be reporting actual INCOME that I receive from thiese funds (be it excess contributions or a payout) in the years when I receive them. If you transfer this to a LIRa, then yes,...

I'm getting confused by your statements (and hitting the return key every once and a while wouldn't hurt either). The way in which you had been calculating what to put on Schedule B was incorrect, as you were looking at the change in value rather thatn the actual income generated. Brief example: You...

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"> Hi, Nelsona, your site is wonderful<hr height="1" noshade id="quote"></font id="quote">...

And you should know that "keeping the money in Canada" (whether by chioce or by necessity) does not grant it any special protection from any future claims (estate tax, litigation, etc). Pre-nuptual agreements are a LEGAL matter, not a tax matter, so see a lawyer. I agree with rhollan's com...

Correct. You only need to pay State tax for the time you spent in VA. You will not owe any IRS tax, but you will have to explain this on a 1040NR next spring, as well as to get your refund of what has been withheld so far. It is in your best interest therefore to stop your firm from withholding US t...

No, you will not be determined to be a deemed non-resident of Canada (DNR), because the first criteria for that status is to become a tax resident of another Country. As you state, you atre not becoming a tax resident of US, since you are not spending 183 days there. Besides, you have no other ties ...

Leave it where it is, or in an US-based IRA, until you retire. What do you mean "If I borrow, interest is also high". Borrow for what? Given that you will pay at 40% tax on your 401(k) withdrawal, I somehow doubt that the interst rate you would pay would be nearly as high. <i>nelsona non g...

No. Your SS will be reduced regardless of where you collect it, because of your foreign 'SS' (CPP). In fact, in terms of tax treatment of SS/CPP it would be better to retire in US, since your CPP would only be 85% taxable in US, rather than 100% if living in Canada (your SS will be 85% taxable regar...

From IRS Pub 550: <blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became ...

Nope.

There is a "windfall provision" which will reduce your SS because you get CPP.

But the reverse is not so.

And there are probably a few 100,000 people who collect both SS and CPP.

<i>nelsona non grata... and non pro</i>