Going to need US/CND tax help. - International non-resident cross border expert income tax & immigration help estate family
QUESTION:
In July I became a legal residence of the US. Former Manitoba residence. I am currently on Maternity leave from my job with the Canadian Federal Gov't receiving both EI and top off payments. In Nov I will will be returnig to work in my position in Canada. I am needing some expert advice on any tax saving solutions for my situation. I know that I will still be deemed a Canadian residence for Canadian income tax. I still own a residence in Canada (now my seasonal residence) and have a left $10K in a RRSP in Canada.
My question is can anyone help me out with some tax advice/planning and tax prep at tax time?
Another issue is that I would like to purchase a home in the US. Can I get a Canadian mortgage to purchase it as my income is all Canadian source income? Is it even possible or is there any tax implications I have to consider?
Thank-you for your time.
-------------------------------------------
Your situation is not usual for Maintoba but there are thousands of people doing what you are doiong across the rest of the country where large populations are close to each other like Detroit and Windsor and Vancouver and Bellingham and people commute back and forth on a daily basis between the US and Canada.
From the brief info given, you will be taxable in both countries but foreign tax creidts will mean only one tax in all.
You should likely borrow as much in Canada against your seasonal home and then use it as a large down payment on the home in the USA with a US mortgage on the property. I give the kind of conbsultation you likely need and want.
You can find the details about charges, etc., below.
You will also want to read the Oct, 93 and Oct 95 newsletters at www.centa.com in the top left hand box.
Also read the US Canada Taxation section in the second box down on the right hand side.
Gall Gillian Bryan at 604-980-0321 between 10:30 and 4:00 PM BC time (12:30 to 6 PM Winnipeg time) to9 set up an appointment) -
Monday to Friday except Holidays like tomorrow's Thanksgiving of course.
---------------------------------
It is very unlikely that blind or unexpected email to me will
be answered. I receive anywhere from 100 to 700 unsolicited emails a
day and usually answer anywhere from 2 to 20 if they are not from existing
clients. Existing clients are advised to put their 'name and PAYING
CUSTOMER' in the subject and get answered first. I also refuse to be a
slave to email and do not look at it every day and have never ever looked at it
when i am out of town. expert US Canada Canadian American Mexican Income Tax
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Therefore, if an email is not answered in 24 to 36 hours, it
is lost in space. You can try and resend it but if important, you will
have to phone to make an appointment. Gillian Bryan generally accepts
appointment requests for me between 10:30 AM and 4:00 PM Monday to Friday
VANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321. expert US Canada Canadian American Mexican Income
Tax help.
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
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David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
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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
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expert US Canada Canadian
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David Ingram gives expert income
tax & immigration help to non-resident Americans & Canadians from
New York to California to Mexico family,
estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence &
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Phone consultations are $400 for 15
minutes to 50 minutes (professional hour). Please note that GST is added if
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This is not intended to be definitive but in
general I am quoting $800 to $2,800 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only - no self employment or rentals
or capital gains - you did not move into or out of the country in this
year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no
rental
$1,200 would be the minimum with a move in or out
of the country. These are complicated because of the back and forth foreign tax
credits. - The IRS says a foreign tax credit takes 1 hour and 53
minutes.
$1,500 would be the minimum with a rental or two in
the country you do not live in or a rental and a business and foreign tax
credits no move in or out
$1,600 would be for two people with income from two countries
$2,800 would be all of the above and you moved in
and out of the country.
This is just a guideline for US / Canadian
returns
We will still prepare Canadian only (lives in
Canada, no US connection period) with two or three slips and no capital
gains, etc. for $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely
$450
And an American only (lives in the US with no
Canadian income or filing period) with about the same things in the same range
with a little bit more if there is a state return.
Moving in or out of the country or part year
earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00
each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00
each.
18 RRSPs would be $900.00 - (maybe amalgamate a
couple)
Capital gains *sales) are likely $50.00 for
the first and $20.00 each after that.
Just a guideline not etched in
stone.
This from "ask an income trusts tax and immigration expert"
from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily
basis with expatriate tax returns with multi jurisdictional cross and
trans border expatriate problems for the United States, Canada, Mexico,
Great Britain, United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand,
Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia,
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