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----- My question is: Canadian-specific
QUESTION: Hello
I just stumbled across your website and it very impressive but I am unable to find THE answer to my question. First a little background. I am a Canadian citizen living in Canada. My wife is not a Canadian citizen but she has applied for citizenship with me, her husband, has her sponsor. I work for an International company (based in Holland) and I presently work in Africa. My company pays all off my Canadian and African taxes so I have no personnel tax bill. My income is over $100,000 per year and my wife does not work. My wife and I want to start investing in real estate, as in buying several rental properties per year if possible. Since we have no tax bill and no need of tax deductions, how do we set up our business? I hope you can help us with this. Thank you for your time.
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david ingram replies:
Not that common but not unusual either. Tax equalization for employees of multi-national corporations is the norm.
However, to do that, a tax return is being filed for you in Canada.
If you are going to invest in Canadian Real Estate, the rental income and expenses will become part of that return.
You will have to fill out a T776 and give it to your employer to give to whomever is doing your returns now (likely KPMG).
It would be unusual for your company to pay your Canadian tax bill if there is a profit on the rentals.
Pick your properties, hire a rental agent and start your investment portfolio in real estate.
I do not know what city you are living in but if it is Vancouver, I would be glad to arrange to assist you with the real estate purchase, the property management and the tax equalization.
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
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