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Dear David Ingram:
I saw some info on your website about Canadian Citizens who are residents in the US and still have RRSP's and a chequing account in Canada. I fall into that bracket (but have a Toronto address at my family's residence).
I would like to ask your advice - I have been residing & working in the US (landed resident) for approx. 4 years and have only filed American income tax documents. Should I also be filing Canadian income tax documents yearly even though I do not live or work there anymore? I have receipts for interest earned in my above accounts. If I need to file, can you assist with this and how much will you charge?
Thanks much
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david ingram replies:
You should be paying Canada 10% of the interest as tax and you should also be reporting the same interest on your US 1040 and claiming credit for the Canadian tax paid on your US return on form 1116.
You can pay that tax to Canada by having the bank deduct it at source. Just tell them (the banks) you are a non-resident.
If you have more than $10,000 combined in all your Canadian Accounts, you are also required to file form TDF-90. The penalty for not filing can be up to $500,000 plus 5 years in jail although the largest penalty I have seen was $60,000 for a 68 year old woman (in Phoenix) and a $10,000 fine for a 105 year old woman in North Vancouver.
See the TD F-90 at: http://www.irs.gov/pub/irs-fill/f9022-1.pdf
If you have RRSP accounts, they require more and special treatment. The bottom of Schedule B of your 1040 has two questions about Foreign accounts (Canadian Accounts are foreign on a US tax return although not foreign to you) and Canadian RRSP accounts are Foreign trusts in the USA.)
These two questions are very important, particularly in the light of 9-11.
Goto www.centa.com and read the August 2003 newsletter to find out more about reporting your RRSP accounts.
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"
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