PART II Quebec RRSP's Ask a cross-border International

Dear David,
Thank you so much for the great info ! If I am living in the US at age 65,
will the income from my RRSP be taxed at 15% (US rate) and will I also have
to pay Canadian tax ? If I move BACK to Canada (as a new citizen) to take
advantage of health care - how long must I "reside" in Canada to qualify?
Thank you , XXXXXX
====================
david ingram replies:
If you are living in the USA and take the RRSP out as a RRIF pension, the
Canadian tax will be 15% withholding.
You will then report the income on the US tax return again and claim the 15%
tax paid to Canada as a foreign tax credit on form 1116 of the US tax
return.
You are required to continue to file US returns while you live in Canada and
if you have RRSP accounts and other accounts totalling g over $10,000 US,
failure to file and report the accounts has penalties of up to 5 years in
jail PLUS $500,000 PLUS 5% per year of the balances in the RRSP accounts.
Glad to help if you have not being doing the returns
----- Original Message -----
From: "David Ingram" <taxman at centa.com>
To: >
Sent: February 2, 2005 4:03 AM
Subject: Quebec RRSP's Ask a cross-border International real estate rental
mutual funds immigration non-resident income tax expert - David Ingram 's
CEN-TA Services in North Vancouver BC Canada on It's Your Money CKBD AM600
Fred Snyder's Radio Show
>
> From:           J
> Reply_To:       j
> My_question_is: Applicable to both US and Canada
> Subject:        RRSP's
> Expert:         taxman at centa.com
> Date:           Tuesday February 01, 2005
> Time:           04:26 PM -0800
>
> QUESTION:
>
> I'm a US citizen, perm. res. in Quebec. If I move back to the US, how is
my
> RRSP taxed upon retirement. Also, I was told that an individual must have
> "lived" in Quebec for 40 years or more in order to collect a pension - is
> this true?
>
> -----------------------------------------------
> david ingram replies:
>
> Whatever you do, if you have been here for 3 years, apply for and get your
> Canadian Citizenship BEFORE you decide to go back to the USA.
>
> There are NO disadvantages and many advantages including the right to move
> back to "ANY" province in Canada in the future.
>
> Why would you or why might you want to do that?  Well, if you have a
medical
> problem and have run out of US medical insurance, you might "really" want
to
> move back for our medical.
>
> Just leave your RRSP here.  You will have to report and exempt the
internal
> earnings every year but Canada has had a far better yield in the stock
> market than the USA for the last five years. They two countries tend to
> seesaw when it comes to yields.
>
> Pensions
>
> You have to have lived in Quebec or any part of Canada for ten years to
get
> a Canadian Old Age Pension.  If you are here for ten years, you will get
> 10/40ths of the maximum pension for the OAS.  You are supposed to have
lived
> in Canada for 20 years to collect OAS when residing in another country.
> However, the Social Security Agreement allows you to transfer US years to
> the Canada or Quebec Pension Plan to qualify. Note that OAS is paid
because
> you lived here, not because you contributed directly as you have to do
with
> SSN or CPP/QPP.
>
> The Quebec Pension Plan is different. It is a contributory plan. Because
of
> the US Canada Social Security Totalization Agreement, you will get
something
> by applying some of your US Social Security years to the QPP to qualify
for
> it.
>
> Answers to this and other similar  questions can be obtained free on Air
> every Sunday morning.
>
> Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee
Wealth
> Management and I, David Ingram  host a LIVE talk show called "ITS YOUR
> MONEY"
>
> Those outside of the Lower Mainland will be able to listen on the internet
> at
>
> www.600AM.com <http://www.600am.com/>
>
>
> Local calls are taken at (604) 280-0600 and Long Distance calls are taken
at
> 1( 866) 778-0600
>
> Callers to the show are invited to attend free seminars on financial
> planning with such specialities as deductible mortgage interest. They are
> held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604)
731-8900
> for more information.
> =========================================
> Ask a cross-border International real estate rental mutual funds
immigration
> non-resident income tax expert - David Ingram 's CEN-TA Services in North
> Vancouver BC Canada on It's Your Money CKBD AM600 Fred Snyder's Radio Show
> Answers to this and other similar  questions can be obtained free on Air
> every Sunday morning.
>
> Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee
Wealth
> Management and I, David Ingram  host a LIVE talk show called "ITS YOUR
> MONEY"
>
> Those outside of the Lower Mainland will be able to listen on the internet
> at
>
> www.600AM.com <http://www.600am.com/>
>
>
> Local calls are taken at (604) 280-0600 and Long Distance calls are taken
at
> 1( 866) 778-0600
>
> Callers to the show are invited to attend free seminars on financial
> planning with such specialities as deductible mortgage interest. They are
> held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604)
731-8900
> for more information.
> =========================================
> This from "ask an income tax and immigration expert" from www.centa.com
> <http://www.centa.com/>  or www.jurock.com <http://www.jurock.com/>  or
> www.featureweb.com <http://www.featureweb.com/> . David Ingram deals on a
> daily basis with expatriate tax returns with:
> multi jurisdictional cross and trans border expatriate problems  for the
> United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait,
> Dubai, Saudi Arabia, Thailand, Indonesia, 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, and any of the 43 states with state tax returns, etc. Rockwall,
Dallas,
> San Antonio and Houston Texas
> Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration
> Tips, Income Tax and ImmigrationWizard Income Tax and Immigration Guru
> Income Tax and Immigration Consultant Income Tax  and Immigration
Specialist
> Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax
specialist
> expert preparer consultant expatriate anti money laundering money
seasoning
> FINTRAC E677 E667 4789 4790 TDF-90 Reporting $10,000 cross border
> transactions
> =========================
>
>
> David Ingram's US/Canada Services
> US / Canada / Mexico tax, Immigration and working Visa Specialists
> US / Canada Real Estate Specialists
> 4466 Prospect Road
> North Vancouver,  BC, CANADA, V7N 3L7
> Res (604) 980-3578 Cell (604) 657-8451
> (604) 980-0321 Fax (604) 980-0325
> Email to taxman at centa.com <mailto:taxman at centa.com>
> www.centa.com <http://www.centa.com>  www.david-ingram.com
> <http://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 and the author and
any
> and all non-contractual duties are expressly denied. All readers should
> obtain formal advice from a competent and appropriately qualified legal
> practitioner or tax specialist in connection with personal or business
> affairs such as at www.centa.com <http://www.centa.com> . If you forward
> this message, this disclaimer must be included."
>
>
> Be ALERT,  the world needs more "lerts"
> ==============================
>
> Alaska,  Alabama,  Arkansas,  Arizona,
> California,  Colorado, Connecticut,
> Delaware, District of Columbia,  Florida,
> Garland, Georgia,  Hawaii,  Idaho,  Illinois,
> Indiana,  Iowa,  Kansas,  Kentucky,
> Louisiana,  Maine,  Maryland,
> Massachusetts, Michigan, Minnesota,
> Mississippi,  Missouri,  Montana,  Nebraska,
> Nevada, New Hampshire,  New Jersey,
> New Mexico, New York, North Carolina,
> North Dakota,  Ohio,  Oklahoma,  Oregon.
> Pennsylvania,  Rhode Island,  Rockwall,
> South Carolina, South Dakota, Tennessee,
> Texas,  Utah, Vermont,  Virginia,
> West Virginia, Wisconsin, Wyoming,
> British Columbia, Alberta, Saskatchewan,
> Manitoba, Ontario, Quebec City,
> New Brunswick, Prince Edward Island,
> Nova Scotia, Newfoundland, Yukon and
> Northwest and Nunavit Territories,
> Mount Vernon, Eumenclaw, Coos Bay
> and Dallas Houston Rockwall Garland
> Texas  Taxman and Tax Guru  and wizzard
> wizard - consultant - expert - advisor -advisors consultants - gurus -
Paris
> Prague Moscow Berlin
> Lima Rio de Janeiro, Santaigo
> ============================
> New York, Boston, Sacramento, Minneapolis, Salem, Wheeling, Philadelphia,
> Pittsburgh, Atlanta, Pensacola, Miami, St Petersburg, Naples, Fort Myers,
> Cape Coral, Orlando, Atlanta, Arlington, Washington, Hudson, Green Bay,
> Minot, Portland, Seattle, St John, St John's, Fredericton, Quebec,
Moncton,
> Truro, Atlanta, Charleston, San Francisco, Los Angeles, San Diego,
> Sacramento, Taos, Grand Canyon, Reno, Las Vegas, Phoenix, Sun City, Tulsa,
> Monteray, Carmel, Morgantown, Bemidji, Sandpointe, Pocatello, Bellingham,
> Custer, Grand Forks, Lead, Rapid City, Mitchell, Kansas City, Lawrence,
> Houston, Albany, Framingham, Cambridge, London, Paris, Prince George,
Prince
> Rupert, Whitehorse, Anchorage, Fairbanks, Frankfurt, The Hague, Lisbon,
> Madrid, Atlanta, Myrtle Beach, Key West, Cape Coral, Fort Meyers,
Berlin,
> Warsaw, Auckland, Wellington, Honolulu, Maui, Kuwait, Molokai, Beijing,
> Shanghai, Tokyo, Manilla, Kent, Winnipeg, Saskatoon, Regina, Red Deer,
Olds,
> Medicine Hat, Lethbridge, Moose Jaw, Brandon, Portage La Prairie,
Davidson,
> Craik, Edmonton, Calgary, Victoria, Vancouver, Burnaby, Surrey, Edinburgh,
> Dublin, Belfast, Glasgow, Copenhagen, Oslo, Munich, Sydney, Nanaimo,
> Brisbane, Melbourne, Darwin, Perth, Athens, Rome, Berne, Zurich, Kyoto,
> Nanking, Rio De Janeiro, Brasilia, Colombo, Buenos Aries, Squamish,
> Churchill, Lima, Santiago, Abbotsford, Cologne, Yorkshire, Hope,
Penticton,
> Kelowna, Vernon, Fort MacLeod, Deer Lodge, Springfield, St Louis,
Centralia,
> Bradford, Stratford on Avon, Niagara Falls, Atlin, Fort Nelson, Fort St
> James, Red Deer, Drumheller, Fortune, Red Bank, Marystown, Cape Spears,
> Truro, Charlottetown, Summerside, Niagara Falls, Albany
>
> Ask a cross-border International real estate rental mutual funds
immigration
> non-resident income tax expert - David Ingram 's CEN-TA Services in North
> Vancouver BC Canada on It's Your Money CKBD AM600 Fred Snyder's Radio Show
>
> --
> No virus found in this outgoing message.
> Checked by AVG Anti-Virus.
> Version: 7.0.300 / Virus Database: 265.8.3 - Release Date: 1/31/05
>
>
>
> --
> No virus found in this incoming message.
> Checked by AVG Anti-Virus.
> Version: 7.0.300 / Virus Database: 265.8.0 - Release Date: 27/01/05
>
>

--
No virus found in this outgoing message.
Checked by AVG Anti-Virus.
Version: 7.0.300 / Virus Database: 265.8.5 - Release Date: 03/02/05
--
No virus found in this incoming message.
Checked by AVG Anti-Virus.
Version: 7.0.300 / Virus Database: 265.8.4 - Release Date: 2/1/05
--
No virus found in this outgoing message.
Checked by AVG Anti-Virus.
Version: 7.0.300 / Virus Database: 265.8.5 - Release Date: 2/3/05
--
No virus found in this outgoing message.
Checked by AVG Anti-Virus.
Version: 7.0.300 / Virus Database: 265.8.5 - Release Date: 2/3/05