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David;
I called your office and was refered to email you here. I am a Canadian working in the States (Chicago) on an L-1 Visa. I've been here since March 2003.
I have accespted a new position back in Canada in the new year and was wondering the following:
1.) Can i roll over my 401K's into my Canadian RRSPs? (I searched thru your site and found an excerpt of your saying it was very difficult, but I wanted to make sure mine is a similar situation. I have heard that having less than $5000 in 401K requires you to take them with you".
2.) Can I simply wire money from my US account to my CDN account? (it's been in non-resident status, but I will be changing it back)
3.) Is there anything i should watch out for in terms of tax & declaring residency upon my return?
4.) How the "heck" do i figure out how to file my taxes next tax season!
5) I was hoping i could utilize your services, if applicable.
Regards,
KXXXXXXX
312-560-xxxx
PS. your website people have done a great job registering your site with search engines. It appears you are the top result for: 401K, RRSP, Canadian US tax, etc.
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david ingram replies:
1. If you roll your 401(K) into an IRA, the Canadian Governemtn will allow you to roll it into a Canadian RRSP with no tax consequences. However, it is almost impossible to get any US financial Institution to allow you to roll the IRA into a Canadian RRSP. We HAVE done it, but not continuously, not regularly and frankly, you will not want to pay me enough to push for it. Certainly not, if you are getting less than $5000.
2. Wire it, transfer it electronically or simplyt write a check (cheque) on your US account and deposit to the Canadian account.
3. If you return on Jan 1st, the 2004 return for Canada will be simple. If you return later, you will have to show the date of entry on page one of the Canadian retrurn. The same thing will happen with your 2003 return except the Canadian Return will show a date of departure, your US 1040 will be a "dual status" return and your Illinois return will be a IL 1040NR. If you leave after Jan 1rst, your returns will be the same except that we will likely file a US 1040 NR instead of a 1040
4. Well, I "sort of" gave you the answers in 3. However, the book says that you are lookiong at 100 hours of trying to figure it all out and then only have a slight chance of getting it right.
5. This is the right answer and I give you the contact numbers and addreses below.
>From the number of anti spam blockers I detected in your email, it will be unlikely that this will get back to you so I might even follow up with a phone call if you do not acknowledge its receipt.
I will pass on your compliments about the placement of our web site in terms of the search engines. As a test, I tyoed in - Chicago us canada incopme tax expert - amd we came up numbers one and two. The credit goes to three people in particular plus myself for the content.
Richard Pitt is the current webmaster. He and his partner Stuart Lyunne were the owners of Wimsey Infromation Syustems INc which I believe was the first Commercial CANADIAN ISP. Because Richard had left our office to go to Wimsey, our site was also one of the first in Canada and has a lot of history.
Ozzie Jurock is the chief factotem at www.jurock.com and www.featureweb.com. These two hosting ISPs with some 700 businesses hosted can show that businesses on their site are consistently inteh top two no matter what the business is. In front of a 100 people, Ozzie introduced me as one of the pioneers on the internet in Canada (we have used interoffice email since 1983) but showed that if you typed in Vancouver and income tax I was not to be found even though there were some 2000 hits if you typed in [David Ingram and Income Tax]. In other words, if you did not know who I was, you would not find me by topic.
I went back to the office where Gillian Guess was acting as webmaster and gave her the challenge of making my office number one. within 4 months, if you typed in [Vancouver income tax expert] we were numbers one to eight] and more importantly if you just typed in [income tax expert] we were number one in the world (number 5 today - try it).
Then Gillian left to teach English in the far east and Richard took it over again. We came up with another strategy that is working well and explains why we are only number 5 under income tax expert. Richard and I started splitting it so that there was more breadth of "where we were".
You can try this yourself since you seem to be interested (and may be a webmaster for all I know).
Try typing in [Saudi Arabia US Canada Income tax Expert] We come up numbers one to seven.
1 and 2 are our own site - www.centa.com
3 and 4 are Richard's site - www.belcarra.com
5 is a listing site - www.listingsca.com
6 and 7 are ozzie's site - www2.jurock.com
You can do the same thing for almost 90 countries and 150 world wide cities such as London, Boston, San Francisco, New York, Montreal, Toronto Quebec, etc.
My favourite is [Antarctica US Canada income tax expert] - we are only number one but it is on Richard's site.
It is pretty easy to be on the top with one site. It is a miracle to be able to hit the top on a whole bunch of sites.
So my thanks to three of my best friends in the world. Ozzie Jurrock, Richrd Pitt and Gillian Guess made it happen..
My contact numbers are below
Ozzie is at [email protected]; Richard is at [email protected]
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
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
[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."
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