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Hello Mr Ingram
Thank you for answering my concerns so quickly. I don't think that i asked the right question. As stated before, i pay no tax at this time but that may change if i choose to leave this position in a few years. What company format should we use to get the best tax and profit benifits? Private company --- incorp --- or just a personnel investment.???
Again, i thank you for your time.
Kind regards.
TXXXXXXXXXXX
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Buy it in your own name or names. A corporation or other entity will just complicate the issues.
However, you are paying tax if you are living in Canada as you suggest. Your company must be filing the return for you. You should be seeing it to sign and send in. Otherwise anything could be going on in your name.
Any property you buy will be part of that tax return.
Either that or you are NOT a resident of Canada and are only paying tax in the African country you are working on.
If you are working in a tax treaty country that would be okay as well as long as you spend the majority of your time there.
On the other hand, if you have a home in Canada and are doing month on / month off or three weeks on / three weeks off and returning to Canada on a regular basis, than a Canadian return is necessary.
You should likely buy an hour of my time.
Ask your company for copies of the 2002 tax returns filed for you.
david ingram
Original question and answer is below
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QUESTION: Hello
I just stumbled across your website and it very impressive but I am unable to find THE answer to my question. First a little background. I am a Canadian citizen living in Canada. My wife is not a Canadian citizen but she has applied for citizenship with me, her husband, has her sponsor. I work for an International company (based in Holland) and I presently work in Africa. My company pays all off my Canadian and African taxes so I have no personnel tax bill. My income is over $100,000 per year and my wife does not work. My wife and I want to start investing in real estate, as in buying several rental properties per year if possible. Since we have no tax bill and no need of tax deductions, how do we set up our business? I hope you can help us with this. Thank you for your time.
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david ingram replies:
Not that common but not unusual either. Tax equalization for employees of multi-national corporations is the norm.
However, to do that, a tax return is being filed for you in Canada.
If you are going to invest in Canadian Real Estate, the rental income and expenses will become part of that return.
You will have to fill out a T776 and give it to your employer to give to whomever is doing your returns now (likely KPMG).
It would be unusual for your company to pay your Canadian tax bill if there is a profit on the rentals.
Pick your properties, hire a rental agent and start your investment portfolio in real estate.
I do not know what city you are living in but if it is Vancouver, I would be glad to arrange to assist you with the real estate purchase, the property management and the tax equalization.
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
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Res (604) 980-3578 Cell (604) 657-8451
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[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."
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