August 1995 CEN-TAPEDE - Tax Treaty Ratified, U.S. Canada Tax Treaty

August 1995        Page 111

the CEN-TAPEDE

david ingram's US/Canadian Newsletter 

 

TAX TREATY

 

I have been out of town but heard Dr Jerry White (on Bill William's CKST Saturday morning program) state that the US and Canadian governments have finally ratified the US / CANADA Tax Treaty on August 14, 1995. As I said in the September, 1994 CEN-TAPEDE, this will affect many thousands of people and deals with such items as the possible refund of tax deducted on gambling winnings and it will also affect estate tax returns back to Nov 10, 1988. (We have $42,000 US coming back on one return on this point alone.)

 

Another major part is that Canada will begin deducting 25% tax before sending Old Age Security and Canada Pension Plan cheques to U.S. residents and the U.S. will do the same. There will be a lot of surprized expatriates come 1996. The September, 1995 CEN-TAPEDE will have more details.

 

In the meantime, I will be up at Pender Harbour with our insurance agents, John and Heather Forward of Pender Harbour Insurance watching people fish. "Why does modern man fish" when there is a perfectly good IGA in the shopping centre there?

 

Call D'Arcy von Schleinitz at 913-9133 and he will answer any specific questions or get it to me.

 

REAL ESTATE NEWS

 

In the "You scratch my back and I'll scratch yours" department, take note of Ozzie Jurrock's upcoming seminar on foreclosures with featured speaker Shelly Calhoun of the Ideal Source foreclosure newsletter. This takes place at the Bayshore on the evening of September 12th. $39.00 plus GST unless you are a subscriber to the Jurrock Real Estate Investment Newsletter in which case it's free. I'm not sure how much the JREI newsletter costs, but you can find out by calling Ozzie's office at 683-1111. I know he will send you a free copy to look at if you ask.

 

SUNSHINE COAST

 

I have been in the real estate game since November, 1965 (Block Brothers at 3695 Delbrook in North Vancouver) and I have never seen a market like the present one on the Sunshine Coast. It seems like everything is for sale and the free real estate paper has 90 pages of listings with 10 to 40 listings per page.

 

What is odd about the situation is that my reasonably close perusal did not find a single ad with the words, foreclosure, sacrifice, "take over payments", or the ubiquitous "nothing down", in the text.

 

This contrasts sharply with a recent perusal of the Stockton, California equivalent paper where every page had one, two, three, or even four ads with the above words bold faced. While the Vancouver Market and the Okanagan are suffering their worst foreclosure rates in 13 or 14 years, the Sunshine Coast has not had that hit.

 

On the other hand, it is definitely a buyer's market. If you have been thinking of that second home or just want a nice place at a reasonable price and don't mind the ferry commute (think New York and Staten Island, or Seattle and Bainbridge Island), the Sunshine Coast is worth looking at.

 

ROGERS CABLE - Cable 4 (archives at www.david-ingram.com)

 

My guests on Thursday, August 31st, 1995 at 9 PM will be Dennis Olsen, former U.S. Consul in Vancouver whose Immigration Office is in Everett, Washington (206 304-1030) and his Vancouver law partner, also a US immigration lawyer, Michael Jacobsen.

Those who are keeping track of their CEN-TAPEDES can read Dennis Olsen's guest edition on US Investor visas in the January, 1995 issue.

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