I am a Canadian citizen with a green card, living and working in the US for
the past 12 years. Will I get my US social security benefits when I retire
and move back to Canada?
Thanks for all you do.
Yxxx XXXXX
=============================
david ingram replies:
Yes you will but it will be taxed in Canada where it would not be taxed in
the USA.
i.e. we tax on 85% of the amount received whereas the US does not start
taxing Social Security until your income is over $25,000 or so, more if
married.
-------------------------------
-----Original Message-----
From: centapede-bounces+tbrown878=wi.rr.com at lists.centa.com
[mailto:centapede-bounces+tbrown878=wi.rr.com at lists.centa.com]On Behalf
Of centapede at lists.centa.com
Sent: Saturday, July 02, 2005 6:27 AM
To: CENTAPEDE
Cc: Webmaster at Jurock. Com
Subject: UK resident buying business and house in Canada -
order - deducting mortgage interest - ask international income tax &
immigration expert consultant david ingram from North Vancouver,
BC,Canada experts on RRSP RESP IRA 401(K) radio CKBD 600AM
QUESTION: I am a UK subject moving to Vancouver to start a new business.
What are the criteria and tax implications of buying a home of residence for
my wife and myself and later buying a house to rent.
---------------------------------------------------------------------------
david ingram replies
I am in a good mood this morning - our 1953 Chevy Sheriff's car took second
place out of over 140 entries in the Canada Day parade. That's why i can't
sleep and am answering these at 4 AM.
----
Canada does not allow mortgage interest on a personal residence as a
deduction so it is important that you structure cash flow appropriately.
For instance, If you are coming as an investor, it is important that you pay
for your house "first", then borrow the money on the house to make your
investment in the business or to start your new business.
In this manner, the Canadian mortgage on your personal residence becomes a
tax deduction.
With regard to the rental house or rental real estate, the rules are similar
to the UK.
You can find more on making the Canadian mortgage deductible at
www.centa.com top left. Click on Newsletters and then 2001 and then
November for mortgage interest as a deduction.
For rental information, click on Tax Guide and then Rental income.
This should help you. You would do well to sit down with someone like
myself "before" you put any money into any project.
I look after as many people by phone as I see in person. If you are in
Vancouver, one of our free seminars would be in order.
=====================
Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts one
of 17 different financial seminars at his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical care
insurance, income taxation, differences between stocks and bonds, and
usually the most innovative HELOC mortgage offered in Canada from Manulife
Bank
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' 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 <http://www.600am.com/>
Call (604) 280-0600 to have your question answered. BC listeners can also
call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone
outside of those hours as this is a home office)
email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com/> www.david-ingram.com
<http://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 and the author and any
and all non-contractual duties are expressly denied. All readers should
obtain formal advice from a competent and appropriately qualified legal
practitioner or tax specialist in connection with personal or business
affairs such as at www.centa.com <http://www.centa.com> . If you forward
this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
This from "ask an income tax and immigration expert" from www.centa.com
<http://www.centa.com/> or www.jurock.com <http://www.jurock.com/> or
www.featureweb.com <http://www.featureweb.com/> . David Ingram deals on a
daily basis with expatriate tax returns with:
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GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas,
San Antonio and Houston Texas
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and Immigration
Tips, Income Tax and Immigration Wizard Income Tax and Immigration Guru
Income Tax and Immigration Consultant Income Tax and Immigration Specialist
Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist
expert preparer consultant expatriate anti money laundering money seasoning
FINTRAC E677 E667 4789 4790 TDF-90 Reporting $10,000 cross border
transactions
Alaska, Alabama, Arkansas, Arizona,
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