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We watched some videos on "The Other Side of David Ingram"
where David Ingram interviewed Dan Walkow. It got us thinking that maybe
one or both of you could help us get our finances better organized.
We are Canadians who have lived outside of Canada since 1992 in a
number of foreign countries including USA. We currently live in XXXXXXXXXXXXXXXX
where we are Permanent Residents. We have several retirement accounts in
both Canada and USA and have regular accounts in several other
jurisdictions including XXXXXXXXXXXXXX.
We expect to eventually return to Canada. We are looking for
someone to help us formulate a plan for managing the Canadian/USA tax issues
with these accounts including issues with repatriating to Canada. It looks
like this is your main area of interest.We assume you work on a fee-for-service
basis. How does it work?
Several related questions:
- Do you also do Financial Planning? If not can you recommend some one with global experience that could help?
- Do you work directly with other professionals like Dan Walkow on managing Canadian/USA investments for nonresidents?
Regards,
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david ingram replies:
Although I do not know a lot, as well as the four people (Gillian Bryan, David Holroyd, Peter Ingram and Mitchell Ingram) in my own home office, I can and do name another 7 or eight people who can do the US Canadian tax part of your portfolio. I speak of Steve Peters at KPMG in Halifax, Nova Scotia (902) 492-6011, -Kevin Nightingale in Toronto (416) 733-9595, Mark Serbinski in Toronto (416) 733-0300 -, Len Vandenberg with BDO Dunwoody in Kelowna, BC. (250) 763-7600, Steve Katz in Vancouver at (604) 732-1515, Sonja Clark in Vancouver at (604) 913-3376, Brad Howland in Victoria at (250) 598-6258 and, of course Gary Gauvin outside of Dallas, Texas at (469) 273-3399.
And i do know others who would be happy to look after your investments out of the country if the US is not involved. Shaun Rickerby with TD Investments in Richmond at (604) 462-5188.
However, in my 46 years in this business, I only (at the moment) know of two individuals in Canada who specialize in the handling of US Canada investments at the same time for a resident of Canada with US investments, IRA's, 401(K) or 403(B) accounts, etc. or a resident of the USA with Canadian cash accounts, RRSP's, or RRIFs.
The reason is the expense and trouble that the companies and the individuals have to go through to get registered in every province and just about every state. Very few individuals have the mind set to deal with cross border matters no matter how much they want to.
Darryl Thompson (866) 775-7704 or (416) 874-8007 with Blackmont Securities in Toronto (you will remember them as Yorkton Securities when you left Canada in 1992) is one of them and the Dan Walkow you saw interviewed is the other.
Dan Walkow (866) 541-9952 or (604) 541-9952 is also the founder of Seabank Capital (www.seabankcapital.com) and as you can see from the front page with its US Canadian Flag blend, a main priority of Seabank is its specialty knowledge and licensing for US Canada investment.
To be candid, I have been given the names of two others who are handling US Canadian investments at Canaccord Capital. However, after going to their own web pages and seeing no mention of US Canada or cross border investment I have to assume that they are merely trying to keep existing clients as opposed to actively being a business that actively deals in these cross border situations as I do.
By the way, I do want to mention that although Dan and I have effectively done a series of infomercials on the subject, I was recommending Dan before that. I have been recommending Darryl Thompson for three years and although i talked to him on the phone once, I have never met him.
Of the others above, Steve Katz, Gary Gauvin and Sonja Clark are ex associates who are now competitors and I know/knew them well. I have never (that I know of) talked to or met Steve Peters, Kevyn Nightingale, Mark Serbinski, or Len Vandenberg. I have met and talked to Brad Howland once. My recommendations of those individuals has been based upon good work they have done which has come across my desk.
I personally do not do financial planning anymore. I was, however, the first one in that classification in the Vancouver Yellow Pages back in 1972 as I remember it. Had to fight for the classification and three years later there were a couple of hundred listings. Today, I try and limit my practice to the tax ramifications of cross border situations whether it be investments or services provided. For tax clients, I also consult on but do not practice immigration matters.
I can not comment on Dan or Darryl's fees, but I include my suggested year old price list which I will likely change slightly in the next couple of months.
Hoping this helps
david ingram
SUGGESTED PRICE GUIDELINES - Aug 5,
2008
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
$1,700 would be for two people with income from two countries
Catch - up returns for the US where we use the Canadian return as a guide for seven years at a time will be from $150 to $600.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc. Note that these returns tend to be informational rather than taxable. In fact, if there are children involved, we usually get refunds of $1,000 per child per year for 3 years. We have done several catch-ups where the client has received as much as $6,000 back for an $1,800 bill and one recently with 6 children is resulting in over $12,000 refund.
Email and Faxed information is convenient for the sender but very time consuming and hard to keep track of when they come in multiple files. As of May 1, 2008, we will charge or be charging a surcharge for information that comes in more than two files. It can take us a valuable hour or more to try and put together the file when someone sends 10 emails or 15 attachments, etc. We had one return with over 50 faxes and emails for instance.
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
pert US Canada Canadian American
Mexican Income Tax service and
help.
David Ingram gives expert income
tax service & immigration help to non-resident Americans &
Canadians from New York to California to Mexico family,
estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence &
authority.
Phone
consultations are $450 for 15 minutes to 50 minutes (professional hour). Please
note that GST is added if product remains in Canada or is to be returned to
Canada or a phone consultation is in Canada. ($472.50 with GST for in person or
if you are on the telephone in Canada) expert US Canada Canadian American Mexican Income
Tax service and help.
This is not intended to be definitive but in
general I am quoting $900 to $3,000 for a dual country tax
return.
$900 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only (but were filing both
countries) - no self employment or rentals or capital gains - you did not move
into or out of the country in this year.
$1,200 would be the same with one rental
$1,300 would be the same with one business no
rental
$1,300 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.
$1,600 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
$1,700 would be for two people with income from two countries
$3,000 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 two or
three slips and no capital gains, etc. for $200.00 up.
However, if you have a stack of 1099, or T3 or T4A or T5 or K1 reporting forms,
expect to pay an average of $10.00 each with up to $50.00 for a K1 or T5013 or
T5008 or T101 --- Income trusts with amounts in box 42 are an even larger
problem and will be more expensive. - i.e. 20
information slips will be at least $350.00
With a Rental for $400, two or three rentals for
$550 to $700 (i.e. $150 per rental) First year Rental - plus
$250.
A Business for $400 - Rental and business likely
$550 to $700
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 $900 and up.
TDF 90-22.1 forms are $50 for the first and $25.00
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.
Catch - up returns for the US where we use the Canadian return as a guide for seven years at a time will be from $150 to $600.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc. Note that these returns tend to be informational rather than taxable. In fact, if there are children involved, we usually get refunds of $1,000 per child per year for 3 years. We have done several catch-ups where the client has received as much as $6,000 back for an $1,800 bill and one recently with 6 children is resulting in over $12,000 refund.
Email and Faxed information is convenient for the sender but very time consuming and hard to keep track of when they come in multiple files. As of May 1, 2008, we will charge or be charging a surcharge for information that comes in more than two files. It can take us a valuable hour or more to try and put together the file when someone sends 10 emails or 15 attachments, etc. We had one return with over 50 faxes and emails for instance.
This is a guideline not etched
in stone. If you do your own TDF-90 forms, it
is to your advantage. However, if we put them in the first year, the computer
carries them forward beautifully.
--IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.--
-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 www.centa.com or www.garygauvin.com. If you forward this message, this disclaimer must be included." -
--IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.--
-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 www.centa.com or www.garygauvin.com. If you forward this message, this disclaimer must be included." -
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