Going to need US/CND tax help.
QUESTION:
In July I became a legal residence of the US. Former Manitoba residence. I am currently on Maternity leave from my job with the Canadian Federal Gov't receiving both EI and top off payments. In Nov I will will be returnig to work in my position in Canada. I am needing some expert advice on any tax saving solutions for my situation. I know that I will still be deemed a Canadian residence for Canadian income tax. I still own a residence in Canada (now my seasonal residence) and have a left $10K in a RRSP in Canada.
My question is can anyone help me out with some tax advice/planning and tax prep at tax time?
Another issue is that I would like to purchase a home in the US. Can I get a Canadian mortgage to purchase it as my income is all Canadian source income? Is it even possible or is there any tax implications I have to consider?
Thank-you for your time.
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david ingram replies:
Your situation is not usual for Maintoba but there are thousands of people doing what you are doiong across the rest of the country where large populations are close to each other like Detroit and Windsor and Vancouver and Bellingham and people commute back and forth on a daily basis between the US and Canada.
From the brief info given, you will be taxable in both countries but foreign tax creidts will mean only one tax in all.
You should likely borrow as much in Canada against your seasonal home and then use it as a large down payment on the home in the USA with a US mortgage on the property. I give the kind of conbsultation you likely need and want.
You can find the details about charges, etc., below.
You will also want to read the Oct, 93 and Oct 95 newsletters at www.centa.com in the top left hand box.
Also read the US Canada Taxation section in the second box down on the right hand side. �
In July I became a legal residence of the US. Former Manitoba residence. I am currently on Maternity leave from my job with the Canadian Federal Gov't receiving both EI and top off payments. In Nov I will will be returnig to work in my position in Canada. I am needing some expert advice on any tax saving solutions for my situation. I know that I will still be deemed a Canadian residence for Canadian income tax. I still own a residence in Canada (now my seasonal residence) and have a left $10K in a RRSP in Canada.
My question is can anyone help me out with some tax advice/planning and tax prep at tax time?
Another issue is that I would like to purchase a home in the US. Can I get a Canadian mortgage to purchase it as my income is all Canadian source income? Is it even possible or is there any tax implications I have to consider?
Thank-you for your time.
-------------------------------------------
david ingram replies:
Your situation is not usual for Maintoba but there are thousands of people doing what you are doiong across the rest of the country where large populations are close to each other like Detroit and Windsor and Vancouver and Bellingham and people commute back and forth on a daily basis between the US and Canada.
From the brief info given, you will be taxable in both countries but foreign tax creidts will mean only one tax in all.
You should likely borrow as much in Canada against your seasonal home and then use it as a large down payment on the home in the USA with a US mortgage on the property. I give the kind of conbsultation you likely need and want.
You can find the details about charges, etc., below.
You will also want to read the Oct, 93 and Oct 95 newsletters at www.centa.com in the top left hand box.
Also read the US Canada Taxation section in the second box down on the right hand side. �
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