This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
QUESTION: We understand that there is a 25% tax on
gross rent from investment properties
owned by non-canadians who have not
filed their proper forms. We were
ignorant and knew not of what we were
doing when we bought our rental
property... which runs at a loss. In
Montreal the bienvenue tax is over six-
thousand dollars (this is the tax all new
home-owners must pay in Montreal).
Can we deduct this as a tax item on our
federal return this year? Next year we will
have to be sure to fill out all the proper
paperwork.... Thanks for your response.
---------------------------------------------------------------------------
david ingram replies
The 25% tax is a withholding tax, not a tax if you get the proper return in within 24 months. You will have to pay the 25% first, but if we file a return under Section 216(4) with the proper whining letter, you will get it back if you actually lost money in the rental. In fact, the 2003 216(4) return is not actually due until June 30, 2004 so we do not even need a whining letter if you get it (the financial figures) here in the next ten days.
I would be happy to look after this for you because it is a sort of specialty. All together, we lkikely prepare over 200 non-resident tax returns for Canadians with US property or Americans with Canadian Property. Throw in a couple of Germans, a couple of Australians, a Spaniard, Italian, Swede and New Zealanders and even an Antartica worker and you can see that doing it by mail is simple. An advantage of our doing it is that we can also prepare the US andState return with the proper tax credits and you do not need to try an train a local accountant. (It can take 20 to 30 hours to figure it out the first time).
And, if you have a local accountant that you really want to use, we prepare a dummy US return with all the proper figures in the right place so that your accountant can just plug in the figures without having to work at it.
Let me know if I can help.
The Bienvenue Tax is considered a capital addition to the cost of the building. We have a PPT (property purchase tax) in BC with the same characteristics.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every 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
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
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,
California Denver Colorado, Connecticut,
Delaware District of Columbia Miami Florida,
Garland Georgia, Honolulu Hawaii, Idaho, Illinois,
Indiana Des Moines Iowa Kansas Kentucky,
Louisiana Bangor Maine Maryland
Boston, Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey,
New Mexico,New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon.
Paris, Rome, Sydney, Australia Hilton
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 - David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & 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."
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/6f57dd6d/attachment.htm
---------------------- multipart/alternative attachment--
What's Related