Hello,My wife and I (both US citizens) are considering moving toVancouver. I'm a xxxxxxxx, telecommuting for a start-up company (Delaware company withits office in New York City). And I'm trying to start a new career as a screenwriter/cameraman/director.I'm trying to make a general comparison of the taxes we'dpay as residents of Seattle, or Portland, OR, or Vancouver. We believe Vancouver would be the best fit, but we'reconcerned about Canadian taxes.Current salary through the company is $62,500 (US). Other interest income from U.S. accounts totals about$23,000 per year (US).Can you give me a basic summary of what I might expectas U.S. versus Canadian (federal/provincial/city) taxes toexpect?Also, if the start-up is successful, it may mean a buy-outin two or more years. Through annual stock options, myportion could mean value of seven figures. Any obviousconsiderations in that regard.Great website! I'm subscribing to the newsletter, and haveno doubt where I'm coming for my tax help if we end upin Vancouver.Thanks very much,
As an advertising consultant specializing in creating website-enhanced sales text and audio narrative, as well as TV/radio ad campaigns, am I permitted, under a B-1 visa, to conduct 'cold' sales/prospecting calls in the U.S. over a 2-3 month period, seeking to create new clients, provided that I create no work whatsoever in the U.S., deliver no work whatsoever in the U.S. and arrange for all fees to be paid directly to my Canadian office?Thank you, David. (Would it be under the B-1 'sales calls', 'contract negotiations' or 'adevertising personnel' category that I'd qualify?)Sincerely,
href="http://www.quatloos.com/schneider_witmeyer_guilty.htm">http://www.quatloos.com/schneider_witmeyer_guilty.htmJust remember that this first year, your US 1040 either needs toinclude your Canadian income (before you moved to the US) and a '2350and 2555' (to exempt the Canadian Income) or an 1116 (to claim aforeign tax credit) OR be filed as a Dual Status preparer - see line35b top of page 2 of the 1040 and mark the top of Page One of thereturn as a DUAL STATUS RETURN. In this situation, you also have tofile a 1040NR with DUAL STATUS STATEMENT on the top of Page one of the1040NR. This 1040NR would be reporting any US source money youreceived BEFORE moving to the USA.
one more thig for you or anyone else reading this. If you have 'ANY'foreign accounts (Canadian, French, Spanish, Japanese, Australian orany other of the 265 or so countries in the world) you MUST fill in USschedule B and answer the two questions at the bottom. Your RRSP is aforeign trust and form 8891 replaces form 3520 for an RRSP.
Good Luck
My question is: Canadian-specificQUESTION: We have bought a duplex, which were ocupied by tenants, last year in BC. During the house inspection before the purchase, We found the basement bathroom had major problem and decided to repair after we bought the property. Half month after we bought the property, the basement tenant moved out and we began repairing the bathroom. Becasue the place was vacant, we decided to also paint the interior walls, and replaced the carpet that was stained by cats. My questions are which parts of these repaires are capital expenses, which parts are maintenance expenses?
QUESTION: I have invested in a real-estate development in Penticton B.C. This is not my principle residence.The property is under construction and will not be completed until summer of 2009.Question:We have borrowed $70,000 to place a down payment on the property purchased for $700,000 and are paying interest on this $70,000 amount. Is the interest I paid on this investment deductible against my personal income tax?
QUESTION:I purchased a summer house in Turkey, which i am also a citizen of. I was thinking of selling it. Would i have to pay the US govmnt. any taxes on any profit i make on the property?
I am doing our family taxes, for myself (unemployed last year), husband (employed) and my elderly mother. I want to claim the Caregiver amount for my husband, but am told (using QuickTax) that her net income from line 150 must be less than $17,xxx. I checked and her net income is several hundred dollars more than the cutoff amount. BUT that net income includes the Guaranteed Income Supplement of a little over $5,000. Without the GIS her income is a little over $12,000. Any chance I can put the net income without the GIS down??? Or a way around this?? I think it may make a big difference without the Caregiver amount..
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year? Thanks, 2006 tax client
