--------------------------------------------------Hello,I saw your car the other day and thought you might be the person to talk to.I am a Canadian living here in West Vancouver. My wife is a US citizen. We have recently bought a house in the US Virgin Islands (US territory) and are thinking of purchasing a home on the US mainland. We have put our house up for sale here and I would like to move from Canada. My accountant at KPMG has told me I will face significant departure taxes if I leave Canada. I would like to minimize and or avoid paying these taxes. Can you be of help?Cheers,
D.G.
(Dan) Walkow, CFA, CMT, Managing Director & Portfolio Manager:
[email protected]
Ajbinder (AJ) Sull, BBA,
MBA, CFA, Portfolio Manager: [email protected]
Paul Bains, BBA, MBA,
CFP, Associate Portfolio Manager: [email protected]
Seabank Capital Management
Inc.
Suite 301, 1959-152nd Street
White Rock, British
Columbia, Canada V4A 9E3
With regard to who to deal with, the people I recommend
for this kind of information (other than myself of course)
are:
Gary Gauvin is absolutely
qualified to deal with you. He is an old business partner of mine from
Ottawa. He now practices outside of Dallas Texas as a one or 1 1/2 person
office. If you deal with Gary, you will deal with Gary. He is a US
enrolled agent. You can find his website easily. Type - income Tax
Expert - into google. Gary will come up as number one or two.
Why, because he is. If I am looking for a first or second opinion, I call
Gary. Disadvantage - Gary is a one and a half person office.
Advantage - You will always get to talk to Gary.
Gary likes
corporations. I and my four associates do not like them. I like
dealing with individuals who deal cross-border withOUT
corporations.
OR KPMG in Vancouver. The last
time I checked they had 22 people in their US/Canada department.
call (604) 691-3025. Advantage - Lots of Backup. Disadvantage - It
will be hard to get the same person to deal with you three times in a
row.
OR Steve Peters with KPMG in Halifax (902)
492-6011
OR Kevin Nightingale in Toronto (416)
733-9595
OR Mark
Serbinski in Toronto
(416)733-0300
OR Len
Vandenberg with BDO Dunwoody in Kelowna, BC. (250)
763-7600
OR Steve Katz in Vancouver
at (604) 732-1515
OR Brad Howland in
Victoria at (250) 598-6258
Whoever you choose, you would likely do well
to consult with me for one or two hours a year. If I have a suggestion, it
will be worth it. If I can't come up with anything, you will know that
what you are doing is likely the best track. I will compare it to my
dentist, Ed Clarke. When I went in the fall of 2005, I ended up with
$16,000 to $18,000 of dental bills, a root canal, a bunch of pain, and a lot of
nice new caps, etc.
When I went for an inspection on Jan 29, 2008,
he could not find anything wrong except that I was not flossing.
Which one did i appreciate more?
Well both - the first time was expensive
but dealt with years of neglect. The second said I am on the right
track.
Good luck.
Looking at the California Non-resident
Adjustment Form CA(NR) will give you another idea of how this leaving the
country stuff works for taxation after you have left and still have assets back
in Canada.
. http://www.ftb.ca.gov/forms/07_forms/07_540nrca.pdf
One other thing. Your wife will have to sponsor you for a green card for you to go and live with her in the US and that means doing the paperwork through Montreal. If you kept the house in Canada, you could visit her in the US for up to six months at a time. However, without a full blown home in Canada (or Itakly, or Australia, or even the British Virgin Islands, you can not be a visitor to the US. AND!!! Under the circulstances you have described, your BC medical will also be cancelled or ineffective 90 days after you leave. Make sure you have arranged for Medical BEFORE you go.
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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