canadian and us taxes - David

I have been referred to you by a friend who has been your client for a long
time.
For sometime I have been looking for a  discount stock broker but all the
best
ones seem to be in the U.S and the will not open any accounts for Canadian
residents
unless we have a
 U.S.mailing address.  I can easily provide such an address but will I also
have to file U.S. tax returns besides Canadian returns? I would greatly
value
your advice in this matter.
----------------------------------------------------------
david ingram replies:
If you have a US return, you will pay exactly the same tax as if the account
was in downtown Vancouver or Toronto (Note that I did not say Montreal).
You will pay 15% tax on any dividends received in the US by filing form
1040NR and paying the 15% tax under Article X of the US / Canadian Income
Tax Convention (treaty) which you can find at
http://www.fin.gc.ca/treaties/USA_e.html
You are not taxable on any capital gains on publicly traded stocks in the
US.
Although you can pay 10% tax on interest to the US under article XI of the
Treaty, that is rare and in general people only pay tax to Canada on their
interest and capital gains. You will have to report the dividend income to
Canada as well and can claim credit for the 15% tax paid to the US on line
431 of schedule 1 of your Canadian T1.
----------------
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US / Canada / Mexico tax, Immigration and working Visa Specialists
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