XXX wrote:
David, I don't quite understand why you often say -- as you do below -- that "medical costs [in the U.S.] make it impossible." We just happen to be considering bringing my 87 year old mother down from Canada to live in an expanded portion of our home in Bellingham. She would sell her home in B.C. and part of the proceeds would go to covering the cost of the self contained suite we would build on to our house. Maybe I am missing something in the warning you are giving everyone, but I have to tell you that even the very best medical plan Group Health, for example, offers is far from "impossible" at $564.00 a month for a non-smoker 65 and older, not eligible for Medicare. Compared to B.C., yes, that's expensive. But so what if she lives with us and her CPP and OAP go to cover it!
I will be 62 this week and continue to commute each day to my
workplace in Surrey, B.C. I readily admit that if I had to pay such a
premium, it would be difficult -- particularly were I younger with many
more years to go before I had Medicare at 65. I currently pay about
$100.00 a month for a great medical plan from Group Health. Of course,
it is through my wife on her plan at work. I also have a dental plan
in the same way. It is just as good as the one I had through a former
employer when I lived in B.C.
As someone whose taxes you prepare for me each year, you will
recall that I am a Canadian citizen who emigrated here on a fiance[e]
visa in 2004 ro marry my American citizen wife. I am pleased to tell
you now that on August 15th of this year I was sworn in as a U.S.
citizen! So now, of course, I am one of those fortunates who have dual
citizenship.
david ingram replies:
I have to admit that you make a new point. Of course, TODAY, at the moment I write this, the Canadian Dollar is actually MORE than the US dollar. Youir Canadian salary has gone up over 40% in US spending since you moved to the US. However, if we were talking about taking mom to the US when you moved down in 2003 and the US dollar was 1.401, that $564 would be about $790 Caandian and a year earlier, it would have been $885.00
We had hundreds of people (remember i am only one person) returning to Canada because they could not afford it anymore from 98 to 2004.
It has slowed down dramatically and maybe a rethink is in order.
In fact, I have one (only one) daugher looking for a home for her mother in Bellingham because it would be cheaper than what she is paying In Canada. This is the reverse with a mother who was brought up to live with daughter in Canada when the US dollar was large and Canadian expenses were really cheaper in relation.
Thanks for the insight.
david
Since I am now 65, that does not seem that old any more but I have to tell you that you are asking for the impossible. The medical costs will make it impossible even if you could do it. You can take out US citizenship and sponsor your father but I doubt if it would work out for you financially.
If you have a real problem, get your US citizenship so that you can come and go for long periods (if necesasary) from Canada without any problems. (i.e. if necessary, you opr your wife can come to Canda for a year or two without a problemm if a US/Canada dual citizen).
Another partial solution is to move to some place like Bellingham (means changing jobs) and have dad live in White Rock officially and visit you a lot in the US. Even then, over 80, even medical trip insurance will become prohibitive.
Niagara Falls New York and Niagara Falls Canada work as well but the winters are less friendly.
Sorry I do not have a better answer. Every week, I have someone moving back to Caanda because of the US medical system which is just not as good for the average person as the Canadian system.
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$1,600 would be for two people with income from two countries
On Oct 3, 2007, at 12:08 AM, US / Canada Income Tax Help -
CEN-TAPEDE wrote:
----------------------------------------------------------------------------------------david ingram replies:
I have to admit that you make a new point. Of course, TODAY, at the moment I write this, the Canadian Dollar is actually MORE than the US dollar. Youir Canadian salary has gone up over 40% in US spending since you moved to the US. However, if we were talking about taking mom to the US when you moved down in 2003 and the US dollar was 1.401, that $564 would be about $790 Caandian and a year earlier, it would have been $885.00
We had hundreds of people (remember i am only one person) returning to Canada because they could not afford it anymore from 98 to 2004.
It has slowed down dramatically and maybe a rethink is in order.
In fact, I have one (only one) daugher looking for a home for her mother in Bellingham because it would be cheaper than what she is paying In Canada. This is the reverse with a mother who was brought up to live with daughter in Canada when the US dollar was large and Canadian expenses were really cheaper in relation.
Thanks for the insight.
david
------------------------------------------
QUESTION:
Hi:
Both My wife and I am green card holder and currently working in US. We would like to ask my Father (Canadian Citizen) to come to live with us. He is above 65, would he be able to qualify for any Medicare plan? would private Health care be an option?
--------------------------------------------------------------
david ingram replies: Hi:
Both My wife and I am green card holder and currently working in US. We would like to ask my Father (Canadian Citizen) to come to live with us. He is above 65, would he be able to qualify for any Medicare plan? would private Health care be an option?
--------------------------------------------------------------
Since I am now 65, that does not seem that old any more but I have to tell you that you are asking for the impossible. The medical costs will make it impossible even if you could do it. You can take out US citizenship and sponsor your father but I doubt if it would work out for you financially.
If you have a real problem, get your US citizenship so that you can come and go for long periods (if necesasary) from Canada without any problems. (i.e. if necessary, you opr your wife can come to Canda for a year or two without a problemm if a US/Canada dual citizen).
Another partial solution is to move to some place like Bellingham (means changing jobs) and have dad live in White Rock officially and visit you a lot in the US. Even then, over 80, even medical trip insurance will become prohibitive.
Niagara Falls New York and Niagara Falls Canada work as well but the winters are less friendly.
Sorry I do not have a better answer. Every week, I have someone moving back to Caanda because of the US medical system which is just not as good for the average person as the Canadian system.
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This is not intended to be definitive but in general I am quoting
$800 to $2,800 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
$1,600 would be for two people with income from two countries
$2,800 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 $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely $450
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 $800 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.
Just a guideline not etched in stone.
This from "ask an income trusts tax and immigration expert" from www.centa.com
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