Looking for a US Canada tax advisor -
looking for a Canada/US tax advisor. Do you provide this service? I am looking for answers to the following questions.
I'm a Canadian RN working in the US with a Green Card for the last 3 years, so I'm a tax resident of the US. I plan of surrendering my Green Card in 10 years and returning to Canada (at age 50). From a tax standpoint, am I better off investing my extra income in Traditional IRA's, Roth IRA's, buying US rental property, or purchasing a Canadian "retirement home" and renting it out for the next 10 years until I return to Canada? I currently have no debt and own a home in the US.
--
"The world is a book, and those that do not travel read only one page"
St. Augustine
I'll trade you one.
I am a part of all that I have met;
Yet all experience is an arch wherethro’
Gleams that untravell’d world, whose margin fades
For ever and for ever when I move.
How dull it is to pause, to make an end,
To rust unburnish’d, not to shine in use!
Tennyson. - from Ulysses - http://home.att.net/~tennysonpoetry/uly.htm
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david ingram replies:
There is no doubt in my mind that the best use of your money for 'your' purpose is to go to where you want to retire and buy your retirement home with a mortgage that sort of balances off the rent you will receive.
That is the only way you will be sure that your retirement home will be there in Canadian dollars.
For instance, if you had bought a US property ten years ago and were now selling it to buy the Canadian property, your US dollars would be worth 30% less.
There are also geographical restraints here of course. If you intend to retire to The Sunshine Coast in BC or Lunenburg in Nova Scotia, you can expect major inflation. If you are retiring to Brandon, Manitoba, or Rouleau, Saskatchewan, or Fortune, Newfoundland, there is less urgency.
Tax is the last thing to worry about in this equation although certainly a consideration. Currency exchange and inflation where you want to reture are the tough ones that you have to deal with.
I am a part of all that I have met;
Yet all experience is an arch wherethro’
Gleams that untravell’d world, whose margin fades
For ever and for ever when I move.
How dull it is to pause, to make an end,
To rust unburnish’d, not to shine in use!
Tennyson. - from Ulysses - http://home.att.net/~tennysonpoetry/uly.htm
________________________________________________
david ingram replies:
There is no doubt in my mind that the best use of your money for 'your' purpose is to go to where you want to retire and buy your retirement home with a mortgage that sort of balances off the rent you will receive.
That is the only way you will be sure that your retirement home will be there in Canadian dollars.
For instance, if you had bought a US property ten years ago and were now selling it to buy the Canadian property, your US dollars would be worth 30% less.
There are also geographical restraints here of course. If you intend to retire to The Sunshine Coast in BC or Lunenburg in Nova Scotia, you can expect major inflation. If you are retiring to Brandon, Manitoba, or Rouleau, Saskatchewan, or Fortune, Newfoundland, there is less urgency.
Tax is the last thing to worry about in this equation although certainly a consideration. Currency exchange and inflation where you want to reture are the tough ones that you have to deal with.
I am too busy for the next three weeks to do any individual consulting but
will be available again around May 4th.
_____________________________________________________________
david ingram wrote:
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office)
$1,600 would be for two people with income from two countries
David Ingram expert income tax help and preparation of US Canada Mexico non-resident and cross border returns with rental dividend wages self-employed and royalty foreign tax credits family estate trust trusts income tax convention treaty
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David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office)
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
for expert help, assistance, preparation,
or consultation in connection with personal or
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Be ALERT, the world needs more
"lerts"
David Ingram gives expert income
tax & immigration help to non-resident Americans & Canadians from
New York to California to Mexico family,
estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence &
authority.
Phone consultations are $400 for 15 minutes to 50
minutes (professional hour). Please note that GST is added if product remains in
Canada or a phone consultation is in Canada.
This is not intended to be definitive but in
general I am quoting $800 to $2,800 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only - no self employment or rentals
or capital gains - you did not move into or out of the country in this
year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no
rental
$1,200 would be the minimum with a move in or out
of the country. These are complicated because of the back and forth foreign tax
credits. - The IRS says a foreign tax credit takes 1 hour and 53
minutes.
$1,500 would be the minimum with a rental or two in
the country you do not live in or a rental and a business and foreign tax
credits no move in or out
$1,600 would be for two people with income from two countries
$2,800 would be all of the above and you moved in
and out of the country.
This is just a guideline for US / Canadian
returns
We will still prepare Canadian only (lives in
Canada, no US connection period) with two or three slips and no capital
gains, etc. for $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely
$450
And an American only (lives in the US with no
Canadian income or filing period) with about the same things in the same range
with a little bit more if there is a state return.
Moving in or out of the country or part year
earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00
each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00
each.
18 RRSPs would be $900.00 - (maybe amalgamate a
couple)
Capital gains *sales) are likely $50.00 for
the first and $20.00 each after that.
Just a guideline not etched in
stone.
This from "ask an income trusts tax and immigration expert"
from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily
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