This is a multi-part message in MIME format.
---------------------- multipart/related attachment
--Boundary_(ID_tmvHxarDGn2x2j2nUHxMnw)
QUESTION:
i hold dual citizenships in canada where i was born and raised and in
switzerlnd, where i work as a hockey player for an average of 8 months a
year. i spend my off season in canada with my family and from my
understanding, canada can not double tax me on my income from =
switzerland.
is there a cash limit that i can bring back at a time? i am now =
currently
looking at buying some investment property in canada to rent out and =
help
set me up after my career. how would i be affected with taxes and =
getting a
mortage? . thanks alot for taking a look at this and your help. take =
care
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
david ingram replies:
Answers to this and other similar questions can be obtained free on Air =
every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of =
Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show =
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the =
internet at
www.600AM.com=20
Questions like yours are what make my business interesting.
Because of your time in Switzerland, Article IV (2) of the Canada =
Switzerland Income tax Convention means that you are taxable on your =
world income in Switzerland and only your investment income in Canada. =
You are a factual resident of Canada which means that you will report =
the Swiss income on your Canadian return but exempt it under Article IV =
of the Treaty on line 256 of the return. You will, however, have to =
report any Canadian income on your Swiss Tax return.
You should not have any problem getting a mortgage if your income is =
high enough. You will be reporting the Swiss income on your Canadian =
Return after all.
I do not know where you are in Canada but if you are in BC, we can help =
you with the real estate and property management.
If you bring more than $10,000 in cash back to Canada, you have to =
report it on form E667. Your Bank will report an electronic transfer =
you might make on Form E677.
The following is the Federal Governments new rules.
=20
=20
Fran=E7ais Contact us Help Search Canada Site=20
What's new Site map Publications and forms Electronic =
services Newsroom=20
Home A - Z Index =20
Forms and publications > =20
=20
=20
Crossing the Border With $10,000 or More?
a.. Other formats=20
Crossing the Border With $10,000 or More?
Money laundering and terrorist financing are international =
problems. Money laundering in Canada alone is estimated to be in the =
billions of dollars. To help fight these criminal activities, the =
Government of Canada has introduced the Proceeds of Crime (Money =
Laundering) and Terrorist Financing Act.
Under the new legislation, there are no restrictions on the amount =
of money that you can bring into or take out of Canada, nor is it =
illegal to do so. However, you now have to report to a customs officer =
amounts equal to or greater than CAN$10,000, that you are bringing into =
or taking out of Canada.
This new reporting requirement will assist the government in its =
efforts to:
a.. investigate and prosecute offences related to money =
laundering and terrorist financing;=20
b.. respond to the threat posed by organized crime; and=20
c.. fulfill international commitments to fight transnational =
crime.=20
Reporting requirements
How to report
In person at a Canadian customs office
If you are entering or leaving Canada and are carrying $10,000 or =
more, including any combination of coins, domestic or foreign bank =
notes, and securities, such as travellers cheques, stocks and bonds, you =
have to complete Form E677, Cross-Border Currency or Monetary =
Instruments Report - Individual. If the currency or monetary instruments =
that you are reporting are not your own, you will be required to =
complete Form E667, Cross-Border Currency or Monetary Instruments Report =
- General. You must complete the reporting form, sign it, and hand it to =
a customs officer at the nearest Canadian customs office that is open at =
the time you are travelling.
By mail
If you are sending $10,000 or more into Canada through the mail, =
you must complete Form E667 and include it with the money. In addition, =
you must complete a Universal Postal Convention label and attach it to =
the item being mailed.
If you are sending $10,000 or more from Canada by mail, you have =
to complete Form E667 and include it with the item being mailed, and =
mail or submit a completed copy of Form E667 to the nearest Canadian =
customs office at the same time or before you mail the package.
Additional postal requirements may exist when importing or =
exporting currency or monetary instruments by mail. Please contact =
Canada Post for further information.
By courier
If you are sending $10,000 or more to or from Canada by courier, =
the courier must have the person in charge of the conveyance complete =
Form E668, Cross-Border Currency or Monetary Instruments Report made by =
Person in charge of conveyance, and attach it to Form E667, which you, =
the importer or exporter, will have completed. Both forms must be =
submitted to a Canadian customs office.
If you need help completing the forms, see the instructions on the =
back of the forms, or contact the nearest Canadian customs office.
Failure to report
Currency and monetary instruments of a value equal to or greater =
than $10,000, which are not reported, may be subject to seizure and the =
assessment of penalties. Penalties range from $250 to $5,000, and may =
include forfeiture.
What happens with the information you give us?
The completed forms are sent to the Financial Transactions and =
Reports Analysis Centre of Canada (FINTRAC) in Ottawa for assessment and =
analysis. The information provided on the currency reporting forms is =
subject to the general provisions of the Privacy Act and is collected =
under the authority of the Proceeds of Crime (Money Laundering) and =
Terrorist Financing Act.
To obtain additional information or a copy of the required forms, =
visit our Web site or the FINTRAC Web site. You can also call us free of =
charge throughout Canada at 1-800-461-9999. If you are calling from =
outside of Canada, you can contact us at (204) 983-3500 or (506) =
636-5064.
=20
=20
--------------------------------------------------------------------
=20
Last updated: 2003-01-08 =20
Top of page Important notices =20
=20
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
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321=20
[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:
multi jurisdictional cross and trans border expatriate gambling refunds =
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.
income tax wizard wizzard guru advisor advisors experts specialist =
specialists consultants taxmen taxman tax woman planner planning =
preparer of Alaska, Alabama, Arkansas, Arizona,=20
California, Colorado, Connecticut, =20
Delaware, District of Columbia, Florida,=20
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,=20
Louisiana, Maine, Maryland, =20
Massachusetts, Michigan, Minnesota, =20
Mississippi, Missouri, Montana, Nebraska, =20
Nevada, New Hampshire, New Jersey,=20
New Mexico,New York, North Carolina, =20
North Dakota, Ohio, Oklahoma, Oregon.=20
Paris, Rome, Sydney, Australia Hilton
Pennsylvania, Rhode Island, Rockwall,=20
South Carolina, South Dakota, Tennessee, =20
Texas, Utah, Vermont, Virginia,=20
West Virginia, Wisconsin, Wyoming,=20
British Columbia, Alberta, Saskatchewan,=20
Manitoba, Ontario, Quebec City,=20
New Brunswick, Prince Edward Island,=20
Nova Scotia, Newfoundland, Yukon and=20
Northwest and Nunavit Territories, =20
Mount Vernon, Eumenclaw, Coos Bay=20
and Dallas Houston Rockwall Garland=20
Texas Taxman and Tax Guru and wizzard=20
wizard - =
--Boundary_(ID_tmvHxarDGn2x2j2nUHxMnw)
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/eb6d206f/attachment.htm
--Boundary_(ID_tmvHxarDGn2x2j2nUHxMnw)--
---------------------- multipart/related attachment
A non-text attachment was scrubbed...
Name: clffip-e.gif
Type: image/gif
Size: 1597 bytes
Desc: not available
Url : http://www.centa.com/CEN-TAPEDE/centapede/attachments/70478280/clffip-e.gif
---------------------- multipart/related attachment
A non-text attachment was scrubbed...
Name: clfwordmark.gif
Type: image/gif
Size: 637 bytes
Desc: not available
Url : http://www.centa.com/CEN-TAPEDE/centapede/attachments/8ccd2954/clfwordmark.gif
---------------------- multipart/related attachment
A non-text attachment was scrubbed...
Name: clfspacer14px.gif
Type: image/gif
Size: 1083 bytes
Desc: not available
Url : http://www.centa.com/CEN-TAPEDE/centapede/attachments/7ae067bd/clfspacer14px.gif
---------------------- multipart/related attachment
A non-text attachment was scrubbed...
Name: cbsa_logo-e.jpg
Type: image/jpeg
Size: 3133 bytes
Desc: not available
Url : http://www.centa.com/CEN-TAPEDE/centapede/attachments/c32543ec/cbsa_logo-e.jpg
---------------------- multipart/related attachment
A non-text attachment was scrubbed...
Name: wavyflag.gif
Type: image/gif
Size: 8860 bytes
Desc: not available
Url : http://www.centa.com/CEN-TAPEDE/centapede/attachments/ba655c7a/wavyflag.gif
---------------------- multipart/related attachment
A non-text attachment was scrubbed...
Name: clfuparrow.gif
Type: image/gif
Size: 82 bytes
Desc: not available
Url : http://www.centa.com/CEN-TAPEDE/centapede/attachments/6cd2245a/clfuparrow.gif
---------------------- multipart/related attachment--
What's Related