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: [email protected] 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.
[email protected].
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 [email protected]
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.
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.
[email protected].
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 [email protected]
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 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"
YOUR MONEY"
Those outside of the Lower Mainland will be able to
listen on the internet
at
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:
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)
$1,600 would be for two people with income from two countries
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
---------------------------------------------------------------------------------------------------------------
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:
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
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North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
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
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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,
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