Dear Mr. Ingram
My wife and I hold dual American & Canadian citizenships . We currently live in XXXXXXXX ,Texas. My wife is to receive a large inheritance from her father sometime this fall. He was a resident of Ontario,Canada. We would like to keep the money in Canada. The amount is > 250,000.00 and < 750,000.00 .Could you advise us as to the feasibility of our request ? If it is possible to do this we would like to consult with you as to the best way to proceed.
Sincerely, XXXXXXXXXXXXXX
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david ingram replies:
I would be happy to look after you but you may want to deal with someone from Ontario who now lives in Dallas, Texas and you can find in the number one or two spot if you type "Income Tax Expert" into google.
Gary Gauvin is / was my ex partner in my Ottawa Office and now has a home office in Rockwall, Texas, a suburb of Dallas. His office number is (469) 273-3399, his web site is www.garygauvin.com and his email is [email protected].
Now neither of us deal with securities. We are cross border tax specialists.
Your biggest problem will be finding a broker or someone in Canada who is willing to deal with you.
999 out of 1000 licenced financial people in Canada can NOT deal with you because neither they, nor their company, are licenced to deal with you when you live in Texas.
They can lose their licence if they deal with someone who does not live in the province where they are licenced.
I don't know if you intend to come back to Ontario and maybe Toronto or if you intend to retire out here in god's back yard.
It is completely feasible for you to keep the money in Canada. Just do NOT do it by setting up a Canadian address for the account and making it look like you are living her for the sake of getting a broker to take your account.
I am happy to consult with you of course. I charge $450 (plus GST if you are in Canada) for an up to an hour consultation. further pricing details follow the next question. A couple of people you may want to deal with are included in the answer.:
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QUESTION:
I am a U.S. resident with my own one-person North Carolina corporation. I have all of my investment money inside my one-person company's defined benefit pension trust here in the U.S. (it is like a self-directed I.R.A. although it is not exactly that). I want to invest some of that money in one particular Canadian commodities trading fund which is structured in B.C. as a "mutual fund trust". I have no problem doing any of this on the U.S. side. I have all of the U.S. side under control. The problem is that this particular Canadian commodities trading mutual fund trust operator will not take my investment because I am in the U.S. They are not registered with the U.S. CFTC or S.E.C. and are afraid of want to run afoul of U.S. securities regulators by dealing with U.S. residents (namely my U.S. pension plan trust). However, they would be willing to accept the investment from a Canadian corporation if I set one up. Could I incorporate a Canadian corporation to buy and hold the units, without too severe adverse tax consequences? The only reason to create this Canadian corporation would be to convince the mutual fund trust operator that he was not dealing with a U.S. person for U.S. securities-regulation purposes. It would be owned by my U.S. defined benefit pension plan trust. In the U.S., my defined benefit pension plan trust pays no taxes at all, so I would hate to pay Canadian taxes and withholding taxes along the way. Another way of approaching this problem would be to create some entity that would be considered a non-U.S. resident for securities regulation purposes but a U.S. entity for taxation purposes. That might be the ideal solution. Maybe an offshore corporation would be an option. Or maybe I am missing some option..... Thanks for any comments! ------------------------david ingram replies:
------------------------------------------ Don Walkow of Seabank Capital Management in Surrey, BC is one Canadian who can help you with the process
while you are still in the United States. His licensing allows him to deal with 401(K) plans, IRA's, RRSP's and
straight securities in any state in the US - He is one of two people I know of who can do this. -
His North American telephone number is 1-800-541-9952 and you can find out more at www.seabankcapital.com. Darrell Thompson of Blackmont Securities is the other person and is located in Toronto.
His phone number is 866-775-7704 If you are in Canada and in BC or Ontario in particular, Fred Snyder, host of "Its Your Money" every Sunday Morning
from 9:00 to 10:30 AM Vancouver Time can also look after you but can NOT talk to you if you are in the US.
(999 out of 1,000 other Representatives in Canada can NOT talk to you either). You can listen to this Canadian
Program (I am a regular guest - used to be the first co-host) live at www.600am.com---------------------
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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