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-----Mr. Ingram,
I am certain that I am in need of your services, both for tax =
preparation
and tax planning reasons. Following is an outline of what I think to be =
our
relevant information:
Both my wife and I are US citizens currently residing and working in Los
Angeles, California. We have a four year old son.
My wife has accepted a promotion within her current company to become =
the
Director of Sales for Canada, based out of Toronto. We plan establish
residency in Toronto on May 1, 2004. We plan to stay in Toronto between =
2-4
years before returning to California. My wife=E2?Ts new salary will be
$120,000 Canadian with a guaranteed bonus in the first year of $50,000
Canadian and a bonus in subsequent years up to $80,000 Canadian.
I currently work for in the IT department for a major aerospace company. =
My
company has offered to let me continue to work as a =E2?ovirtual=E2?=9D =
employee
out of Toronto. My work tasks include IT process documentation and =
testing
which can easily be continued from home. My current salary is $107,000 =
US
with bonus income of between $3,000 and $7,000 US annually.
We currently own a house in Palos Verdes Estates, California valued at =
$1.1
million US. Our mortgage is $3,500 US per month with property taxes of
$7,800/year. We plan to rent out our house while in Canada and expect =
to be
able to receive between $3,000 and $4,000 US per month initially with a
greater amount in following years as home values appreciate.
We have a brokerage account, containing stock of American companies, =
with a
current value of $250,000 US.
We are in the process of purchasing, with a partner, an investment home =
in
Hermosa Beach, California, for $635,000. We will use $63,500 of our =
funds
from the above brokerage account. We plan to either use this home to
generate rental income or refurbish and sell within a few months. Our
anticipated sale price is expected to be around $800,000 US.
In Toronto, we plan to purchase a house in The Beaches area. Our target
price for a home in Toronto is between $500,000 and $600,000 Canadian.
Obviously, we are going to require US and Canadian tax preparation =
services.
Also, I am certain we would also benefit from US/Canadian tax/investment
planning services to help us set up our finances so that we are subject =
to
the lowest taxation possible. I am also quite concerned regarding our =
US
held properties as I understand that Canada taxes the appreciation of =
these
properties during the time of Canadian residence. With the astronomical
appreciation of real estate in California during the past few years, I =
would
really like to find a way to shelter these appreciations from Canadian
taxation.
What should our next steps be? Is this the type of situation that you
specialize in? Are you currently available to perform such services? =
What
is your estimated cost to perform such services?
I look forward to your response,
We can be reached the following ways:
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david ingram replies
Your question is what I do and I have owned property and had an office =
in the Beaches (1849 Queens - accross for the firehall) and in =
California and have had offices at 9201 Wiltshire Blvd in Beverly Hills. =
=20
My time is tight right now because we are in the middle of our April =
15th (US) and April 30th (Canada) income tax filing season.
But, time can always be arranged.
If you have cash as you seem to, you should pay cash for your Canadian =
House. If you need the money to make another investment, borrow it =
using the Canadian house as equity. Then the mortgage interest on the =
Canadian house will be deductible.
You can obtain the cash by selling your brokerage account (with =
planning), using the money to buy your Canadian house and then using the =
Canadian house as the basis for a mortgage to buy back your brokerage =
account.
I charge $350 per hour Canadian for the type of service you require. =
The good part is that I know both of your territories and also =
understand Internet work.
Provided you live in Canada for less than ten years, Canada will NOT tax =
the appreciation in the California properties.
I suggest that you book a phone appointment time with me. Your wife =
should be on the line at the same time.=20
You can continue to do internet consulting back to the US from Canada.
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=3D=3D=3D=3D=3D=3D=3D
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 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=20
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=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
This from ask an income tax immigration planning and bankruptcy expert =
consultant guru or preparer 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 gambling refunds =
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 advisors experts specialist =
specialists consultants taxmen taxman tax woman planner planning =
preparer of Alaska, Alabama, Arkansas, Arizona,=20
California, Colorado, Connecticut, =20
Delaware, District of Columbia, Florida,=20
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,=20
Louisiana, Maine, Maryland, =20
Massachusetts, Michigan, Minnesota, =20
Mississippi, Missouri, Montana, Nebraska, =20
Nevada, New Hampshire, New Jersey,=20
New Mexico,New York, North Carolina, =20
North Dakota, Ohio, Oklahoma, Oregon.=20
Paris, Rome, Sydney, Australia Hilton
Pennsylvania, Rhode Island, Rockwall,=20
South Carolina, South Dakota, Tennessee, =20
Texas, Utah, Vermont, Virginia,=20
West Virginia, Wisconsin, Wyoming,=20
British Columbia, Alberta, Saskatchewan,=20
Manitoba, Ontario, Quebec City,=20
New Brunswick, Prince Edward Island,=20
Nova Scotia, Newfoundland, Yukon and=20
Northwest and Nunavit Territories, =20
Mount Vernon, Eumenclaw, Coos Bay=20
and Dallas Houston Rockwall Garland=20
Texas Taxman and Tax Guru and wizzard=20
wizard -=20
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