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What we need to file ypur US or or US/ tax return - how to put it together -

year? Thanks, 2006 tax client
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Living in US - commuting to Canada -

To which country will I owe income taxes?If I pay taxes to Canada and the rate is higher than my US rate, is there a way to recover the difference?
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US Taxation of Cdn mutual fund - Form 8621 - QEF - 8891 TDF 90-22.1 - Fred Snyder radio Program on CKBD 600AM -

david ingram replies:

Treat a T3 or a T5 as a 1099-Div or 1099. convert the figures to USdollars if in Canadian and put in the proper place on Schedules B and D.

Calculate the tax you paid to Canada and claim it as a foreign taxcredit on form 1116

There is no reason to fill out a form 8621 or QEF (Qualified ElectingFund) because the Canadian taxes will just about always wipe out anyUS tax by filing form 1116.

You can see Form 8621 here - http://www.irs.gov/pub/irs-pdf/f8621.pdf

Assuming all of your accounts total more than $10,000 US, you will thenfill out forms TDF 90-22.1 for every financial account including RRSP,RRIF and RESP accounts, AND any mother or father or sister or brother'sor company accounts yo may have signing authority over. See Question7 at bottom of Schedule B.

Form TDF 90-22.1 - http://www.irs.gov/pub/irs-pdf/f90221.pdf-

For your RRSP, RRIF and RESP accounts you should file form 3520. Thegood news is that for the RRIF and RRSP accounts you can substitute themuch easier form 8891.

Form 8891 - http://www.irs.gov/pub/irs-pdf/f8891.pdf

The penalties for failure to file these forms are immense.

--
This older question explains penalties:

QUESTION:I would like to put some money away for retirement. I'm aU.S. citizen living in Canada for the near future, but I knowI'll be living in the U.S. again before I retire. Should I put my money in an RRSP or an IRA?
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Moving to the UAE and declaring Non-Residency T1161, T1243, T1244 T1159 T776 Judge Teskey, Dennis Lee - Wolf Bergelt - David McL

Hi there,I am currently a Canadian Citizen and working in B.C. I have been working in B.C for the month of January and first week of February and then left my job to pursue a job in the UAE. I will be moving there in Mid March or Early April. My wife will be working in Canada until beginning of May and moving down permanently in mid may. Will be getting our residency visas.We have decided to sell our rental, give our warm clothes to salvation army, take our cars off insurance/give back the plates (if our family needs a car they can then buy it when theirs breaks down), stopping my membership to sports teams etc, joining a hockey team in teh UAE, getting new credit cards, drivers license from dubai, and changing my accounts in Canada to non-residency.My question is since we have worked in Canada in 2008 (me as IC and no tax was taken and wife was taxed in hospital), sold our rental, do we declare income as a Canadian Resident or non-resident for 2008?
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claiming Canadian dependents on US return -

When I file my U.S. income tax returns, can I claim my spouse and children on my return even if they ONLY have Canadian Social Security Number?
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First year TN from Ontario to New York City -

My_question_is: Applicable to both US andCanada
Subject:        First yearTN
Expert:         taxman@centa.com
Date:          Tuesday February 12,2008
Time:           08:32PM -0000

QUESTION:

Hi,

I'm a first year TN Holdercurrently residing in New York City. I came to NYC in March 2007, and I had ajob before that in Mississauga Ontario.

Now when it comes to my taxes,I'm a bit confused of what I should do. I know I need to file taxes on both sideof the border. But I'm not sure if it's going to be very complicated as I haveincome from NY and Ontario during the same year. I was told that I can use the1040EZ form to do my US taxes, but by reading online helps, seems like I have toreport my Ontario earning in the US as well.

Can you please let me knowif this is a complicated process? Can I file taxes on my own? Or would yousuggest professional help? In this case, how much will you charge for filingbothsides?

Thanks!

-------------------------------------------------------
davidingram replies: 

It is a complicated process.  We charge from$900 to $3,000 Cdn for US / Canadian returns.  There is a more in depthdescription following below.

This older situation will help -  Youwill also have to file a New York IT 203 part year return and maybe a City ofNew York or a City of Yonkers return depending upon where you live.

The1040EZX is not the return to file.  You will not report the Ontario incomeif you file a Dual Status Return but will if you file a full year 1040 and claimforeign tax credits.

taxman@centa.com: Please see bottom of message if you wish to unsubscribe.	    
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Tax of Stock Sales WITHOUT a Beginning? international non-resident cross border income tax help estate family trust assistance e

Mr. David Ingram,

I have now tuckedyour web site into my back pocket for future reference but I have a question foryour  "Centapede".
I acquired some stocks several years back (maybe1975-ish when it was first introduced at $10.00/share).  Unfortunately Ihave no recollection or receipt  for the purchase.  Whateversupporting documents I had at the time are now gone. Since the stock acquisitionthe stocks have split 3 to 1 once, were bought out  by another group, split2 to 1 I think and changed it's name from AEC to ECA.  While I can and havetraced the movement of the stock via old newspapers et cetera,  I still cannot say what  value I acquired the stock.

Q. - How can one declarethe gain, for tax purposes, WITHOUT an original purchase receipt?

Q. -Could the $10.00 /share initial share issue value be used to calculate the gainfrom a sale of the stock?
An Interesting site.0


        _/)   *
 ~~ ~~~ ~~~~
_________________________________________________
david ingramreplies:

In 43 years in this business I can NOT remember a single timethat the IRS or CRA asked for the original documentation on the sale of a singlestock.

That does not mean that you should just 'make up' a figure butusing the best recollection of $10.00 a share seems like a valid figure to me,particularly if you can show that 'that' was the price at the approximate timeyou bought or acquired the stock witha old DOW or TSE or VSElisting.

From one sailor toanother
                          _/)~~~~~~~~~~
    _/)   *       ~~~~
~~~ ~~ ~~~~




Are you living onthe boat now?

____________________________________
david ingram wrote:
---------------------------------------------------------------------------------------------------------------
David Ingram's US / Canada Services
US / Canada / Mexicotax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N3L7
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 thosehours as this is a home office)
 
email to taxman@centa.com
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Disclaimer:  This question has been answered without detailedinformation or consultation and is to be regarded only as generalcomment.   Nothing in this message is or should be construed as advicein any particular circumstances. No contract exists between the reader and theauthor and any and all non-contractual duties are expressly denied. Allreaders should obtain formal advice from a competent andappropriately qualified legal practitioner or tax specialistfor expert help, assistance, preparation,or consultation  in connection with personal orbusiness affairs such as at www.centa.com. If you forward this message,this disclaimer must be included."
 
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David Ingram gives expert incometax & immigration help to non-resident Americans & Canadians fromNew York to California to Mexico  family,estate, income trust trusts Cross border, dual citizen - out ofcountry investments are all handled with competence &authority.
 
Phone consultations are $400 for 15 minutes to 50minutes (professional hour). Please note that GST is added if product remains inCanada or a phone consultation is in Canada.
 
This is not intended to be definitive but ingeneral I am quoting $800 to $2,800 for a dual country tax return.
 
$800 would be one T4 slip one W2 slip one or twointerest slips and you lived in one country only - no self employment or rentalsor capital gains - you did not move into or out of the country in thisyear.
 
$1,000 would be the same with one rental
 
$1,200 would be the same with one business norental
 
$1,200 would be the minimum with a move in or outof the country. These are complicated because of the back and forth foreign taxcredits. - The IRS says a foreign tax credit takes 1 hour and 53minutes.
 
$1,500 would be the minimum with a rental or two inthe country you do not live in or a rental and a business and foreign taxcredits  no move in or out

$1,600 would be for two people with income from twocountries

$2,800 would be all of the above and you moved inand out of the country.
 
This is just a guideline for US / Canadianreturns
 
We will still prepare Canadian only (lives inCanada, no US connection period) with two or three slips and no capitalgains, 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 noCanadian income or filing period) with about the same things in the same rangewith a little bit more if there is a state return.
 
Moving in or out of the country or part yearearnings in the US will ALWAYS be $800 and up.
 
TDF 90-22.1 forms are $50 for the first and $25.00each after that when part of a tax return.
 
8891 forms are generally $50.00 to $100.00each.
 
18 RRSPs would be $900.00 - (maybe amalgamate acouple)
 
Capital gains *sales)  are likely $50.00 forthe first and $20.00 each after that.
 
Just a guideline not etched instone. 
 
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 dailybasis with expatriate tax returns with multi jurisdictional cross andtrans border expatriate problems  for the United States, Canada, Mexico,Great Britain, 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 taxreturns, etc. Rockwall, Dallas, San Antonio Houston, Denmark, Finland,Sweden Norway Bulgaria Croatia Income Tax and Immigration Tips, Income Tax Immigration Wizard AntarcticaRwanda Guru  Consultant Specialist Section 216(4) 216(1) NR6NR-6 NR 6 Non-Resident Real Estate tax specialist expertpreparer expatriate anti money laundering money seasoningFINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross bordertransactions Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US IncomeTax Convention

David Ingramexpert income tax help and preparation of US CanadaMexico non-resident and cross border returns with rental dividend wagesself-employed and royalty foreign tax credits family estate trust trustsincome tax convention treaty

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Buys new house in 2007 and moving in 2008. -

This came from http://www2.jurock.com/askexpert/-- the first place to look for real estate information and expert answers formrealtors, accountants, mortgage brokers and even Ozzie Jurock himself -

My question is: Canadian-specific

QUESTION:MOVING EXPENSES:
In 2007 we bought a house in BC with the intention of movingin it.  We could not sale our house in AB so we stayed in AB.
We will bemoving to BC this spring.
Would we be able to write off the expenses incuredin the 2007 purchase of our  house in BC on our 2008 movingexpenses?
Thanks alot


---------------------------------------------------------------------------
davidingram replies:
I se no reason that you can not although that specificsituation is not one of the examples that comes with the form at http://www.cra-arc.gc.ca/E/pbg/tf/t1-m/t1-m-07-e.pdf


Itis not unusual for someone to buiy their new house in Decembver and move inJanuary and the closing costs, etc are just included.  The diffivultyarises when you pay expenses in the year AFTER the move.  Then you need toinclude an explanation and  carry the expenses back with a T1-ADJ.
David Ingram wrote:

On January 29, 2008, David Ingram wrote:

It is very unlikely that blind or unexpected email to mewill be answered.  I receive anywhere from 100 to 700  unsolicitedemails a day and usually answer anywhere from 2 to 20 if they are not fromexisting clients.  Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line and getanswered first.  I also refuse to be a slave to email and do not look at itevery day and have never ever looked at it when I am out of town. 
e bankruptcy expert  USCanada Canadian American  Mexican Income Tax  service andhelp
However, I regularly search for the words"PAYING CUSTOMER" andalways answer them first if they did not get spammed out. For the last twoweeks, I have just found out that my own email notes to myself have been spammedout and as an example, as I wrote this on Dec 25, 2007 since June 16th, my'spammed out' box has 47,941 unread messages, my deleted box has 16645 I haveactually looked at and deleted and I have actually answered 1234 email questionsfor clients and strangers without sending a bill.  I have also put aside847 messages that I am maybe going to try and answer because they lookinteresting. -ebankruptcy expert  US Canada Canadian American  Mexican Income Taxservice and  help
Therefore, if an email is not answered in 24 to 48 hours,it is likely lost in space.  You can try andresend it but if important AND YOU TRULY WANT OR NEED AN ANSWER from 'me', youwill have to phone to make an appointment.  Gillian Bryan generally acceptsappointment requests for me between 10:30 AM and 4:00 PM Monday to FridayVANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321.  david ingramexpert  US Canada Canadian American  Mexican Income Tax service and help.
david ingram's US / Canada Services
US / Canada/ Mexico tax, Immigration and working Visa Specialists
US / Canada RealEstate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N3L7
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 phoneoutside of those hours as this is a home office) expert  US Canada Canadian American  Mexican IncomeTax  service help.
 email to taxman@centa.com
www.centa.com www.david-ingram.com
 
Disclaimer:  This question has been answered without detailedinformation or consultation and is to be regarded only as generalcomment.   Nothing in this message is or should be construed as advicein any particular circumstances. No contract exists between the reader and theauthor and any and all non-contractual duties are expressly denied. Allreaders should obtain formal advice from a competent andappropriately qualified legal practitioner or tax specialistfor expert help, assistance, preparation,or consultation  in connection with personal orbusiness affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."e bankruptcy expert  USCanada Canadian American  Mexican Income Tax  service andhelp.
David Ingram gives expert incometax & immigration help to non-resident Americans & Canadians fromNew York to California to Mexico  family,estate, income trust trusts Cross border, dual citizen - out ofcountry investments are all handled with competence &authority.
 
Phoneconsultations are $450 for 15 minutes to 50 minutes (professional hour). Pleasenote that GST is added if product remains in Canada or is to be returned toCanada or a phone consultation is in Canada. ($472.50 with GST if inCanada)expert  US Canada Canadian American  Mexican IncomeTax  service and help.
This is not intended to be definitive but ingeneral I am quoting $900 to $3,000 for a dual country taxreturn.
$900 would be one T4 slip one W2 slip one or twointerest slips and you lived in one country only (but were filing bothcountries) - no self employment or rentals or capital gains - you did not moveinto or out of the country in this year.
 
$1,200 would be the same with one rental
 
$1,300 would be the same with one business norental
 
$1,300 would be the minimum with a move in or outof the country. These are complicated because of the back and forth foreign taxcredits. - The IRS says a foreign tax credit takes 1 hour and 53minutes.
 
$1,600 would be the minimum with a rental or two inthe country you do not live in or a rental and a business and foreign taxcredits  no move in or out

$1,700 would be for two people with income from twocountries

$3,000 would be all of the above and you moved inand out of the country.
 
This is just a guideline for US / Canadianreturns
 
We will still prepare Canadian only (lives inCanada, no US connection period) with two or three slips and no capitalgains, etc. for $200.00 up.
 
With a Rental for $400, two or three rentals for$550 to $700 (i.e. $150 per rental) First year Rental - plus$250.
 
A Business for $400 - Rental and business likely$550 to $700
 
And an American only (lives in the US with noCanadian income or filing period) with about the same things in the same rangewith a little bit more if there is a state return.
 
Moving in or out of the country or part yearearnings in the US will ALWAYS be $900 and up.
 
TDF 90-22.1 forms are $50 for the first and $25.00each after that when part of a tax return.
 
8891 forms are generally $50.00 to $100.00each.
 
18 RRSPs would be $900.00 - (maybe amalgamate acouple)
 
Capital gains *sales)  are likely $50.00 forthe first and $20.00 each after that.

Catch - up returns for the US where we use theCanadian return as a guide for seven years at a time will be from $150 to$600.00 per year depending upon numbers of bank accounts, RRSP's, existence ofrental houses, self employment, etc. Note that these returns tend to beinformational rather than taxable.  In fact, if there are childreninvolved, we usually get refunds of $1,000 per child per year for 3 years. We have done several catch-ups where the client has recieved as much as $6,000back for an $1,800 bill and one recently with 6 children is resulting in over$12,000 refund. 

This is a guideline not etchedin stone.  If you do your own TDF-90 forms, itis to your advantage. However, if we put them in the first year, the computercarries them forward beautifully.
 
This from "ask an income trusts tax service and immigrationexpert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a dailybasis with expatriate tax returns with multi jurisdictional cross andtrans border expatriate problems  for the United States, Canada, Mexico,Great Britain, 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 taxreturns, etc. Rockwall, Dallas, San Antonio Houston, Denmark, Finland,Sweden Norway Bulgaria Croatia Income Tax and Immigration Tips, Income Tax Immigration Wizard AntarcticaRwanda Guru  Consultant Specialist Section 216(4) 216(1) NR6NR-6 NR 6 Non-Resident Real Estate tax specialist expertpreparer expatriate anti money laundering money seasoningFINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross bordertransactions Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US IncomeTax Convention. Advice on bankruptcy  e bankruptcy expert  US Canada Canadian American Mexican Income Tax service and help.

David Ingramexpert income tax service and immigration help and preparation of US Canada Mexico
non-resident and cross border returnswith rental dividend wages self-employed and royalty foreign tax credits familyestate trust trusts
income tax convention treaty advice onbankruptcy

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david ingramInternational non-resident cross border expert income tax & immigration helpestate family trust assistance expert preparation &immigration consultant, income trusts experts on rentals mutualfunds RRSP RESP IRA 401(K) & divorce preparer preparersconsultants Income Tax Convention Treaty.  advice on bankruptcy expert  USCanada Canadian American  Mexican Income Taxhelp.
  
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Cash value of life insurance when Non-resident returning to Canada -

My_question_is: Applicable to Another Jurisdiction or Multi-jurisdictionsSubject: Non-resident returning to CanadaExpert: taxman@centa.comDate: Tuesday February 19, 2008Time: 01:54 AM -0000QUESTION:I work in the p/c insurance field and a life insurance agent, suggested that i look at the tax advantages of a life insurance. Long story short, I have a large life insurance policy (from a USA company) with 50,000 in cash value that I bought in 2001. If I move back to Canada and withdraw money, what happens?
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Capital gains on UK inherited property


My brother, a Canadian citizen, resident in Canada has inherited a property in England. He plans to give it away.Will he be liable for captitaI gains tax in Canada? No liability will attach in England.    Kind regards   -----------------------------------------
david ingram replies:

This is a three month old question which was put aside to answer and then lost due to the death of my good friend. 

If your brother gives the property away right away so that there is no increase in value, there is no capital gains tax to pay in Canada.  On the other hand if it went yup 5000 between inheritance and gift, he would have to pay tax to Canada on one half of the gain.  The calculation would be on schedule 3 and the result would go on line 127 of the return. �