What's New

One Big Beautiful Bill Act (OBBBA) Key Tax Changes Source CCH AnswerConnect editorial insights (as provided in the original handout) Last updated July 2025   At a glance Individual Rates and Capital Gains Individual Deductions, Credits, & Exclusions Personal Tax Cre...

IRS Reporting Requirements for your Canadian Tax Free Saving Account (TFSA) You may need to file several forms depending on your specific circumstances, holdings and the value of your accounts. The IRS has not issued official guidance, but we default to treating a TFSA with a trustee/custodian as ...

For Canadian Returns, no extension is available. Please send information as early as possible.The deadline to file your 2025 tax return and pay your taxes is April 30, 2026. If you are self-employed, the deadline to file your tax return is June 15, 2026.  However, all taxes owed must be paid by Apr...

For U.S Returns March 15, 2026: Foreign Grantor Trust- Form 3520-A (TFSA’s) April 15, 2026: Regular deadline and payment due date  June 15, 2026: Automatic expat extension (Form 4868 extension available) October 15, 2026: Extended deadline (only if you file Form 4868)  (Filing deadline - Ap...

The new due dates for the 2026 filing season for specific tax returns (including extensions) are listed below.  These due dates are generally applicable for 2025 tax returns.  Many states have conformed to these changes. The following tax returns (For entities which have a year end of December 31) ...

Form T1135 – Foreign Income Verification Statement. You may find it helpful to use the attached 2025 T1135 template.You generally must file a T1135 for a tax year if, at any time during the year, you were a Canadian resident and the total cost amount of your specified foreign property was more than...

What's New for U.S. Personal and Corporate Tax Filing 2025 and 2026 Filing Seasons Prepared by Mark T. Serbinski, CA (Ont.), CPA (Ont.), CPA (Illinois & Florida) Serbinski Accounting Firms, PC • Serbinski Partners PC 1-888-US TAXES (878-2937) • serbinski.com Copyright ©2026 by Mark T. Serbinski...

What’s New for the 2025 CanadianPersonal and Corporate Tax-Return Season Summary of key CRA and federal updates impacting 2025 T1 and T2 filings Serbinski Partners PC | Chartered Professional Accountants (Toronto)Serbinski Accounting Firms, PC | Certified Public Accountants (Chicago) Tax-return sea...

International Treatment of Stock Options U.S. and Canada (2025-2026) Serbinski Accounting Firms, PC | Serbinski Partners PC December 22, 2025 Contents I Comparison of the Taxation of Equity Based Compensation (Stock Options) in the United States and Canada 1.01 Introduction 1.02 U.S. Income Taxati...

Taxation of U.S. Citizens or U.S.ResidentsLiving or Working in Canada 2026 edition (chapter excerpt) Prepared by Mark T. Serbinski, CA (Ont.), CPA (Ont.), CPA (Illinois & Florida) International tax practitioner • Admitted to practice before the Internal Revenue Service This publication is int...

I Taxation of Canadians Living, Working or Investing in the United States* 1 1.01 Introduction 1 1.02 U.S. Income Taxation of Residents & Citizens 2 (a) Taxation of Individuals 2 (b) Itemized Deductions and Standard Deduction 2 (c) When Returns are Due 2 (d) Medicare Taxes 3 (e) U.S. Taxation o...

I Corporate Beneficial Ownership Reporting*1 1.01  Introduction 1 1.02 Reporting Comanies 1 (a) Companies Required to Report 1 (i) Domestic Reporting Companies 1 (ii) Foreign Reporting Companies 1 (b) Companies Not Required to Report 1 (c) Beneficial Owners 1 (d) Company Applicants 2 1.03 What Mus...

I. Tax Planning for Canadian Real Property Owned by a U.S. Citizen/Resident* 1 1.01 Introduction: 1 1.02 Background 1 1.03 Tax Implications of Death in Canada 1 1.04 Capital Gains Taxation in Canada 2 1.05 U.S. Effect of Capital Gains in Canada. 2 1.06 Determining the Difference Between Legal and B...

Re-Sourcing of Pension Income Received by U.S. Citizens Resident in Canada * Copyright ©2024 by Mark T. Serbinski CA (Ont.), CPA (Ont.),CPA (Illinois & Florida) Mr. Serbinski is a Chartered Accountant/Chartered Professional Accountant practicing in Ontario and a partner in the firm of Serbinski...

Specialized and Current Tax Topics Topics of current interest are outlined on the following pages. Please watch this new section for updates in this complex field of taxation and executive compensation. Roth IRA Treatment When Moving to Canada Many persons who have lived o...

We make the tax return planning and preparation process painless. Our clients rely on us to determine the minimum legally available income tax liability, through a creative and coordinated approach to the preparation of returns.  In many cases, there are a number of alternative filing choices a...

The IRS has issued Rev Proc 2020-17 on March 2, 2020 which eliminates the requirement to file forms 3520 and 3520-A for certain foreign trusts.  The new rules further set out procedures to obtain refunds of penalties previously assessed for failure to file these forms for any open year, if co...

The following deadline dates apply to Canadian returns which are required to be filed during 2026. To avoid penalties all returns must be postmarked by the due date specified:   Individuals   April 30, 2026 Deadline to file 2025 personal income tax returns to the CRA and Revenue Quebec. Deadline f...

In order to cease to be taxable in Canada, an individual must give up Canadian residence, and in the case of non-U.S. citizens, U.S. residence. A U.S. citizen may cease to be taxable in the U.S. only under certain circumstances, and only by revoking U.S. citizenship before a consular officer. R...

Making Self Employed Health Costs Fully Deductible in Canada Prior to 1998, health, medical and dental insurance premiums paid by self-employed individuals in Canada for their own insurance coverage or for the coverage of their families were not deductible in computing business income. This pla...