ROTHS and other U.S. tax sheltered vehicles
QUESTION:
Hi...
As an American citizen living in Vancouver (I also have Canadian citizenship) am I allowed to open and contribute to retirement tax sheltered vehicles such as a ROTH or IRA in the States?... I am debt free and annually max out my RRSP...
Thank you,
xcxxx from New York
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david ingram replies:
Don't even think about it unless you have US earned (wages or self-employment) income which was earned in the US and therefore is taxable in the US first. (Money paid to you in Canada from a US employer for work performed in CANADA does NOT count.)
Then it might be acceptable. Acceptable depends on "IF". It appears that a US IRA will be deductible for Canadian Tax proposes in the new US/Canada Income Tax Treaty (signed Sept 21, 2007). However, I have not had a chance to discuss this with anyone yet and am not prepared to make a go for it decision.
You are our typical client.
Get more information about deductions and investments by going to Fred Snyder's seminars at 1764 West 7th on Thursday Nights at 7 PM (there is also one at noon the same day).
These are free and you have absolutely nothing to lose by attending. Fred is one of the few financial consultants in Vancouver who has any idea of the reporting rules for US citizens living in Canada.
David Ingram wrote:
Every Thursday at 12 noon and 7 PM, Fred Snyder of Dundee Wealth Management
presents free Financial Seminars for his clients, potential clients and anyone who phones and asks to attend.
THERE is NO CHARGE! (I used to charge up to $999.00 for essentially the same thing)
AND - NO ONE'S ARM IS TWISTED TO BUY SOMETHING.
They are presented at the Dundee Boardroom (holds about 30 people max)
1764 West 7th
Vancouver, BC
phone (604) 731-8900 - ask for Freda to register for free.
These are genuine educational seminars dealing with everything from how to buy a house to making your mortgage tax deductible to buying an RRSP to alternatives to RRSP accounts to estate planning. So What started as 13 separate seminars has now evolved into 23 separate topics.
IT IS NOT UNUSUAL FOR PEOPLE TO COME TO ALL OF THEM.
ONE LADY CAME TO 53 separate seminars and her husband came to about 20 with her.
If you have a financial consultant, bring them. People have brought their bankers and life insurance agents with them.
Take your spouse, your best friend, your son, your daughter, your mother or your worst enemy But do phone 604-731-8900 �
Hi...
As an American citizen living in Vancouver (I also have Canadian citizenship) am I allowed to open and contribute to retirement tax sheltered vehicles such as a ROTH or IRA in the States?... I am debt free and annually max out my RRSP...
Thank you,
xcxxx from New York
---------------------------------------------------------------------------
david ingram replies:
Don't even think about it unless you have US earned (wages or self-employment) income which was earned in the US and therefore is taxable in the US first. (Money paid to you in Canada from a US employer for work performed in CANADA does NOT count.)
Then it might be acceptable. Acceptable depends on "IF". It appears that a US IRA will be deductible for Canadian Tax proposes in the new US/Canada Income Tax Treaty (signed Sept 21, 2007). However, I have not had a chance to discuss this with anyone yet and am not prepared to make a go for it decision.
You are our typical client.
Get more information about deductions and investments by going to Fred Snyder's seminars at 1764 West 7th on Thursday Nights at 7 PM (there is also one at noon the same day).
These are free and you have absolutely nothing to lose by attending. Fred is one of the few financial consultants in Vancouver who has any idea of the reporting rules for US citizens living in Canada.
David Ingram wrote:
Every Thursday at 12 noon and 7 PM, Fred Snyder of Dundee Wealth Management
presents free Financial Seminars for his clients, potential clients and anyone who phones and asks to attend.
THERE is NO CHARGE! (I used to charge up to $999.00 for essentially the same thing)
AND - NO ONE'S ARM IS TWISTED TO BUY SOMETHING.
They are presented at the Dundee Boardroom (holds about 30 people max)
1764 West 7th
Vancouver, BC
phone (604) 731-8900 - ask for Freda to register for free.
These are genuine educational seminars dealing with everything from how to buy a house to making your mortgage tax deductible to buying an RRSP to alternatives to RRSP accounts to estate planning. So What started as 13 separate seminars has now evolved into 23 separate topics.
IT IS NOT UNUSUAL FOR PEOPLE TO COME TO ALL OF THEM.
ONE LADY CAME TO 53 separate seminars and her husband came to about 20 with her.
If you have a financial consultant, bring them. People have brought their bankers and life insurance agents with them.
Take your spouse, your best friend, your son, your daughter, your mother or your worst enemy But do phone 604-731-8900 �
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