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QUESTION:
I am an US resident alien and also a Canada Landed Immigrant and we ( I and
my wife along with a Canadian Citizen ) incorporated a company in Canada in
May 02. The company did not have any earning in 02 and no taxes were paid
or filed in either Canada or US. In 2003 the company had about $5000USD
earnings for services provided to a US based company. The company has no
permanent establishment in US and the service was provided remotely from
Canada by the Canadian director. Since we ( I and my wife ) have decided not
to return to Canada we are planning to close the company this year.
Meanwhile what forms should we file here in US and how much would you charge
for them ? From searching your website it appears that I may have to file
form 5471. I have not filed this in 2003 . Is this a problem ?
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david ingram replies:
You and your wife should have filed a 5471 for the Canadian Company for 2002 and 2003. At the moment, you are both eligible for a $50,000 US fine ($10,000 for the first 90 days and $10,.000 every thirty days thereafter to a maximum of $50,000 per shareholder per year for the 2002 return..
Our fee for filing the 5471 is about $1,100 to $1,400 per year. - likely the lower figure with no business done. In addition,the Canadian tax returns would likely be $350 for 2002 and $600 for 2003. Any accounting would be extra but it does not sound like there is any accounting to speak of.
This from "ask an income tax and immigration and bankruptcy 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.
income tax wizard wizzard guru advisor specialist consultant taxman This from "ask an income tax and immigration and bankruptcy 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.
income tax wizard wizzard guru advisor specialist consultant taxman 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.
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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
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North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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
Bus (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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