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My question is: Applicable to both US and Canada
QUESTION: I'm in my 30s, a Canadian citizen, and have lived in Canada since
birth. I recently discovered I acquired US citizenship at birth through one
of my parents, both of whom are now Canadian citizens. US parent naturalized
in late '70s. I have moderately small investments, RRSP and non, a business
through which I am currently not doing any transactions, residence, and
steady employment in Canada grossing less than the US70k/yr cutoff. My
income has always fallen under this level. My long term plans include full
time studies 4-11yrs before returning full time to the work force. At some
point in the future I will acquire a moderate inheritance, including
property, probably not in excess of US1,000,000. I have been considering
acquiring a US Passport and filing with the IRS to open up additional
employment and living options. I could just as easily forgo or renounce my
US citizenship to avoid the possible hassles. Could you please offer
comments or advise based on the ge!
neral information I've provided? Thanks
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david ingram replies.
I have just discovered this buried in a dead computer which was taken out by a virus and now had most of its stuff restored.
And I just sent a similar newsletter to you. Not the same but similar.
If you want to do this, you should likely come in and talk. However, you can get a lot more information by going to www.centa.com and clicking on [US/Canada Taxation] at the top left.
DANGER
If you renounce your US citizenship to escape the tax filing requirements, you are banned from entering the US for the rest of your life.
There are people who would willingly give you $1,000,000 for your US citizenship if it was transferable. Try and find something that takes advantage of it.
The double tax returns are incidental. We look after that and although different, is not much more onerous than if you lived in Hull, Quebec and worked in Ottawa. You would have two tax returns to do. And if you lived in Crescent Beach, California and worked in Brookings, Oregon you would have California, Oregon and US federal returns to do. Or if you lived in Connecticut and worked in New York, you would have three returns to do.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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 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"
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