QUESTION:
I am a Canadian citizen and recently married a US citizen. For 2005, most,
if not all, my work will be consist of geological consulting for a Vancouver
based company. All the work will be done in Canada. Although I have a
residential mailing address in Canada, I am essentially living in the US
(Anchorage, Alaska)with my wife. For income earned during 2005, will I be
taxed in both the US and Canada.
-------------------------
david ingram replies:
If you are living with your US citizen wife in Alaska and working in Alaska,
you will be taxed in Alaska only. I recommend that you (perhaps you would
have us do it for you) also file a departing Canada return. This can be
problem if you have a lot of assets because there is a deemed sale on
departure and deemed tax on the deemed profits which would affect a rental
house, a recreation property, mutual funds, etc. It does not apply to RRSP
accounts or the family home although the (a) family home has to be reported.
Hope you are going up to Fairbanks to see the Yukon Fairbanks dog teams come
in in a week.
While driving to Fairbanks, don't forget to stop at the Trapper Creek Pizza
for a pizza an dif you need a place to stay there is always the Trapper
Creek Bed and Breakfast at http://www.trappercreekbedandbreakfast.com run By
Jim and Susan Henderson (she's a Canadian also).
The following forms show what you have to report as a departing Canadian.
Remember, that if we do your US return as a joint return with your wife, you
will save thousands of dollars.
http://www.cra-arc.gc.ca/E/pbg/tf/t1161/t1161-04e.pdf
http://www.cra-arc.gc.ca/E/pbg/tf/t1243/t1243-04e.pdf
http://www.cra-arc.gc.ca/E/pbg/tf/t1244/t1244-04e.pdf
You can also book an hour of my time ($350 Cdn) or get an answer for a short
question at
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 Dundee Wealth
Management and I, David Ingram host a 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 <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls are taken at
1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
=========================================
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 Fax (604) 980-0325
Email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com> www.david-ingram.com
<http://www.david-ingram.com/>
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income tax, real estate & immigration experts david ingram & mutual funds
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