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QUESTION:
We are holding an investment in a Canadian Mutual Fund Trust and currently
live in Vancouver, BC. This mutual fund trust distributes its income and
capital gains annually and we are taxed according to the nature of the
income (i.e. dividends or capital gains). We are moving to California and
are wondering whether once in Califronia we will continue to report the
capital gains and dividend income as such on the California and federal
returns. We understand that we would not be reporting this on Canadian
returns after leaving. Please confirm.
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david ingram replies:
You should notify the Trust that you are no longer going to be residents of Canada as of "XXXXX".
The Trust will then start withholding non-resident tax at 15% of actual dividends and 10% of any interest.
There is no Canadian Tax on the capital Gains Portion.
The trust and most other assets have to be reported on form T1161 as you leave Canada
You can defer any current tax by filing form T1243
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
Bus (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 immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
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Res (604) 980-3578
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