David,
I am new to your daily newsletters. Enjoy them very much. I am a US citizen
now living in Canada with Permanent Resident status since Jan. 2005. I do
now have a SIN as well as a Social Security number. I currently do not do
any work within Canada. I am an entertaiiner working Vegas, TV, cruise
ships, and corporate convention dates....all in the US. I also formed a
s-corp in April of 05 but have not used it at all. I intend to file a
dormant return on that and intend to keep it in the event I chose to use it
in the future. I make quarterly estimated payments to the IRS. My Canadian
wife and I live here in BC and we own a house together that we bought in
Dec. of 2002.
1. Am I to assume that I will be paying Canadian taxes as of 2005?
2. Am I assuming correctly that I will be required to file my 1040 federal
return to the US and then have a Canadian accoutant file a British Columbia
return?
3. I have been deducting my mortgage interest on my US 1040. If I have to
file a Canadian return too, will I be able to deduct the mortgage interest
in Canada as well?
4. My wife is a school principal. Can she deduct the mortgage interest on
her Canadian return?
Thank you.
