QUESTION: My home-based software consulting business will be earning over $180K this year. I haven't kept any employees, and divide the current income between myself and my spouse on a partnership basis. We currently live in XXXXXXXXXX, BC and plan to move to XXXXXXXX, AB sometime this year when we sell our house. I know that you don't like incorporations, but at my newly achieved income level, I am guessing that it's advisable to incorporate. Do you have any recommendations for good tax advisors/accountants/estate planners/lawyers in XXXXXXXX whom I can get in touch with? If you could advise me instead of recommending someone else then will it be a problem to deal with you in case I am in Alberta, and you are here in North Van? We do own a rental property in the US, and file 1040NR every year. We have 2 daughters - one of them is a US citizen. The rest of us are Indian Citizens who are permanent residents in Canada for last 4 years, and are waiting for our Canadian citizenship. So, our taxes/business and estate will span 3 countries (US, Canada, and India). Currently, my business is only limited to BC, so even if I move to Alberta, my clients will still be in BC, so I need advice on across-province tax advise. Thanks, in advance. XXXXXXX.---------------------------------------------------------------
I maintained an apartment in the States until the end of 2007, but spent most of my time in Canada. I have been told that this means that I must pay Canadian tax for the entire year for services I received. I did not go on BC medical until this month. Help! --------------------------------------------------------------------------- david ingram replies:
QUESTION: Hello, My wife and I (both US citizens) are considering moving to Vancouver. I'm a xxxxxxxx, telecommuting for a start-up company (Delaware company with its office in New York City). And I'm trying to start a new career as a screenwriter/cameraman/director. I'm trying to make a general comparison of the taxes we'd pay as residents of Seattle, or Portland, OR, or Vancouver. We believe Vancouver would be the best fit, but we're concerned about Canadian taxes. Current salary through the company is $62,500 (US). Other interest income from U.S. accounts totals about $23,000 per year (US). Can you give me a basic summary of what I might expect as U.S. versus Canadian (federal/provincial/city) taxes to expect? Also, if the start-up is successful, it may mean a buy-out in two or more years. Through annual stock options, my portion could mean value of seven figures. Any obvious considerations in that regard. Great website! I'm subscribing to the newsletter, and have no doubt where I'm coming for my tax help if we end up in Vancouver. Thanks very much, ---------------------david ingram replies:
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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