David,
Hello! I was wondering if you can help me with this question. I'm a US
citizen living in Canada working on my permanent residency.(I live with my
Canadian wife here all 12 months of the year) I have Canadian income, but
do have income in the US of over the 2005 Roth IRA limit of $4000. Plan on
living here until my death.
Is it wise to fund the Roth IRA in the US if the cash is available? What
are the ramifications if I'm to leave the Roth in the US and draw off of it
during retirement? (Taxed on Interest as converted Canadian income?) Can
it be left to kids that are dual citizens tax free?
What do your clients do? Is there anything wrong with contributing to both
an RRSP and Roth.
Thanks for your advice. My wife and I have a bet on this....... She would
rather spend this money as I would like to invest.... :)
Thanks for your time.
Regards,
---------------
david ingram replies:
Your wife wins if she spends it on paying down the mortgage.
It is not smart to contribute to the ROTH. Pay down your Canadian Mortgage
first Better to pay down the mortgage than buy an RRSP 19 out of 20 times as
well.
david ingram
19 out of 20 of 1800 old questions are getting the following. I vowed to
clean them all out this month.
If you go to www.centa.com and read the Nov 2001 newsletter (top box left
hand side) you will learn about mortgage interest as a deduction in
anada - you can also phone the radio show and attend one of the Thursday
seminars as follows.
Answers to this and other similar questions can be obtained free on Air by
david ingram on the last Sunday of each month.
On the last Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram will be
a 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.
I will be at the seminar following the last Sunday of the month.
------------------------------
Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts one
of 17 different financial seminars in the boardroom of his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical care
insurance, income taxation, differences between stocks and bonds, and
usually the most innovative HELOC mortgage offered in Canada from Manulife
Bank
If you are starting in downtown Vancouver and do not want to go home first,
one of the excellent THAI HOUSE restaurants is in the same building and
makes a nice start to the evening. If it is your first seminar, Fred will
buy you dinner if you are pre-registered.
I, david ingram, will be at the Thursday evening following the last Sunday
of each month to cover mortgage interest as a deduction and give the class
an adding test.
--------------
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,
This from "ask an income tax and immigration expert" from www.centa.com
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