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QUESTION:
I am a US citizen by naturlization and became a landed immigrant in canada
since 1981. Last year I started work in Seattle from Monday to Friday,
driving to home and work on Friday and Sunday.
I rented a room at Seattle. I have a house and RRSP in Canada How do I pay My tax to both countries?
I applied for canadian citizenship and am still waiting for it, and all my friends got
their citizenship within 6 months. Please help!
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david ingram replies:
You are about to have the best of two worlds. US and Canadian Citizenship is world class and you taking advantage of your situation.
As a US citizen you have to file a tax return every year no matter where your money is earned so I hope that you have been filing your returns all along. If you have not been doing so, now is the time to bring them up to date for the last six years.
Assuming you have been preparing your US returns, your 2003 returns would look something like this.
You will file a Canadian T1 General and report your Canadian Income and your US income on it. The tax calulated will be divided proportionally between the Canadian and American income.
You will prepare a US 1040 and report the same income. Depending upon amounts, you might choose to exempt the Canadian Income on a form 2555 or claim a foreign tax credit for the tax paid to Canada on form 1116 or a combination of the two (i.e. claim the maximum amount of exemption and claim foreign tax credit on the excess.)
Then you will claim a foreign tax credit on the Canadian return for the tax paid to the US on your US earnings.
Your citizenship should ber in the works. To ensure you get all the days needed in Canada. I woiuld suggest that you leave for Seattle on Monday Mornings to get the maximum number of days in Canada and the maximum numbe ro nights slept here for BC medical purposes.
Your kind of return is what I have been preparing since 1968. Let me know if you need help.
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
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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