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Hi David,
Thanks for taking my tax question.,
1. I'm a Canadian citizen and have a TN status VISA to work in the US.
I live in a border city, Windsor, ON Canada and work in the US, Detroit, MI.
Everyday I cross the border to work, and come over the border again to live.
2. This is actually a very common thing in our area but I'm finding tax time very stressful.
3. I feel I pay all the taxes but cannot claim any deductions.
4. I'm married without children and my income for the US is rising... this actually stresses me out,
as now I am finding I have to pay more taxes to the US at the end of the year!
As the US tax is a credit on my Canadian return, is there an instance where I can bring my Canadian tax below "0" through RSP purchases and such?
(thus allowing me to get some taxes back?)
5. Also when I contribute to the 401(k) in the US, I'm still taxed on my entire income in Canada. Is this right?
Then when I take out the 401(k) I'm taxed again in Canada for this income? Is this right?
6. Would I every be able to get tax back or will it only happen once I have children?
7. I don't know what I'm doing wrong.
Help!
8. Have you ever done taxes from someone out of province?
Thanks for your time,
MXXXXXXXXXXX
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david ingram replies:
1. We have had several clients doing the same thing. Not uncommon.
3. There are not a lot of deductions for you.
4. Buying a Canadian RRSP would be better for you than the 401(K)
5. The 401(K) is not what you should have. Your US employer should recognize that you are being penalized and get permission to exempt you from the plan.
They should make their contribution to a Canadian RRSP for you. This is not common but is being done in an amazing number of cases now. If you are part of a union contract, it is almost impossible,
6. A simple method of getting tax back is to have them deduct more. If you are paying at the end of the year, you are likely being deducted at a joint return level.
8. We do tax returns for Americans and Canadians on about 100 countries and I am sure we have clients in 40 states.
Today, for instance we agreed to do tax returns or received them from Vancouver, Montreal, Toronto, New Jersey, New York, Laguna Beach, Seattle, Kuwait, and a second one from New Jersey. We had no clients from West Vancouver, where our office is located.
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
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[email protected]
www.centa.com www.david-ingram.com
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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
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
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