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Hi.
I am a Canadian married to an American and living in Delaware. I've been here 18 years and still have my green card. We go up to Ontario pretty much every year for vacation.
My question is this: Is there some way to take advantage of my situation as a resident alien........real estate or some business enterprise......that would not be available to the average person (on either side)
I am quite comfortable in the States and have no intentions of going back. Still..........home is home. Some kind of tax shelter? Second home?
Thanks MXXXXXXXXX
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david ingram replies.
Delaware is the only state I have not been in. Almost drove 100 mile in 1998 just to go there but...
The LAST thing you wold want to do is buy a Canadian Tax Shelter. The US would not recognize it and you would be making an investment with after tax dollars. Because it is a "tax shelter" it would liley have little chance of economic successs.
One of the largest groups to come to Canada would be you and your family because of medical. I lilkley see a dozen people a year who have retrurned to Canada because their US medical has expired or a change in job means the new medical does not cover pre-existing medical conditions.
If you have childre, make sure that they have their Canadian passports now as well as their US passports. You would be beter off to get your US citizenship because the US does not treat non-citizens equally when it comes to welfare and other social benefits. It will also make it easier at the border and others around you will like it better if you are a US citizen. You do not lose your Canadian Citizenship by taking out US.
But if it is your wife's or a child's medical conmdition that took you back to Canada and your wife died and you wanted to return to the US after, you could not go back becase your green card would have been canclelled or could have been cancelled and you no longer have a US wife to sponsor you. (I have one of these right now).
Deleware is too far away to just drive up for the weekend to run a business but you could have a seasonal vacation business in Canada with no restrictions.
If there is anuy chance that you might want to come back, a good investment to protect your ability to be able to afford a place is to buy a rental house or condo where you would live. Rent it out now as an escape valve for the future.
Goto www.centa.com and read the Oct 93 newsletter about dual citizzenship.
While at www.centa.com, read the US/Canada Taxation section which deals with the rental property across the border (buried in 28 pages) .
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com 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. If you forward this message, this disclaimer must be included."
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