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David,
Long time no hear. It's pretty clear to me I've been getting the emails
you've sent using your mailing list, but my mails haven't been getting
through to you.
Let's give this a last try.
I think you said I could ask a follow-up question last time we
communicated. If not, bill me.
Here's the question: Is it a rational and relatively safe idea for me
to get my $200,000 in pension savings (variously with XXXXXXXXXXXXXXX and in
GICs) out of Canada? I know it will cost me 25%, but it's at least 25%
I can PLAN on, and it's 25% of less than it will be in another few
years.
It seems like a lot of money to throw down the toliet, if I could just
leave it in Canada.
I AM still visiting Canada, but I will have not other connections --
including passport -- besides the visits, the pension money and my
professional accreditation (which you will recall requires no residency
and is necessary for my job so it, at least, should be okay).
===============================================
david ingram replies:
Your situation in Kuwait is getting much better. Originally, the treaty was not thought to apply to you if you were not a Kuwait national. Today, you will qualify if you do not have a house available in Canada. Article 4(3)(a) below.
If you have a good use for the money, I could make an argument about taking the money out. If you are just going to take it out and go looking for a use, I can make an argument for leaving it in Canada for safety of capital, etc.
Give me a use and I will have a better opinion. In the meantime, if you are just coming back for a visit, I would not worry because of the treaty.
However, if you are coming back and resuming co-habitation with your lady, you could be in danger. I would still rather that you flew her to Greece or something.
Visiting your father is not as dangerous.
Maybe come back, see your father, and then have your lady meet you in New York or Miami.
Hope this helps. Try and leave another question until May. Up to my tail end in alligators today with rattle snakes looking over my shoulders. US tax deadline is April 15th and Canada April 30th. There are over 200 questions (many from paying clients) ahead of you.
david
Article 4 Canada Kuwait Income Tax Convention (2002)
Resident
1. For the purposes of this Agreement the term "resident of a Contracting State" means:
a) in the case of Canada: any person who, under the tax law of Canada is liable to tax therein by reason of the person's domicile, residence, place of management or any other criterion of a similar nature, but does not include any person who is liable to tax in Canada in respect only of income from sources in Canada;
b) in the case of Kuwait:
(1) an individual who is a Kuwaiti national, provided that the individual has a substantial presence, permanent home or habitual abode in Kuwait and that the individual's personal and economic relations are closer to Kuwait than to any other third state; and
(2) a company which is incorporated in Kuwait.
2. For the purposes of paragraph 1, the term "resident of a Contracting State" shall include:
a) the Government of that Contracting State or a political subdivision or local authority thereof; and
b) any corporation, Central Bank, fund, authority, foundation, commission, agency or other entity that was established under the law of that Contracting State and that is wholly-owned and controlled by the Government of that Contracting State or a political subdivision or local authority thereof, by any entity referred to in this subparagraph or by any combination thereof; and
c) any entity established in that Contracting State all the capital of which has been provided by the Government of that Contracting State or a political subdivision or local authority thereof either alone or together with the governments of other States.
3. Where by reason of the provisions of paragraph 1 an individual is a resident of both Contracting States, then the individual's status shall be determined in accordance with the following rules:
a) the individual shall be deemed to be a resident only of the Contracting State in which the individual has a permanent home available;
b) if the individual has a permanent home available in both Contracting States, the individual shall be deemed to be a resident only of the Contracting State with which the individual's personal and economic relations are closer (centre of vital interests);
c) if the Contracting State in which the individual's centre of vital interests cannot be determined, or if the individual has not a permanent home available in either Contracting State, the individual shall be deemed to be a resident only of the Contracting State in which the individual has a habitual abode;
d) if the individual has an habitual abode in both Contracting States or in neither of them, the individual shall be deemed to be a resident only of the Contracting State of which the individual is a national;
e) if the individual's status cannot be determined under the provisions of subparagraphs a) to d), the competent authorities of the Contracting States shall settle the question by mutual agreement.
4. Where by reason of the provisions of paragraph 1 a person other than an individual is a resident of both Contracting States, then it shall be deemed to be a resident only of the Contracting State of which it is a national.
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