Dear David,

  Just for the record, are there any deadlines coming up soon that I
should know about?  When should I file my Canadian return?  If there is a
schedule of dates for Canadian tax season and document deadlines, could you refer
it to me?  My US CPA has your book which you loaned to me.  If your book has a
schedule of dates and deadlines, etc., just refer me to that.  Should I be the initiator of communication regarding the Canadian tax season filings, or should we expect you to ask for the required documents and information prior to Canadian tax season?

Thank you for all of your help!  I'll be at your lawyer's office on Tuesday, March 4 to sign the purchase agreement.  I'll drop by to say hello.

RXXX XXXXXXXX
213-700-xxxx mobile
--------------------------------

The US and Canadian tax years match each other. they both run from Jan 1 to
Dec 31st as opposed to Australia and England and New Zealand and some other
countries which have different fiscal years.

However, you and your Canadian Agent have to file an NR6 with the CCRA BEFORE you start
renting the property. I gave you that form when you were in my office and I
am assuming that your rental agent in Whistler knows about the form and has
already had you sign one.  If you ask them and they do NOT know about it,
get back to me.

The NR6 you are filing now is for 2003.  You and the agent must file another NR6 for
2004 BEFORE December 31, 2003.

Then, your Canadian AGENT has to file a report to tell the Canadian
government how much he or she paid you in 2003. "That" report is due by
March 31, 2004.

Your Canadian rental return for 2003 will be due on June 30, 2004.  Your US
return is due April 15, 2004 but I suggest that you apply for an automatic
extension to Aug 15, 2004.

That way, there is no rush in either country to get it done.  Sometime around 2 PM, May 17th (for example) we will prepare the 2003 Canadian Return and fill out a dummy US return with the figures for your US CPA to just plop in.

 

Because of your other business ventures and US living trust, it makes more sense for your US accountant to prepare your US return.  In 99% of other cases, I recommend that we do both the US and Canadian and US state returns because it is easier for one person to do the whole thing.

 

However, your CPA understands Foreign tax credits and we will prepare a dummy and he just has to plug the figures into the return he prepares.

 

david

David Ingram - www.centa.com
the CEN-TA Group

US / CANADA  Real Estate Income Tax Specialists
US / CANADA / Mexico Income Tax and Working Visa Matters
108-100 Park Royal South
West Vancouver, BC, CANADA
V7T 1A2

 

(604) 913-9133  Fax (604) 913-9123
Cell (604) 657-8451 10 AM to 10 PM 7 days a week