HELOC - Glen Kelleway - Fred Snyder - Stuart Rodger -

Sent: Friday, March 09, 2007 10:23 PM
Subject: creditline mortgage - HELOC - Glen Kelleway - Fred Snyder - Stuart Rodger - David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Mexico family, estate, income trust trusts Cross border, dual citizen - out of country investments are all handled with competence & authority.

My_question_is: Canadian-specific
Subject:        creditline mortgage
Expert:         taxman@centa.com
Date:           Friday March 09, 2007
Time:           02:34 PM -0500

QUESTION:

Hi David,

I'm thinking of getting a creditline mortgage for the purpose of purchasing some Canadian stocks (dividend producing). I understand that the interest I'll be paying would be considered tax deductible and that 50% of the dividend income I earn is taxed. What I want to do is take the dividend income I'm earning and put it towards my mortgage ($90,000). The value of my home is just over $600,000. What type of paperwork do I need to provide Revenue Canada to allow me to do this? I'm just worried if things are not done in a particular order I'll have problems later on. I'm not sure how particular Revenue Canada is in this regard. Thanks in advance for your help.
________________________________________________________________________
david ingram replies:

You need a direct line showing that you borrowed the money and used it to buy stock, mutual funds, a business or any other income produvcing commodity, maybe a gravel truck.

If you do not show a direct linkage where the borrowed money is specifically used to buy the commodity or item, you will lose with Revenue Canada.

Stuart Rodgers with Manulife Bank is one Mortgage man who understands the process and his HELOC (Home Equity Line Of Credit) can be diveded into five portions. His phone number is (604) 351-6133.
stuart_rodger@manulife.com

Glenn Kelleway at Mortgage it Right is the mortgage broker I used for my own mortgage - He is also one of the few who understand the process.  His number is (604) 476-0053.

His email is
glen@mortgageitright.com

You can go to www.centa.com and read the November Newsletter in the top left box and you can listen to Fred Snyder's program on Sunday morning.  He will give you a free written financial plan which will explain the system

You should also go to the CRA site and read Bulletin IT-533 on the subject.
 
If you want a free answer for a couple of minutes, remember
If you want a free answer for a couple of minutes, remember
 
Answers to this and other similar  questions can be obtained free on Air
every Sunday morning.
 
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth Management will be hosting an INFOMERCIAL but LIVE talk show called "ITS
YOUR MONEY"
 
Those outside of the Lower Mainland will be able to listen on the internet
at
 
 
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
 
Old shows are archived at the site.
 
I appear as a guest on the last Sunday of each month



david ingram wrote:
---------------------------------------------------------------------------------------------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325

Calls welcomed from 10 AM to 9 PM 7 days a week  Vancouver (LA) time -  (please do not fax or phone outside of those hours as this is a home office)
 
 
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation  in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
 
Be ALERT,  the world needs more "lerts"
 
David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Mexico  family, estate, income trust trusts Cross border, dual citizen - out of country investments are all handled with competence & authority.
 
Phone consultations are $400 for 15 minutes to 50 minutes (professional hour). Please note that GST is added if product remains in Canada or a phone consultation is in Canada.
 
This is not intended to be definitive but in general I am quoting $800 to $2,800 for a dual country tax return.
 
$800 would be one T4 slip one W2 slip one or two interest slips and you lived in one country only - no self employment or rentals or capital gains - you did not move into or out of the country in this year.
 
$1,000 would be the same with one rental
 
$1,200 would be the same with one business no rental
 
$1,200 would be the minimum with a move in or out of the country. These are complicated because of the back and forth foreign tax credits. - The IRS says a foreign tax credit takes 1 hour and 53 minutes.
 
$1,500 would be the minimum with a rental or two in the country you do not live in or a rental and a business and foreign tax credits  no move in or out

$1,600 would be for two people with income from two countries

$2,800 would be all of the above and you moved in and out of the country.
 
This is just a guideline for US / Canadian returns
 
We will still prepare Canadian only (lives in Canada, no US connection period) with two or three slips and no capital gains, etc. for $150.00 up.
 
With a Rental for $350
 
A Business for $350 - Rental and business likely $450
And an American only (lives in the US with no Canadian income or filing period) with about the same things in the same range with a little bit more if there is a state return.
 
Moving in or out of the country or part year earnings in the US will ALWAYS be $800 and up.
 
TDF 90-22.1 forms are $50 for the first and $25.00 each after that when part of a tax return.
 
8891 forms are generally $50.00 to $100.00 each.
 
18 RRSPs would be $900.00 - (maybe amalgamate a couple)
 
Capital gains *sales)  are likely $50.00 for the first and $20.00 each after that.
 
Just a guideline not etched in stone. 
 
This from "ask an income trusts tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax returns with multi jurisdictional cross and trans border expatriate problems  for the United States, Canada, Mexico, Great Britain, United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas, San Antonio Houston, Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and Immigration Tips, Income Tax  Immigration Wizard Antarctica Rwanda Guru  Consultant Specialist Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist expert preparer expatriate anti money laundering money seasoning FINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross border transactions Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US Income Tax Convention

David Ingram expert income tax help and preparation of US Canada Mexico non-resident and cross border returns with rental dividend wages self-employed and royalty foreign tax credits family estate trust trusts income tax convention treaty

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