My question is: Canadian-specific

QUESTION: Hello,

I've recently been very interested in the idea of partnering with my family
in buying, fixing up and then reselling homes. It looks like this works
great in the US, however, after mentioning this idea to a realtor here in
the Lower Mainland im not so sure.

What type of tax implications are there for doing something like this? Does
this actually turn out to be a good way to make a profit?

Thanks,

Dear Sir;
I have just read your Nov.2001 article of Centa-pede and I am wondering (and hoping) if that info will still work today?
I am just a plain working stiff that has managed to sock a little away in various real estate investments. I have revenue from an industrial property which I own jointly with a partner. He is incorporated I am not. We also own bare water-front land which we have been paying interest on for nine years all the while assuming this interest was deductible. Apparently a costly error.
I don't know if you can help in this particular situation as I understand it could take some time to set up, if at all possible, but I am thinking of my future. I don't expect something for nothing and I would definitely be willing to pay for any help you could provide. I realize that tax time is upon us and you must be busy but any time you may be able to spare would be appreciated.
Yours truly,

QUESTION:

We are US citizens contemplating early retirement and moving to Canada (applying for Canadian residency).

Post retirement income will mainly be funds distributed from retirement plans.

Currently we have a living trust established here for estate planning.

Please advise re: tax consequences, and also, if this trust will be applicable under Canadian law.
How can I buy "The Border Book"?
Thanks for your help.
=

Subject: Are capital gains applicable?


A person dies in 1995 and estate is settled within 5 years. Investment
property in which deceased had an interest sold 10 years after his death and
funds distributed to beneficieries this month, (approx $8,000. each) . US
beneficiaries will pay capital gains. I called RevCan who advised I don't
pay and not to even declare it on tax form.... hmmm?
As a Canadian resident, do I pay capital gains to USA on amount?


Thanks.

My question is: US-specific

QUESTION: a few years ago I sold my home {which was an inheritance} to my 18 yr old son for $1.00 . I also have a daughter, and now would like to put the house in both names. Is this possible, even if my son does not agree?

n 1951 my mother-in-law was given a recreational property in Alberta. It has increased about $ 135,000 in value. In 1994 mother put the property in joint tenancy with one of two daughters. When mother passes (soon), I understand she is deemed to have sold the property to her daughter for full market value. Can your office help me with the capital gains tax preparation for mother's estate? Thanks.

My question is: Canadian-specific

QUESTION: Dear David Ingram: I am a Canadian Citizen who has just sold an empty lot in Lake Havasu City, Arizonia. The Title Company has the buyer withold 10% of the sale proceeds for Captital Gains Tax to send to the I.R.S. I was told that I would receive this 10% back when I file a tax form with the I.R.S. for this year 2004. This property was simply an investment. Empty land. The Captital Gain on it is around 95,000 U.S. How much of this am I able to get back for myself? Or have I been misled here. The lawyer in Ontario who notorized the documents for me said I would get a credit. The Canada Customs & Tax Agency told me that I would "get it back" which I understood to mean as a refund in cash. Which is it? Thank You for offering some light. Sincerely,

My question is: Canadian-specific

QUESTION: My wife and I own several rental properties. Over the last
three years renovating them has exceeded expenses so the loss was written
off on my income. (my wife had no outside income however has now started
working part time this year) Now too, this past year and from here on, the
houses are profitable. In Canadian tax law can I now have the income from
the houses shown as my wife's income or at least split with my wife as she
is an equal owner.

I am considering a potential position with a company that will be based in Canada (subsidary of an Austrian Company) The length of the assignment will be approximately 2 years.
I would be spending 4-5 days a week working thoughout Canada residing in hotels and/or temporary housing paid for by the company.
My family, wife and three children, would maintain our residence in Seattle.
Since I have not accepted the position as of yet, I am wondering what my tax situation would be.
I had read that as long as I am only in Canada less than 183 days a year, my tax situation will be only conducted in the US and I could be paid in American dollars.
Is this correct?
If not, I would like to understand all the potential implications, as it would be part of my negotiations.