XXXX wrote:

Below is the result of your feedback form.  It was submitted by
XXXX on Sunday, April 11, 2010 at 22:42:20
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My_question_is: Applicable-to-other-jurisdiction

question: IS THERE A LIST OF COUNTRIES THAT DO NOT PERMIT A US CITIZEN ENTRY DUE TO A PREVIOUS CRIMINAL RECORD?

XXXXX XXXXX wrote:
Hello. A Canadian citizen, I started a 12-month position in the US two weeks ago as an independent contractor on 1099. I read on the web that, starting 2010, I will be taxed as a US citizen if I live here for more than 183 days. What tax form(s) do I need to submit to my recruiting firm, which pays me?

xxxxx wrote:
Dear Sir , I have a question.

I am a Canadian who has a margin account with a discount brokerage in Canada.

Can i use this margin account to borrow, to invest in a rental property in the US ?

Is the interest deductible in the US , and in Canada ?

I appreciate an answer.

xxxxx

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Below is the result of your feedback form.  It was submitted by
XXXXXXXXXXXX on Thursday, March 11, 2010 at 06:00:35
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My_question_is: Applicable-to-other-jurisdiction

question: Dear David,

First of all, I would like to say that your website is very insightful and has been very helpful. I am emailing you with one question in mind, will I be taxed for my worldwide income or not? In order to answer my question I do understand that you would need to know many more details so here are the points. I have been living in XXXXXXXXXXX since November 2008. In 2009, I have filled my Canadian income tax for the whole year and at that point I had a Common Law residing in the country therefore I paid my taxes. 

Currently, XXXXXXXXXXX is an income tax free country and as far as my ties to Canada I do have a bank account, credit card, driver's license and a valid passport. My salary is deposited into an offshore account and at one point during the year I did make a large transfer into my Canadian account. My bank account is still shared with my previous other half, although we are not together and  this account could be closed immediately should you recommend it.

As far as my future desires, I do not intend to come back to Canada in the short term and planning to stay in Asia Pacific. One final detail, I am employed with a Hotel company, which technically is a Canadian company, however our hotels are privately owned and I do not get paid from Canada - my contract is with the owners of our Resort here in XXXXXXXXXXX .

I look forward to your response.

Warm regards!

XXXXXXX XXXXXX wrote:

 Hi there . My husband and I just sold our recreation property. He didn't know that he would have to pay tax on this. I am wondering if you could give us an estimate on how much tax we would have to pay on this. We did not do any major work so no receipts. We did pay out the bank 25,000 as the main resident and property were combined. Both our names are on the titles. His income is disability 27,000 and mine is 27,406. the property was sold for 125,000 we paid 20,000, and 250 in legal fee. He wants me to mention that he spent 20,000 in improvements but no receipts over the 18 years we had it. Your advice will be greatly appreciated

My_question_is: Canadian-specific

question: I invested a large sum of cash with one of Canada's five large banks. These GICs were taken on 1, 2,3, and 4 year terms. In the third year I MADE A LARGE PURCHASE AND WAS REQUIRED TO REDEEM THE GICs EARLY AT THE 2.5 YEAR POINT. The bank then claimed back all of the interest paid out for the third year which was approx. $7000. They had already issued T4 tax slips for this for interest paid out in that year and refused to issue a statement of interest retraction. I contacted revenue canada about this interest clarification and they said all I needed was a declaration on bank letterhead signed off by an officer of the bank that the $7000 was in fact redeemed to them. However they now SAY IT WAS NOT A RETRACTION OF INTEREST BUT IN FACT A PENALTY FOR EARLY CONTRACTUAL REDEMPTION. Revenue Canada says that as such I would still have to pay the tax on the interest as the bank sees the process as a penalty rather than a retraction of interest. So what it amounts to is I hav

e to pay tax on money I don't have and the bank gets to write this amount off against their capital losses on our term agreement. How can this be that I have to pay income tax on money the bank has and they don't? Help please, sincerely, XXXX XXXXXXXX.

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