This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
Sent: Saturday, March 06, 2004 11:47 AM
To: [email protected]
Subject: Returning home to Canada...
Hi David,
My wife( US citizen) and I are considering moving to Canada
(especially if Bush gets re-elected). I’m a former Microsoft
employee, US Resident, and currently work as an independent
consultant in the US (Proprietorship with my wife). My current
work has some work occurring in US, Asia, Europe and India with
billings being US based. Current contracts only require me to be
on site between 20-40% of the time – so I can be based anywhere
in the world. Prince George or Yellowknife are appealing…
What issues do I need to be aware of with a return to Canada
concerning:
· US IRA (let us speculate 7 figures – after all, I’m an
ex-Microsoftee).
· Significant Stock Holdings (let us speculate 7 figures)
· Six figure income from consulting.
When I headed south, I got to keep the % of my paycheck that the
government took North of the border; so there are issues of
trying to:
a.. Minimize any wealth taxation issues
b.. Minimizing taxation on the income coming in from the
proprietorship ( if it was changed to a US corporation instead,
what type of payout would have the least tax impact).
Would it be better to move to Mexico or the any new Canadian
province in the Caribbean (:-;)? What are general words of advice
to successful ex-pats returning to Canada?
Many thanks,
Please withhold my name/email if you post
on your website.
====================================
David Ingram asks
Are you a US citizen yet?
========================
No…. Been on my “todo” but never got to it… you question suggests
that it could be a bad idea ---
============================
david ingram replies:
You need to talk individually to me or someone like me. Expect
to pay in the $250 to $500 US range as a starter.
1. I cannot imagine someone with a six figure income wanting
to return to Yellowknife or Prince George and pay 45% tax on
worldwide income earned everywhere but Canada.
2. If you return to Canada or go to the Bahamas without
getting your US citizenship first, you could lose your green
card. Without your green card, or US citizenship, you will find
it difficult, time consuming and expensive to have to get a visa
for each individual consulting job in the USA.
3. If you keep your green card active or take out US
citizenship (my recommendation) you will still be taxable in the
USA on your world income whether you live in Canada, Israel,
Saudi Arabia or the Bahamas. However, there will be a foreign tax
credit for the taxes back and forth between Canada and the US or
Greece, or Japan or Italy or New Zealand or any other treaty
country..
That's all. You should arrange a phone consultation.
contact numbers are below
Answers to this and other similar questions can be obtained free
on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred
Snyder of Cartier Partners and I, David Ingram will be hosting
an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to [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."
Be ALERT, the world needs more "lerts"
This from "ask an income 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, the United
Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, 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, and any of the 43 states with state tax returns, etc.
Rockwall, Dallas, San Antonio and Houston Texas
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax and ImmigrationWizard Income Tax and
Immigration Guru Income Tax and Immigration Consultant Income Tax
and Immigration Specialist Section 216(4) 216(1) NR6 NR-6 NR 6
Non-Resident Real Estate tax specialist expert preparer
consultant expatriate anti money laundering money seasoning
FINTRAC E677 E667 4789 4790 TDF-90 Reporting $10,000 cross border
transactions
Alaska, Alabama, Arkansas, Arizona,
California, Colorado, Connecticut,
Delaware, District of Columbia, Florida,
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland,
Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey,
New Mexico,New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon.
Pennsylvania, Rhode Island, Rockwall,
South Carolina, South Dakota, Tennessee,
Texas, Utah, Vermont, Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec City,
New Brunswick, Prince Edward Island,
Nova Scotia, Newfoundland, Yukon and
Northwest and Nunavit Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
Texas Taxman and Tax Guru and wizzard
wizard - consultant - expert - advisor -advisors consultants -
gurus - Paris Prague Moscow Berlin
Lima Rio de Janeiro, Santaigo
,
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/71b0a0cd/attachment.htm
---------------------- multipart/alternative attachment--
What's Related