QUESTION:
Hello David,
I am currently a Candian citizen with H-1 visa. My husband with H-4. We are
planing not back to Canada for few years. and want be a non-resident of
Canada(for save tax). Should we cloase all the account in Canada? we had
RRSP and few stocks in TD waterhouse. and also life insurance and we buy the
RESP for our son also, but just bought one year. if we close all acount, is
that mean we have to lose all the above?
Appreciate any suggestion from you.
Thank you.
LXXXXXXXXX
-----------------------------------
david ingram replies:
You can keep your accounts in Canada. TD Waterhouse might even keep your
account open for you because they have gone to the effort to make it
possible although they are not very happy about it. The best TD Waterhouse
person to talk to about a Canadian Account when you live in the USA is Shaun
Rickerby at (604) 482-5188.
All the other accounts can stay as they are provided you tell the people you
are a non-resident.
For the RESP and RRSP accounts you must file US form 8891 which is new this
year.
Go to www.centa.com and read the US/Canada Taxation section in the second
box down on the right hand side.
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, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' 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/>
Call (604) 280-0600 to have your question answered. BC listeners can also
call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone
outside of those hours as this is a home office)
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/>
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 and the author and any
and all non-contractual duties are expressly denied. All readers should
obtain formal advice from a competent and appropriately qualified legal
practitioner or tax specialist in connection with personal or business
affairs such as at www.centa.com <http://www.centa.com> . If you forward
this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
What's Related