My question is: Canadian-specific
QUESTION: I am a Canadian non-resident living in Hong Kong. I would like to
help my parents, who live in B.C., to buy a new house for them to live in.
Will me being a part owner of their new house affect my non-resident tax
status? If so, how can I help my parents without affecting my tax status?
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david ingram replies:
Give them a gift of money and hope that they leave it to you in their will.
If you put your name on the title and then come and stay in it when you
visit them you are opening yourself up to a claim by the Canadian Tax
authorities.
Goto www.centa.com and read the US / Cda Taxation section and look for the
Dennis Lee / Judge Teskey case in the middle. Also read the David McLean
and Frederick Reid cases.
You might want to buy a phone consultation as well. I charge $375.00 per
hour (it is also a minimum charge) If you would like, I can conference call
the consultation with your parents in their location in Canada.
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 (BC only)
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.
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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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