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Dear David:
The facts:
I am Canadian, my husband is American.
We live in the U.S. (Washington State, moving to California
next month.)
We own two rental houses in Canada:
1. Victoria, BC. Leased since late 2001, currently at $2000/month +
utilities. No property management company. Valued at about $489,000,
we owe HSBC $245,000.
2. Galiano, BC. Rented on and off since early 2001. Currently seeking
tenants. We are using XXXXXXXX property managers on an ongoing
basis. Valued at about $385,000, we owe B of M about $203,000.
As a pair, these houses operate in the red but will break even if we
can rent the Galiano one for about $1100/month. The Victoria house,
taken alone, is profitable.
The expenses are mortgage interest, maintenance, property tax,
managament fees, and insurance.
We file and pay taxes in the USA in a responsible and timely manner.
We seem to be scofflaws on the Canadian front.
We'd like to get legal, take our lumps, and continue legally for the long term.
Our goal is to own these two beautiful houses free and clear--not
looking for a quick turn-around.
I believe we have to hurry and file an NR-6, meaning we need a
Canadian agent. We will also need ongoing tax preparation and
compliance assistance.
I can be reached at:
360-XXX=XXXX
Longer term: 310-384-XXXX
Thanks very much. (I found your site by searching on Google for
Canadian Agent.)
CXXXXXXXX
=====================================
david ingram replies:
You already know that you are in the glue for not reporting in 2001 and 2002 and since you only have two years to file without serious penalty, I suggest that we get these done and in the mail before Xmas.
I take it that neither of you have been working in Canada and do not belong to BC Medical during this time.
We also need to get the 2004 NR 6 forms filed before Jan 1 with a pro-forma rental statement for both.
I suggest that you call (604) 913-9133 to set up an appointment. If really necessary, I could see you around 3 PM on Saturday or 10 AM on Sunday (preferable) and will likely phone you in the morning. Either of those times could be confirmed to me verbally by calling my cell which you already have (604) 657-8451. My home number is (604) 980-3578. I do not mind calls from 10 AM to 10 PM seven days a week. However, I have no message machines and therefore am not available if at a movie, funeral or other event where the phone should be turned off. You just have to call back. (By not taking messages, you know you have not got me. Since we have over 500 clients out of the country, it becomes a nightmare trying to call people back and numbers get garbled, etc.)
I will not be available at all on Saturday night by phone from 6:15 or so until 9 AM on Sunday morning.,
I have no problem doing this for you. However, the penmalties for being the agent are extreme if "you" do not file your returns on time. therefoe, one of my rules for being the agent is that you give me permissionto file the returns for you if you don't. (Sounds melodramatic but we have had clients lost at sea in a sailboat for two months, kidnapped in Beiruit, and locked up in a Costa Rican Jail. I know whereof I speak.
My fee for being an agent is $400 for one, $700 for two, $900 for three and $100 per unit thereafter. The fee for the preparation of the returns will likely be in the $700 per year range after that. $700 should cover the cost of your 2001 and 2002 catch up returns now. I can also do your US returns and it will make more sense to have me do them all then try and find someone in California who can handle a Canadian rental on a US tax return.
Hope this helps.
david ingram
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
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
[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 & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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, South Africa, Thailand, Indonesia, Egypt, Antarctica, 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.
Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico,New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon and Northwest and Nunavit Territories, Mount Vernon, Eumenclaw, Coos Bay and Dallas Taxman and Tax Guru 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
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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