Facts: 1.I am a dual citizen 76 years of age, received my citizenship as a derivative about 10 years ago. I have never been a permanent resident of the USA 2. My wife is a Canadian citizen only 3. We own a second home in the Phoenix area 4. WE want to move to the USA permanently and have a second home in Canada 5. I am the CEO of a publicly listed company in the USA 6. I have not flied US income tax since I officially became a citizen Can you clarify my resposibilities/obligations re USA taxes and the risks of crossing the border Thank you.----------------------------------------------------------------------------------------------
D.G.
(Dan) Walkow, CFA, CMT, Managing Director & Portfolio Manager:
[email protected]
Ajbinder (AJ) Sull, BBA,
MBA, CFA, Portfolio Manager: [email protected]
Paul Bains, BBA, MBA,
CFP, Associate Portfolio Manager: [email protected]
Seabank Capital Management
Inc.
Suite 301, 1959-152nd Street
White Rock, British
Columbia, Canada V4A 9E3
With regard to who to deal with, the people I recommend
for this kind of information (other than myself of course)
are:
Gary Gauvin is absolutely
qualified to deal with you. He is an old business partner of mine from
Ottawa. He now practices outside of Dallas Texas as a one or 1 1/2 person
office. If you deal with Gary, you will deal with Gary. He is a US
enrolled agent. You can find his website easily. Type - income Tax
Expert - into google. Gary will come up as number one or two.
Why, because he is. If I am looking for a first or second opinion, I call
Gary. Disadvantage - Gary is a one and a half person office.
Advantage - You will always get to talk to Gary.
Gary likes
corporations. I and my four associates do not like them. I like
dealing with individuals who deal cross-border withOUT
corporations.
OR KPMG in Vancouver. The last
time I checked they had 22 people in their US/Canada department.
call (604) 691-3025. Advantage - Lots of Backup. Disadvantage - It
will be hard to get the same person to deal with you three times in a
row.
OR Steve Peters with KPMG in Halifax (902)
492-6011
OR Kevin Nightingale in Toronto (416)
733-9595
OR Mark
Serbinski in Toronto
(416)733-0300
OR Len
Vandenberg with BDO Dunwoody in Kelowna, BC. (250)
763-7600
OR Steve Katz in Vancouver
at (604) 732-1515
OR Brad Howland in
Victoria at (250) 598-6258
Whoever you choose, you would likely do well
to consult with me for one or two hours a year. If I have a suggestion, it
will be worth it. If I can't come up with anything, you will know that
what you are doing is likely the best track. I will compare it to my
dentist, Ed Clarke. When I went in the fall of 2005, I ended up with
$16,000 to $18,000 of dental bills, a root canal, a bunch of pain, and a lot of
nice new caps, etc.
When I went for an inspection on Jan 29, 2008,
he could not find anything wrong except that I was not flossing.
Which one did i appreciate more?
Well both - the first time was expensive
but dealt with years of neglect. The second said I am on the right
track.
Good luck.
Looking at the California Non-resident
Adjustment Form CA(NR) will give you another idea of how this leaving the
country stuff works for taxation after you have left and still have assets back
in Canada.
. http://www.ftb.ca.gov/forms/07_forms/07_540nrca.pdf
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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