Moving to the US with a spouse telecommuting back to Canada - Canadian-US-Global expert Income tax help

Hi there,

My wife and I are contemplating moving to California from Canada, and I feel strongly that I can get a solid 'offer-letter-of-employment' based on my skills.

Currently, my wife works from home typing transcripts for two different Canadian companies that do not require her to go to any 'place of employment'...her place of employment is at home in front of her computer.

She does not want to give that up and I want to know...does she have to?

I suspect she would pay income tax to the Canadian government and do some sort of U.S. reporting.

Can you help me answer my questions?

Thanks

Canada Spoke to you on INGRAM Jan 13-Young Canadian Buying in California advice help advice help

Below is the result of your feedback form.  It was submitted by
XXXXXX on Thursday, January 14, 2010 at 12:25:58
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My_question_is: Canadian-specific

question: Hi David,
I spoke to you on Jan 13th on your television show at www.david-ingram.com, and you asked me to send you an email. I appreciate your advice.
I am a renter in XXXXXXXX who is not able to afford investing money in a home here as it is too expensive. I have a money to invest and am looking for a large gain that I could be involved with and would like to hang onto it for at least 5 years until there is major growth. I have a real estate agent, and can get a loan for the remaining amount in Canada. I have at least 60% downpayment.  I am willing to wait to see if there is another crash cycle. I would be renting out the home with a PMC, and have a trustworthy relative in the xxxxxxxxxxx area in California. i would be able to handle having it unoccupied for a few months a year, if necessary. Besides changing over my money to the US, acquiring a bank account, and understanding that I will be paying property taxes on my home? What kind of taxes will I pay from the renters income? 
I am currently reading the book "The Border Guide," and don't want to miss out on this opportunity. 

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advice re Canadian Inheritance - help and advice Canadian-US-Global Income tax help - david ingram expert cross border non-resid

I have been referred to you by Transition Financial Services who were not able to provide me with assistance.

I am Canadian living in the US. I am about to receive a bequest for $200,000 Canadian and I want to understand the tax implications with the Canadian and US governments. I will happily pay for an hour's information and advice, if that is necessary. Can you help me?

US Canada Tax Preparation with rental house - help help help Canadian-US-Global Income tax help - david ingram expert US CANADA

Hi,

We are looking for assistance with preparing taxes for the US and Canada.

We own a rental property in the US with statements from the property Manager. Purchased in 2009.

My wife and I each have a single T4 and I deduct some expenses for a home office. We have RRSP statements.

It looked like the cost would be approximately $1700 for both our returns?

Can you confirm that is correct?

Are the costs of tax preparation deductable in the US or Canada where there is rental income?

Regards

Non resident selling home in Ontario - help help help - Canadian-US-Global Income tax help - david ingram expert US CANADA cross

My_question_is: Both

question: Dave,
When I filed exit tax return in 2003 and moved to USA, now I realized that T1161 form was not submitted.
I own a house I Ontario and I want to sell it now and there will be no capital gain housing prices went down since.
When I will sell my house what implication will there be, Tax or penalty (because of not filing T1161). 

I would appreciate your advice.

Thanks

Is an NR-74 necessary for a Canadian Citizen son. - help help help! Canadian-US-Global Income tax help - david ingram expert

XXXXX XXXXXX wrote:

Below is the result of your feedback form.  It was submitted by
XXXXX XXXXXX on Friday, January 1, 2010 at 09:23:27
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My_question_is: Canadian-specific

question: We have asked to become non resident by filling a NR-73
and our status was accepted. When we left the children were young 
but now my son turned 18 and he wants to go back home to Canada. 
He is adult and I cannot stop him. Should he fill a NR-74. 

Thank you for your advise, regards

--------------------------------

US and Canada New Rental Property - Help help Help - Canadian-US-Global Income tax help - david ingram expert cross border non

Hello David and Peter

Happy New Year. I had my US and Canadian taxes for 2008 done by you and would like to have my 2009 taxes done also by you.

During 2009 I finally got married and recently started the green cards process. The following I believe can give you an idea of my current situation:

My gross income was US$54,000 as a teacher.

My husband's gross income was around US106,000 (about $3,000 is additional income from his salary).

He is paying a mortgage in Houston.

My apartment in XXXXXXXXX is now a rental (I hired a property management company).

My husband is under the impression that we should do separate filling.

Please advise what documents do you need besides our W-2 receipts and the property management company statement.

I don't get any income from Canada.

Also, please confirm your fees since I have an idea from your website.

On a last note, once you see all the documents I would like to ask you in regards to my rental property in Canada.

Thank you and look forward to hearing from you soon,

XXXXX XXXXXXXXX

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Canadian resident with estate coming from the USA - Canadian-US-Global Income tax help - david ingram expert US CANADA cross bo

I am an American and Canadian citizen. My last surviving parent in Portland, Oregon has passed away.

I have been submitting American tax forms for the 20+ years I've been living in Vancouver, Canada.
My income has never exceeded the exemption so I've never had to pay any tax in the US.

My parents have a trust in Portland and a home and contents. My sister and I are the recipients of the estate 50%50%.

Would your firm be able to assist in advising me?

GIVING UP US CITIZENSHIP to avoid US Income Tax. Canadian-US-Global Income tax help - david ingram expert US CANADA cross border

XXXXX XXXXXX wrote:

Thanks for this, I'll be in touch.

Am considering giving up my American citizenship now that I've become a Canadian citizen, but that wouldn't happen until I get my Canadian passport.

Overseas tax implications for New Canadian from the UK - Value on date of Immigration to Canada - Glen Kelleway Mortgage Broker

Hi David

I received your contact details from Glen Kelleway. I thought you might be able to help me with a capital gains tax question.

Here's the overview:

I am from the UK originally and own two houses there
I have been living in Canada for approx 22 months.
I am married to a Canadian
We own a house together in BC (both on the title)
I am fully employed in Canada and pay tax here. I haven't yet filed my tax return this year in Canada.
I earn $42k gross per annum plus commission on real estate sales. We haven't had any sales so I haven't had any commission payments so I'm not sure how my tax bracket in Canada will be affected when I do (expecting to soon)

I am going to sell one of my UK houses soon. I expect the "gain" to be the difference in the price I paid less the price I get for it. The price I paid on paper was 249,995 GPB. I could sell for around 290 - 295GBP. I would have realtor fees of about 4.5k GBP to pay as well as legal fees of approx 1k GBP. I have paid an initial mortgage arrangement fee of 3187 GBP and a subsequent fee of 2157 GBP (I have this in writing). I have had other annual expenses of maintenance fees for the property (like strata fees almost). I would have to pay 2% of the amt borrowed as an early repayment fee i.e. about 4k GBP. So if those all qualify as expenses, my expenses are roughly 15k but that doesn't include interest on the mortgage - it was an interest only mortgage.

I don't think I should be paying UK capital gains on the gains as I haven't lived there since Nov 07.

I'm expecting I'll have to pay capital gains in Canada. Do you think this is the case. Will it be worked out as a tax rate on 50% of the gain i.e. the profit from the sale less my expenses i.e. applicable tax rate on 50%(40k profit - 15k expense) = tax on 12.5k?

I'm not sure what the best option is e.g. I can leave some of the money in the UK and then send most of it to Canada at some stage. This can be done in one amount or in separate amounts. I'm assuming if I leave all the gains money in a UK a/c that Canada will "find out about" my gains and I would still have to pay tax on the gain here.

Having worked with a great tax accountant previously in the UK I am looking for a possible alternative that might save me paying the tax. How do you work on these types of matters?

Thanks.

Kind regards,

Moving to the US with a spouse telecommuting back to Canada - Canadian-US-Global expert Income tax help

Canada Spoke to you on INGRAM Jan 13-Young Canadian Buying in California advice help advice help

advice re Canadian Inheritance - help and advice Canadian-US-Global Income tax help - david ingram expert cross border non-resid

US Canada Tax Preparation with rental house - help help help Canadian-US-Global Income tax help - david ingram expert US CANADA

Non resident selling home in Ontario - help help help - Canadian-US-Global Income tax help - david ingram expert US CANADA cross

Is an NR-74 necessary for a Canadian Citizen son. - help help help! Canadian-US-Global Income tax help - david ingram expert

US and Canada New Rental Property - Help help Help - Canadian-US-Global Income tax help - david ingram expert cross border non

Canadian resident with estate coming from the USA - Canadian-US-Global Income tax help - david ingram expert US CANADA cross bo

GIVING UP US CITIZENSHIP to avoid US Income Tax. Canadian-US-Global Income tax help - david ingram expert US CANADA cross border

Overseas tax implications for New Canadian from the UK - Value on date of Immigration to Canada - Glen Kelleway Mortgage Broker

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