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Hi,
I found your alias on the internet. I am a Canadian citizen, living in Seattle since April 2002 on an H1-B visa. I have been investing in RRSPs in Canada during my residence there, up until the 2002 tax year as I was able to contribute in 2002 since I worked in Canada for the first three months. I basically have been contributing to RRSPs from 1994 - 2002. I've heard that there are some new tax laws in the US regarding US residents who hold Canadian RRSPs. Is this true? Is there something I need to do or file? Also, if I decide to sell some RRSPs what are the tax implications of that? I believe that I'll be taxed at 25% in Canada when I sell but I didn't know if there were now tax implications in the US as well.
Any information you can provide would be appreciated. I do not have a tax accountant yet here in Seattle and I'm looking for someone who I can work with who understands Canadian tax issues as well so if you have someone you can recommend I would really appreciate it. I live in Redmond so someone on the East Side would be great.
Thanks!
LXXXXXXXXX
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david ingam replies:
I do not know of anyone in your area who is really any good at looking after Canadians in the US. To be commercial, we have seven full time people who do nothing but handle US / Canada tax situations all year round by mail, fax, email and courier. Send it here if you want it done without too much hasle.
Goto www.centa.com - click on newsletters - click on 2003 - click on August to find out the USA RRSP reporting rules for 2002.
You will be taxed 25% when you sell in Canda and you will also have to report any increase in value on your US return. The 25% will then be applied against the tax owing on the increase in value on your US return. There would be no or minimal tax on your US return. We need an actual value for the funds when you crossed the border to determine the taxable portion.
It sounds like your 2002 returns have not been completed. I would be glad to look after them.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to [email protected]
www.centa.com www.david-ingram.com
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 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"
This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
Your name has been added to our email list because of an enquiry we have received, we may not answer your question but
another similar question will be as we lump them.
You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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