whether living outside Canada with a Canadian would allow his wife's immigration
status to continue.
Thanks,
_________________________________
david
ingram forgot to reply:
Once your wife has officially landed in Canda and
has her PR (permanent resident) card, it will remain valid as long as she is
living with you in or out of Canada. If the two of you separated, she
would have to live in Canada for 24 months (not necessarily consecutive) out of
any 60 month period.
This means that under Article IV of the US and
another 100 international tax treaties, it is possible to live in Ontario for 5
months (153 days) a year and qualify for Ontario Medical but not be taxable in
Canada on your world income because you are in your other country for more than
the 183 days. Ontario is the only province or territory that does not
require your presecnce for 6 months or six months plus a day to qualify for your
medical which means that in every other province, to qualify for medical, you
make yourself taxable in Canda on your world
income.
----------------
At 12:57 AM 5/24/2007, you
wrote:
Please see bottom of message if you wish to
unsubscribe.
------------------------------------------
Time:
03:01 PM -0400
QUESTION:
Hello Tax Experts
I am a Canadian
going down from Vancouver to Seattle to work on an L1. I have been transfered to
the company's head office.
I am also brining my wife with me whom I met on a
cruise ship. She is xxxxxxxxx and has her Canadian immigration papers in
process.
I have been told that to claim non residency would cancel my wife's
application so our intention is to keep our residency status which I imagine
would be easy as the visa is really only for 3 years anyway.
We will rent out
our apartment via a management company but I'm wondering how much difference
there would be in taxes by doing things this way. If I was making a nice round
number like 100K per year US... is it easy to say what the difference would be
remaining a resident vs becoming non-resident?
I was always told that if I
was in a 30% bracket in the states and a 33% bracket in Canada, I would owe
Canada 3% at the end of the year by remaining a Canadian resident.
Is
that correct?
Thanks for any information you can give
me!
-------------------------------------------------------------------
david
ingram replies:
Without paying any attention to the rental or cost of
living, as a resident, you would owe Canada $6,600 or so more if you earned
$100,000 in Seattle and this was converted to $110,000 Caandian.
This
assumes a full year of employment and that you earned all of the income and your
wife earned nothing.
The advantage of being a factual resident is that
you could avoid capital gains tax on your apartment.
david ingram wrote:
---------------------------------------------------------------------------------------------------------------
David
Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and
working Visa Specialists
US / Canada Real Estate Specialists
My Home
office is at:
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North Vancouver, BC, CANADA, V7N
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Cell (604) 657-8451 -
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Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time
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email to [email protected]
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Disclaimer: This question has been answered without detailed
information or consultation and is to be regarded only as general
comment. Nothing in this message is or should be construed as advice
in any particular circumstances. No contract exists between the reader and the
author and any and all non-contractual duties are expressly denied. All readers
should obtain formal advice from a competent and appropriately qualified legal
practitioner or tax specialist for expert help, assistance, preparation, or
consultation in connection with personal or business affairs such as at www.centa.com. If you
forward this message, this disclaimer must be included."
Be ALERT,
the world needs more "lerts"
David Ingram gives
expert income tax & immigration help to non-resident Americans &
Canadians from New York to California to Mexico family, estate, income
trust trusts Cross border, dual citizen - out of country investments are all
handled with competence & authority.
Phone consultations
are $400 for 15 minutes to 50 minutes (professional hour). Please note that GST
is added if product remains in Canada or a phone consultation is in
Canada.
This is not intended to be definitive but in general I am quoting $800 to
$2,800 for a dual country tax return.
$800 would be one T4
slip one W2 slip one or two interest slips and you lived in one country only -
no self employment or rentals or capital gains - you did not move into or out of
the country in this year.
$1,000 would be the same with one rental
$1,200 would be the
same with one business no rental
$1,200 would be the
minimum with a move in or out of the country. These are complicated because of
the back and forth foreign tax credits. - The IRS says a foreign tax credit
takes 1 hour and 53 minutes.
$1,500 would be the
minimum with a rental or two in the country you do not live in or a rental and a
business and foreign tax credits no move in or out
$1,600 would be for two
people with income from two countries
$2,800 would be all of the above
and you moved in and out of the country.
This is just a
guideline for US / Canadian returns
We will still prepare
Canadian only (lives in Canada, no US connection period) with two or three slips
and no capital gains, etc. for $150.00 up.
With a Rental for
$350
A
Business for $350 - Rental and business likely $450
And an American only
(lives in the US with no Canadian income or filing period) with about the same
things in the same range with a little bit more if there is a state
return.
Moving in or out of the country or part year earnings in the US will
ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00 each
after that when part of a tax return.
8891 forms are
generally $50.00 to $100.00 each.
18 RRSPs would be
$900.00 - (maybe amalgamate a couple)
Capital gains
*sales) are likely $50.00 for the first and $20.00 each after
that.
Just a guideline not etched in stone.
This from "ask an
income trusts tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com.
David Ingram deals on a daily basis with expatriate tax returns with multi
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