QUESTION: my brother and i plan on becoming dual citizens (us/canada) we are
considering buying a house in point roberts, WA. we would be working and
going to school in canada. is this a "good idea"
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david ingram replies:
I am not sure how you plan to do this but assuming you have that figured
out,
It is ALWAYS a good idea for a US citizen to become a Canadian. The US
citizen has everything to gain and absolutely nothing to lose.
A Canadian becoming a US citizen is NOT in the same position. The US puts
far more demands on its citizens than any other country in tax paying world.
The US is the only country that continues to tax its citizens no matter
where they live and no matter what the source of their income is.
A US citizen who lives in Canada and wins a $1,000,000 in A Canadian lottery
would owe over $300,000 tax to the US government for instance.
And I just completed two tax returns for two US citizens retired in Canada.
With pensions of about $67,000 a year between them, they owe $1,800+ of tax
to the US over and above their Canadian Tax because of the US Alternative
Minimum Tax.
AND, if a US citizen decides to give up their US citizenship to avoid US
tax or just to escape having to file an annual return to the US when they do
not live in the US, one of the penalties of giving up their citizenship is
that they are now banned from ever entering the US again unless it is for
their own funeral.
On the other hand, for some people the dual citizenship is a tremendous
advantage allowing them to work on both sides of the border at will.
You can find out more about dual US / Canada citizenship by reading a
newsletter I wrote in October 1993. You can find it at www.centa.com, click
on newsletters in the box on the top left hand corner. then click on 1993
an d then click on October.
Good luck. You will need help with your tax returns living in Point Roberts
and existing in Canada. That is what i am here for and We can help you with
a lot of the immigration problems as well if you have any questions.
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 regular
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.
And for those in the Vancouver area, Fred is running an infomercial for 1/2
hour every night in October on Channel 10 television at "groooaaannnn" 1 AM
in the morning. It has a couple of useful concepts in it that can be
recorded to really get the idea.
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 10 AM to 10 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"
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