disability or investment deduction? - Neither as described -
I work in Canada, live some distance from my office. Recently my MD said I could not longer commute the long distance to work. My employer would not accommodate work from home etc. I purchased a condo close to my place of work so that I may return to earning an income. This purchase is not included on the list of items deductible enabling a handicapped person to return to the workforce. I will be saying in this condo a couple of days per week, it will therefore not be rented out. The interest on the loan to purchase should be deductible from my earnings but I am unclear as to where and how. ------------------------------------------ david ingram replies: I wish i had a better answer for you but, as described, the condo expenses are NOT deductible in any manner. They certainly do not qualify as a medical deduction, do not qualify as an office at home since your employer will not accommodate your working from home and if you bought it to stay in, there is no investment purpose either even though if it is a second home, it will be taxable if you sell it at a profit. It is possible that you can make the interest deductible in the long run. If, for instance, you have other investments, you could sell them, pay off the mortgage or part and then borrow money using the condo as security to buy back the investments, thereby turning a non-deductible loan into a deductible loan. goto www.centa.com and read the November 2001 newsletter in the top left hand corner-------------------------------
If you happen to be living in the lower mainland, you can get a free written financial plan by asking a question on Fred Snyder's program 'IT'S YOUR MONEY' which airs as two separate and live phone in shows on two different stations.
You can call in at 604-280-0600 from 9 to 10:30 AM on CHBD (which is at 600 on your AM dial) every Sunday morning or from 6 to 7 PM in the evening on CKNW at (604)280-9898. the next two Sundays, August 17 and the 24th , Shemin Hirji and I will be doing the shows while Fred is fishing on the Edgewater Fortune, but you can still phone - maybe with this question again - and we will be glad to present you with a free written financial road map which will address methods of making non-deductible interest deductible.
There are also Free seminars
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Every Thursday at 12 noon and 7 PM, Fred Snyder of Dundee Wealth Management
presents free Financial Seminars for his clients, potential clients and anyone who phones and asks to attend.
THERE is NO CHARGE! (I used to charge up to $999.00 for essentially the same thing)
AND - NO ONE'S ARM IS TWISTED TO BUY SOMETHING.
They are presented at the Dundee Boardroom (holds about 30 people max)
1764 West 7th
Vancouver, BC
phone (604) 731-8900 - ask for Freda to register for free.
These are genuine educational seminars dealing with everything from how to buy a house to making your mortgage tax deductible to buying an RRSP to alternatives to RRSP accounts to estate planning. So what started as 13 separate seminars has now evolved into 23 separate topics.
IT IS NOT UNUSUAL FOR PEOPLE TO COME TO ALL OF THEM.
ONE LADY CAME TO 53 separate seminars and her husband came to about 20 with her.
If you have a financial consultant, bring them. People have brought their bankers and life insurance agents with them.
Take your spouse, your best friend, your son, your daughter, your mother or your worst enemy But do phone 604-731-8900
Fred Snyder also is the host of ITS YOUR MONEY every Sunday morning on CHBD (600 on AM dial) from 9:00 to 10:30. This is a phone in financial show which I appear as a guest on on the last Sunday of every month. (Originally I was the co-host but the program is really devoted to BC finances because of BC Securities Legislation and my practice is world wide.) You can listen to 4 weeks back at www.600am.com and listen to the program live around the world every Sunday morning at the same spot. We have taken calls from around the world. In one case, a lady phoned from Florida, got her answer and then asked if I was the David ingram she knew in Regina back in 1959. Small world as they say.
Call (604) 280-0600 with your question on Sunday Morning.
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US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
$1,700 would be for two people with income from two countries
Catch - up returns for the US where we use the Canadian return as a guide for seven years at a time will be from $150 to $600.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc. Note that these returns tend to be informational rather than taxable. In fact, if there are children involved, we usually get refunds of $1,000 per child per year for 3 years. We have done several catch-ups where the client has received as much as $6,000 back for an $1,800 bill and one recently with 6 children is resulting in over $12,000 refund.
Email and Faxed information is convenient for the sender but very time consuming and hard to keep track of when they come in multiple files. As of May 1, 2008, we will charge or be charging a surcharge for information that comes in more than two files. It can take us a valuable hour or more to try and put together the file when someone sends 10 emails or 15 attachments, etc. We had one return with over 50 faxes and emails for instance.
--IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.--
-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 or www.garygauvin.com. If you forward this message, this disclaimer must be included." -
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