Good on Dan Walkow. He intercepted what
could have been a problem. There is a stipulation regarding
payment of a RRIF to a non-resident that ends up requiring a 25% tax withholding
in any payments made from a RRIF to a non-resident in the first year of the
RRIF's existence. Even if they are clearly periodic payments.
So in order to get the normal 15% holdback on my first disbursments in
2008, I have to roll my RRSP into a RRIF before calender
year end 2007.
Just in case you weren't aware of this odd
stipulation, I thought I'd pass it on. It could cost non-residents a year
of taxation at 25% instead of 15% if they don't get that RRIF in place during
the calender year prior to the one in which they intend to draw. And
the US will never give a 25% offset tax credit, unless you are in a much higher
tax bracket than most retirees.
----------------------------------------------------------------------------------------------------
david ingram replies:
Thanks for the heads up FH
I have never heard of this but will pass it on just in case there ae other US residents intending to roll over into a RRIF at the start of 2008 (or any other for that matter).
I qualified for OAS and CPP in September but decided to leave it until 2008 for instance,.
For those who need someone who can handle your RRIF, RRSP, IRA, 401(K) 403, other retirement plans and any open cash account on obth sides of the US / Caanda border, I give you the following:
-----------------------------------------------------------------------------------------
QUESTION:
Is Stansberry & Associates a legitimate
firm?
---------------------------------------------------------------------------
---------------------------------------------------------------------------
david ingram replies:
So far as i know.
One person on the list wrote to say that they had satisfactory dealings with them after I wrote the following:
If the problem is dealing with cross border investments, I usually recommend Dan Walkow and / or Darrell Thompson
as in this older question about the same firm
---------------------------------------------
QUESTION: 1. have been trying to find ethical investment firm to go with in Canada and can not seem to get any unbiased answers We live in Red Lake Ontario (landed immigrants), but are also US citizens
2. Is this Stansberry & Associates legit, as they seem to have many different opportunities claiming great returns
Pinchot Retirement Plan, Master Limited Partnership, Market Index Target Term Security , Oakmark Select Funds
Thanks greatly looking forward to your email
---------------------------------------------------------------------------
One person on the list wrote to say that they had satisfactory dealings with them after I wrote the following:
If the problem is dealing with cross border investments, I usually recommend Dan Walkow and / or Darrell Thompson
as in this older question about the same firm
---------------------------------------------
QUESTION: 1. have been trying to find ethical investment firm to go with in Canada and can not seem to get any unbiased answers We live in Red Lake Ontario (landed immigrants), but are also US citizens
2. Is this Stansberry & Associates legit, as they seem to have many different opportunities claiming great returns
Pinchot Retirement Plan, Master Limited Partnership, Market Index Target Term Security , Oakmark Select Funds
Thanks greatly looking forward to your email
---------------------------------------------------------------------------
david ingram replies:
I have no good or bad knowledge about
Stansbery and Associates. None of my clients deal with them to my
knowledge.
From looking at their website, they seem to be a newsletter
operation as mucyh as anything. I have about 15 interviews with newsletter
writers on gold (John Embry), oil, uranium (Martin Kafusa), silver (Sean
Rahkimov) real estate (Ozzie Jurock), futures and commodities (Victor Adai),
Resources in General (Elsworth Dickson, Publisher of Resource World) etc
at www.howestreet.com - mostly in the third column.
Two ethical people who are properly
licenced to seal with the sale of securities, IRA's 403B, RRSPs,
RRIFs, etc., to US citizens in Canada or Canadians in the US
are:
Dan Walkow
Seabank Financial
White
Rock
Local (604) 541-9952
L D
(866) 541-9952
www.seabankcapital.com
AND
Darrell
Thompson
Blackmont Securities
Toronto
Local (416)
874-8007
LD (866) 775-7704
www.blackmont.com
__
These two individuals and their companies have gone to the effort to get themselves registered and properly licenced just about everywhere so they can deal with a Candian in Florida or California or Nevada, etc.
____________________________________
Note that because of their specialty, they tend to deal with accounts in excess of $200,000
However, I know that both parties would welcome an exploratory call. Small accounts do grow into larger ones and of course, you do not have to have a cross border problem to deal with them.
These two individuals and their companies have gone to the effort to get themselves registered and properly licenced just about everywhere so they can deal with a Candian in Florida or California or Nevada, etc.
____________________________________
Note that because of their specialty, they tend to deal with accounts in excess of $200,000
However, I know that both parties would welcome an exploratory call. Small accounts do grow into larger ones and of course, you do not have to have a cross border problem to deal with them.
------------
On November 10, 2007, David Ingram
wrote:
It is very unlikely that blind or unexpected email to me will be answered. I receive anywhere from 100 to 700 unsolicited emails a day and usually answer anywhere from 2 to 20 if they are not from existing clients. Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line and get answered first. I also refuse to be a slave to email and do not look at it every day and have never ever looked at it when I am out of town. e bankruptcy expert US Canada Canadian American Mexican Income Tax help
However, I regularly search for the words"PAYING CUSTOMER" and
always answer them first if they did not get spammed out. For the last two
weeks, I have just found out that my own email notes to myself have been spammed
out and as an example, as I write this on Oct 18, 2007 since June 16th (124
days), my 'spammed out' box has 34,939 unread messages, my deleted box has 11854
I have actually looked at and deleted and I have actually answered 1078 email
questions for clients and strangers without sending a bill. I have also
put aside 622 messages that I am maybe going to try and answer because they look
interesting. -e
bankruptcy expert US Canada Canadian American Mexican Income Tax
help
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 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 $150 to $500.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc.
Just a guideline not etched in stone.
David Ingram expert income tax and immigration help and preparation of US Canada Mexico non-resident and cross border returns with rental dividend wages self-employed and royalty foreign tax credits family estate trust trusts income tax convention treaty advice on bankruptcy
It is very unlikely that blind or unexpected email to me will be answered. I receive anywhere from 100 to 700 unsolicited emails a day and usually answer anywhere from 2 to 20 if they are not from existing clients. Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line and get answered first. I also refuse to be a slave to email and do not look at it every day and have never ever looked at it when I am out of town. e bankruptcy expert US Canada Canadian American Mexican Income Tax help
Therefore, if an email is not answered in 24 to 36 hours,
it is likely lost in space. You can try and
resend it but if important AND YOU TRULY WANT OR NEED AN ANSWER from 'me', you
will have to phone to make an appointment. Gillian Bryan generally accepts
appointment requests for me between 10:30 AM and 4:00 PM Monday to Friday
VANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321.
david ingram
expert US Canada Canadian American Mexican Income Tax
help.
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:
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:
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 help.
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. If you forward this message, this
disclaimer must be included." e
bankruptcy expert US Canada Canadian American Mexican Income Tax
help.
David Ingram gives expert income tax
& 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 $400 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. expert US Canada Canadian American Mexican
Income Tax help.
This is not intended to be definitive but in general I am
quoting $900 to $2,900 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.
$1,100 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
$2,900 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.
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 $150 to $500.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc.
Just a guideline not etched in stone.
This from "ask an income trusts tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com.
David Ingram deals on a daily basis with expatriate tax returns with
multi jurisdictional cross and trans border expatriate problems for the
United States, Canada, Mexico, Great Britain, United Kingdom, Kuwait,
Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France,
Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia,
Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India,
Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas,
Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of
the 43 states with state tax returns, etc. Rockwall, Dallas, San
Antonio Houston, Denmark, Finland, Sweden Norway Bulgaria Croatia Income
Tax and Immigration Tips, Income Tax Immigration Wizard Antarctica
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NR-6 NR 6 Non-Resident Real Estate tax specialist expert
preparer expatriate anti money laundering money seasoning
FINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross border
transactions Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US Income
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David Ingram expert income tax and immigration help and preparation of US Canada Mexico non-resident and cross border returns with rental dividend wages self-employed and royalty foreign tax credits family estate trust trusts income tax convention treaty advice on bankruptcy
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Niagara Falls, income trust, Income Tax Treaty Convention. - e bankruptcy expert US Canada
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Be ALERT, the world needs more
"lerts".
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