QUESTION:
My husband is a dual citizen of the us and Canada. We are both
retired and I am becoming a landed immigrant in Canada and am a us
citizen. I own property in Canada and have a retirement income from
the us. My husband a dual citizen has both social security from the
us and from Canada but it is a minor amount 400.00 each a month. I
get about 50,000 a year from retirement from the usa and only own
property in Canada. We spend about six months in Canada in the house
and six months in an RV in the state of California. I file us tax
with my husband in the usa and he files in Canada for the social
security he earns in Canada. Do I have to pay tax in Canada on my
retirement income from the usa?
-------------------------------------------------
david ingram replies:
You are trying to get the best of both worlds.
If you have applied for PR status in Canada and own property here and
your husband and maybe yourself are members of a Canadian Provincial
medical plan, Canada has every right to tax you on your retirement
income but will allow a foreign tax credit for the tax you have paid
to the USA.
If your husband is a non-resident of Canada, he should not file a
Canadian tax return because his Canadian pensions are not taxable (not
one cent) if he is a resident of the US. However, I think he is
claiming to be a resident of Canada to be able to sponsor you into
Canada and because his income is so low, he cannot sponsor you as a
spouse from outside the country so I am betting that he is sponsoring
you from within Canada.
Although we are skating on the head of a pin, I believe that Canada
would win the tax battle.
If you do not want to pay Canadian Tax, stay in the US for at least
seven months a year.
Go to www.centa.com and read the US/Cda Taxation section on the right
hand side. You should likely book a $375.00 Cdn (min and per hour)
phone consultation with me after reading the section suggested.
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
Local calls are taken at (604) 280-0600 and Long Distance calls (BC
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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.
=========================================
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