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Sent: Sunday, June 27, 2004 12:54 PM
To: [email protected]
Subject: lose out on a tax deduction when I work in Canada?
I'm a US physician who'll be working in Canada for 2 years from sept 04 =
to sept 06.
I could pay a malpractice tail coverage fee now for 42k, but would =
prefer to pay it in 2005.
If my only income in 2005 is from work in Canada, do I lose out on =
taking advantage of a tax deduction? =20
eg if I earn 60k CAD (44k USD) in 2005, can I deduct the malpractice =
tail coverage fee paid in US dollars to a US company for prior coverage? =
Or, is it better that I pay the tail coverage in 2004 to get the =
deduction?
The reason that I want to wait is because there is a very slight chance =
that I may not have to pay the tail at all if I wait til 2005.=20
thanks!
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david ingram replies:
Unless you have a MODIFIED CLAIMS MADE POLICY, I do not see how you =
could expect to escape a tail premium.
However, the answer to your question is simple. =20
The tail fee has absolutely "nothing" to do with earning income in =
Canada. Therefore, it would not be deductible against any earnings in =
Canada whether you paid it in 2004, 2005 or 2006.
Pay it BEFORE you come to Canada so that you can deduct it from your =
current earnings.
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:
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wizard - David Ingram's US/Canada Services
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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 =
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