Sent: Tuesday, January 03, 2006 7:59 AM
To: taxman at centa.com
Subject: income tax
Dear David,
I am a Canadian citizen living and working in the US
under a TN-1 visa. I just married an American citizen
(in October 2005) and we'd like to file a joint tax
return. Is it possible for me to file my own
individual tax return in Canada (I continue to file
each year in case we decide to move back to Canada one
day), and also file a joint US tax return with my
husband? I contribute ~ 2500 to my Canadian RRSP's and
we are considering buying an investment property in
Canada to rent out.
How much would you charge to do our tax returns?
Thanks very much,
xxxxxxxxxxxxx
===================
david ingram replies:
You should "LIKELY" file a joint return with your new husband but you do
have to do the calculation two ways to decide.
If your incomes are pretty close, there is likely no advantage and you might
get less benefit for any foreign tax credits if you file a joint return than
if you filed MFS (Married Filing Separately).
However, you have no responsibility to file a Canadian return unless you
moved to the US in 2005 and had Canadian Income before your move. If this is
the case you will put the date of departure about 1/3rd of the way down the
front page and prorate your exemptions on schedules 1 and 428 of your
return. You will file your T1 and maybe a T1161, 1243 and 1244 if you left
any assets behind. If the asset was a former home that you have made a
rental, you will file a second tax return to report the rental income on
form T776 under section 216(4) of the Canadian Income Tax Act.
You should also stop contributing anything to a Canadian RRSP.
If you left Canada in 2004, you would not likely file a Canadian return for
2005 unless you have rental property in Canada.
I usually quote $800 to $2,000 for a first year return for US / Canada tax
situation. I think that you would be at the top end rather than the bottom
at this point and I just looked at Kevyn Nightingale's fee schedule.
--------
Last but not least, if you have not applied for your green card yet, do so.
And DO NOT cross the border into Canada for ANY reason if you are still
there as a TN status. A TN can be taken away from you at the border if you
are married to and live with a US resident or citizen.
--------------------------
We will help prepare your federal and state income tax return or provincial
returns. We do no online filing but will file the returns so that you can
check the status online. We will do the 1040 or 1040NR or 1040X pr 1041
estate return, your Canadian T1 and in a pinch can help you look after a
Mexican return as well with our Guadalajara consultant, David Holroyd.
Whether it is help with specific or general information, filing, or just an
estimate of the tax you will owe in a specific situation, we can calculate
it for you. We can be the estimator for the tax equalization if you are
being transferred from state to state or country to country.
Our help is NOT free however. Typically, we charge $400 Cdn per hour for
calculating, preparing or consultation service or services. We specialize in
old returns so if you have not filed because of a bankruptcy or
procrastination, we regularly do 10 years back for US / Canada citizens
where the US citizen has failed to file while living in Canada. We can look
after the TDF-90 and form 8891 RRSP reporting forms as well.
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 for expert help, assistance, preparation, or
consultation in connection with personal or business affairs such as at
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international non-resident cross border income tax help assistance expert
preparation & immigration consultant david ingram, experts on rentals mutual
funds RRSP RESP IRA 401(K) & divorce preparer preparers consultants
If the asset was a condo of house which you now have rented out, you will
file a separate and different
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