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QUESTION: Hi,
I got my Canadian PR in June, landed in October and I am in the process of moving to Canada from the US.
I was working in the US on an H1B for 6 years.
Here's my question:
Can I leave my e-trade account/ bank accounts in the US after I move, since there is a possibility I may return back to US if the transition is not successful.
If so, what are the tax implications, while in Canada?
Thanks.
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david ingram replies:
You are not alone. My assistant for five years was from Sri Lanka. He was in the US, married and had 4 children when his visas ran out. He came to Canada as a PR, was here long enough to get Canadian Citizenship and is now back in the United States with a green card.
He actually had a personal audience with President Clinton in Oct 1997 when his daughter wrote tot he president and explained that she and her three siblings were born in the US but couldn't live there.
You can leave your accounts in the US. It is up to your US broker to accept the fact. Some do not want to deal with Canadian Accounts although there are thousands of Canadians dealing in the US as you are.
If you leave your accounts in the US with a US address the paperwork will look like you are still there. At the end of the year we will have to do a 1040NR return to pay 15% tax on any dividends, 10% or nothing on any interest, and no tax on any capital gains because non-residents, non-citizens of the US do not pay capital gains tax on publicly traded stocks in the US.
You will have to report the profits on your Canadian return. We would then claim a foreign tax credit for the taxes paid to the US. There would not be any double taxation.
And, COMMERCIAL - that is what I do; look after your kind of return by mail, email, fax or post.
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 & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration 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. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, Indonesia, Egypt, Antarctica, 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, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico,New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon and Northwest and Nunavit Territories, Mount Vernon, Eumenclaw, Coos Bay and Dallas Taxman and Tax Guru Your name has been added to our email list because of an enquiry we have received, we may not answer your question but
another similar question will be as we lump them.
You may find more answers at www.centa.com
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
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