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Dear David,
I have to first complement you on your advice given on centra.com, I am also impressed with the amount of information there is available.
I hope you can shed some light on my situation since handling headaches seems to be your expertise.
My problem -
To make a long story short, I have dual citizenship, which legally qualifies me to live and work in either the US or Canada. I currently reside in Ontario and have been for the most of my life. I am employed in New York State. I am married to a Canadian citizen and we have no children. We've been married for 1 year and I file taxes in both countries. Last year (2003), I had claimed zero exemptions for both federal and state on my income the entire year. I waited for my US return before filling in Canada. After filling in Canada, I was shocked at how much tax they wanted. It was more than what my US return was, even after the exchange putting me in debt! It seemed ridiculous, claiming no exemptions in NYS and handing my return earnings right over to Canada Revenue.
My question -
Is there anything I can do to keep as much of my US return earnings as possible or is this the way of life for me? Some alternatives I have looked into are; investing in RRSPs to lower my taxable income; filling married but at a single rate.
Do you have any advice for me Dave?
Thanks for your time,
Chris
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david ingram replies:
Because you are living in Canada, your ultimate tax bill is to Canada. If you have a 401(K) in the US, you should stop contributing and buy a Canadian RRSP instead.
When filing your Canadian return, many people fail to claim all the taxes paid to the USA and New York state.
You should be counting your Social Security, Your Medicare, Your Federal Income tax AND the New York State tax as a credit on Schedule 1 of your Canadian return.
We would be pleased to look after them by mail or courier or fax.
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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another similar question will be as we lump them.
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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
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www.centa.com www.david-ingram.com
cancel itr and use teh money to
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