U.S. resident wants to retire to

My_question_is: Applicable to both US and Canada
Subject:        U.S. resident wants to retire to Canada
Expert:         taxman at centa.com
Date:           Tuesday May 23, 2006
Time:           12:53 PM -0700
QUESTION:
Hi, I hold a British passport, and a U.S. Green Card. I have been resident
in the U.S. for 30 years. I own a condo in downtown Vancouver, which is
currently rented. I plan to retire soon and wish to live in my Vancouver
condo as much as is legally possible. What is the maximum length of time I
can spend in Canada annually? Thank you.
========================================
david ingram replies:
First get your US citizenship while you clearly qualify.  Otherwise, if you
do decide to move to Canada permanently, you will end up with departure tax
in the US as you give up your green card.
Then you can spend more than 6 months here as a visitor with permission and
NOT lose the right to go back to the US.
Otherwise, you "could" end up having an USCIS officer taking your green card
away when you go to go back to the US and not being allowed back into Canada
because you have no status and being forced to go back to the UK.
Other than that, as a rule of thumb, you can stay in Canada less than 183
days a year and keep your Green card alive.
If you leave the US for more than a year, it is usually presumed that you
have abandoned your status which means a deemed disposition of assets and an
immediate US tax.
You should likely book a consultation with me or someone like me.
------------------------------------------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
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Disclaimer:  This question has been answered without detailed information or
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David Ingram gives expert income tax & immigration help to non-resident
Americans & Canadians from New York to California to Saudi Arabia to Mexico
to China or Chile - Cross border, dual citizen - out of country investments
are all handled with competence & authority.
Phone consultations are $400 for 15 minutes to 50 minutes (professional
hour).
This is not intended to be definitive but in general I am quoting $800 to
$2,000 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two interest slips and you
lived in one country only - no self employment or rentals or capital gains -
you did not move into or out of the country in this year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no rental
$1,200 would be the minimum with a move in or out of the country. These are
complicated because of the back and forth foreign tax credits. - The IRS
says a foreign tax credit takes 1 hour and 53 minutes.
$1,500 would be the minimum with a rental or two in the country you do not
live in or a rental and a business and foreign tax credits  no move in or
out
$2,000 would be all of the above and you moved in and out of the country.
This is just a guideline for US / Canadian returns
We will still prepare Canadian only (lives in Canada, no US connection
period) with a three or four slips and no capital gains, etc. for $125.00
up.
With a Rental for $300
A Business for $300 - Rental and business likely $400
And an American only (lives in the US with no Canadian income or filing
period) with about the same things in the same range with a little bit more
if there is a state return.
Moving in or out of the country or part year earnings in the US will ALWAYS
be $400 and up.
TDF 90-22.1 forms are $25 for the first and $10.00 each after that when part
of a tax return.
8891 forms are generally $50.00 to $100.00 each.
18 RRSPs would be $900.00 - (maybe amalgamate a couple)
Capital gains *sales)  are likely $50.00 for the first and $20.00 each after
that.
Just a guideline not etched in stone.
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