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Wasn't sure which email to send to so I used both. Sorry to hear about your domestic trials and tribulations. Knowing you, I'm sure you'll end up finding the silver lining though.
I have two unrelated questions:
1) GST QUESTION: As you know, I have implemented your strategy of borrowing money to cover my deductible business expenses in order to use gross revenue from the business to pay down non-deductible debt. My question is - Can I use borrowed money to cover quarterly GST remittance payments or should it come off the top line?
2) REAL ESTATE CONVEYANCE QUESTION(S): I own some raw land, clear title up the valley in Hope, BC. There are three other people on title including my wife, mother, and father. My folks have decided to gift us (me and my wife) their half, so I guess there is some paper work that needs to be completed. Is this something that I can do myself with the appropriate forms or should I be hiring you or a lawyer to do the conveyance transaction? Costs? Since there will be no money changing hands, will we have to pay property purchase tax? Do my folks have to declare income? Someone once told me that there was an exemption policy in place for this type of situation where property changes hands between family members without an actual sale happening. As usual, I look forward to your feedback.
Regards,
Douglas Lietz
PS: In one of your CEN-TAPEDE communications, I remember you mentioning plans to set up an office in Surrey. Is this still in the works?
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david ingram replies
There is a Canadian tax preparation office at 10457 King George Highway now - (604) 585-1955. It does not prepare US returns. I am seriously thinking about adding US returns to that office which belongs to Gloria Ingram.
1. Borrowed money should never be used to pay GST or any other income taxes. GST and income tax are not paid to earn money. The GST is actually a trust tax and should be segregated in its collection. Income Tax is a tax, not an operating expense.
2. Property Purchase Tax is payable. The only property transferable between parents and children or husband and wife is the family home. In this transfer, you could do it yourself but you will spend too many hours figuring it out to be cost effective. Try lawyer Bill Spohn (604) 926-8681 or lawyer David Stoller (604) 922-4702 in our building. They are used to different real estate deals coming from our office.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to [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"
This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Davidi Ingram deals daily with tax returns dealing with:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the 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.
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