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Hi David,
I'm on your e-mail list and enjoy several of the topics, particularly the
dual citizenship ones. I file both tax returns (CDN - US) each year and have
seen in several of your answers that the US should be filed first, with the
tax paid to the US taken as a foreign tax paid on the CDN return.
Does this apply across the board or is it intended for US residents?
I have lived in Canada for 35 years and my only US income now is Soc.
Security and a few dividends on US stock.
The time frame for filing seems to argue that I first file the CDN tax and
then get the extension for filing the US return, and claim the CDN tax as
foreign tax on the US. Is there another reason to do the US first?
I called this morning to ask you this on the radio show, but was told you
couldn't make it in.
I'm also interested in receiving the Excel spreadsheets for financial
planning that were offered on the show.
Keep up the good work.
Thanks,
TX
XXXXXXXXXX
Sechelt
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david ingram replies:
Your social security is not taxable on the US tax return and should be treaty exempted.
Your US dividends should not be taxed at more than 15% in the US.
If you are ending up taxable in the US because of your Candian income, there would be US tax on the dividends and this tax should be a foreign tax credit on the Canadian return. It sounds like you have waltzing foreign tax credits meaning that you have foreign tax credits from the US to apply to the Canadian return and foreign tax credits from Canada to apply to the US return.
Like a waltzing couple the two returns have to be done together.
Sorry about missing the radio program. The truth is that I forgot about it completely. Had a great time on Valentines day, got home early, went to bed, woke up at eight with lots of time and figured that it ws Sunday so I went back to sleep and did not wake up unitl someone who knew my cell number phoned me at ten o'clock to tell me that the promo had my phone number wrong.
The silly part was that I had originally intended to be in Seattle on Sat, Sunday and Monday and did not go because of the program and then forgot about it completely. And it is an infomercial that I am buying the time for.
Oh well, call next week.
When the software is ready, we will get one out to you. You should come down on a Wednesday for our little seminars.
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & 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."
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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