WRITER'S INCOME -
QUESTION:
I am a writer. In which country could I get my book published, in order to avoid income tax?
david ingram replies:
If you live in Canada or the USA, there is no country that would work.
If you want to leave CANADA BEFORE you get your book published, then living in Panama, the Grand Cayman Islands, Ireland, the Bahamas (Arthur Hailey (Wheels, Hotel, etc. and Donald Fleming, Canada's ex Finance minister live there tax free), the Turcs and Caicos, and another thirty or forty countries would not tax your income.
However, if your book was published in Canada and your were being paid royalties, the publisher would have to deduct 25% tax and send it to the CRA BEFORE you got your many. i.e., you would only get 75 cents out of every dollar. The US would also deduct royalties at source.
And, of course, if you are an American Citizen, you are taxable on your world income no matter where you live and no matter where the money is paid from. Of course there are foreign tax credits AND SOMETIMES EARNED INCOME EXEMPTIONS OF ABOUT $80,000 APPLY ($82,400 FOR 2006 AS AN EXAMPLE - see form 2555 at www.irs.gov)
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David Ingram gives expert income
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Phone consultations are $400 for 15
minutes to 50 minutes (professional hour). Please note that GST is added if
product remains in Canada or is to be returned to Canada or a phone consultation
is in Canada. expert US Canada Canadian American Mexican Income
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This is not intended to be definitive but in
general I am quoting $900 to $2,900 for a dual country tax
return.
$900 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only (but were filing both
countries) - no self employment or rentals or capital gains - you did not move
into or out of the country in this year.
$1,100 would be the same with one rental
$1,300 would be the same with one business no
rental
$1,300 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.
$1,600 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
$1,700 would be for two people with income from two countries
$2,900 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 $175.00 up.
With a Rental for $375
A Business for $375 - Rental and business likely
$500
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.
Catch - up returns for the US where we use the Canadian return as a guide will be $150 to $500.00 depending upon numbers of bank accounts, RRSP's, existence of rental houses, etc.
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
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