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First, let me say that I have immensely enjoyed your mailings and your
website. While not every situation is relevant to me, all are interesting,
entertaining, and valuable.
My situation probably doesn't even rate your time, but as it is my
situation, it is dear to me. I am a Cdn citizen working in USA with a
Green Card. Started with L1 visa in 1992, now Permanent Resident. In
2001, in preparation for my retirement (in about 10 years), I bought a farm
in Eastern Ontario. It is "seasonal" property, used only by me and my
family at Christmas, summers, etc. For the last 2 tax years (2002, 2003) I
received a modest fee from a local farmer for his use of some of the land
($525 and $600 for 2002 and 2003 respectively). I should have known
better, but it never connected until today that I should likely be
reporting this as income to CCRA, IRS, and NC State. Can you tell me what
forms I should use for each taxing body? Not too likely, but I don't
imagine that there is a "rule of thumb" for thresholds, below which it
isn't necessary to report (bit of a stretch, I agree).
Thanks for your help. If you are still doing business in 8 - 10 years
(upon my retirement), I'll certainly be in touch.
PS - Once I move back to Canada (and surrender my Green Card), can I still
collect Social Security?
Thanks
Mxxxxxxxx
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david ingram replies:
Yep, you should report it.
For Canada, you need to file a T1 with a Schedule T776 under Section 216(4) of the Canadian Income Tax Act. One each if you and your wife own it jointly.)
For the US, you need to fill out a Schedule E.
North Carolina will pick up the figure from the 1040 Federal Form.
Good luck.
AND yes, you can collect your Social security In Canada
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[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 & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, Indonesia, Egypt, Antarctica, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
income tax wizard wizzard guru advisor specialist consultant taxman preparer of Alaska, Alabama, Arkansas, Arizona,
California, Colorado, Connecticut,
Delaware, District of Columbia, Florida,
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and Dallas Houston Rockwall Garland
Texas Taxman and Tax Guru and wizzard
wizard - Your name has been added to our email list because of an enquiry we have received, we may not answer your question but
another similar question will be as we lump them.
You may find more answers at www.centa.com
If the number of messages is too many for you or the US / Canada Taxation and Immigration information is not of interest, simply reply with a remove request.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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