I just saw a question you answered about a Canadian living in the
US as a permanent resident selling a home and wanting to transfer the money to a
US bank. (
http://www.david-ingram.com/CEN-TAPEDE/archive/Week-of-Mon-20061009/002904.html) I'm
in the same situation, except I want to keep most of the money in Canada. You
said, below, that the banks will notify the treasury on amounts over $10,000. Is
this $10,000 at any one time, or per calendar year?
What I want to do is bring enough money to pay off my US credit
cards. Through several bank withdrawals and cheque deposits I've already put
about $9600 Canadian into my US bank (not at the same time) to pay bills. Do I
need to wait until next year to bring more in, or is it okay to continue
doing this? I would need maybe another $11,000 to pay everything off here.
Thanks!
david ingram replies:
If you have transferred $9.600 so far and have paid it out already, there is no problem. If you are transferring smaller amounts because you are trying to amass an amount over $10,000 for a single purpose, then you have to report the transfer of more than $10,000 AND the financial institution you have transferred the money to in the USA should be reporting the transaction as well. In fact making several transfers for a total of $12,000 could make you look like a suspicous person whereas one $15,000 transfer would never raise a suspicious person report, especially if the money was then paid out to credit card companies.
The rules for reporting take place for both countries when there is a transfer (or series of transfers) of more than $10,000.
If you do it as a bank transfer, you do not need to worry. The bank will do the reporting for you.
If you take cash out in Caanda and take it across the border yourself, YOU have to do the reporting to both countries.
This older series of questions will help
This last question just
gave me an idea for a new
question:
What if I bring say $15
000 US into Canada but I do it at several trips and
every time I carry less then $10 000 (3000-5000)? Any forms to fill or
report? Thanks.
every time I carry less then $10 000 (3000-5000)? Any forms to fill or
report? Thanks.
PxXXXX
---------------------------------
---------------------------------
david ingram
replies:
Both countries make the
transportation of more than $10,000 in pieces a crime as
well.
However, if you were
sending a $1,000 a month to a savings plan or something, that would not
matter.
The crime would be trying
to assemble the more than $10,000 in the other country when you had the ability
to send it all at once.
I.E. You have
$25,000 in a bank in Seattle and send $5,000 every couple of days until it is
all in Canada.
In that case, if your
banks spotted what was going on, "they" would report
you.
The bank will also report
when several cheques arrive from different sources and they add up to
significant amounts whether the source is from the US or not. This is to
stop people from keeping their money in other people's accounts and assembling
it when they need it.
All part of anti money
laundering legislation.
=============
the original question and
answer follows
What forms do I have to
fill out if I am transporting more than $10,000 across the Canadian
Border
==============================
david ingram
replies: The forms are E677 and E667 for Canada and as of September
1, 2004 )today) 104 and 105 for the US if you are bringing the money out
of the US into Canada..
The US bank will
report the deposit or withdrawal to the US FINCEN on form 4789 (which is
still valid until August 31, 2004) or more likely the new form 104 which you can
find at: http://www.irs.gov/pub/irs-pdf/ffc104.pdf
When you then move
the money to Canada by money order or check, the bank or financial institution
will report it again.
The US penalties for failure to fill in these simple forms is up to
$500,000 PLUS 5 years in jail.
If you remove more
than $10,000 at any one time, the bank will report those transactions as
well.
If you decide to
carry the cash or transport it out of the USA as a cashier's cheque, you have to
file form 105 (old form 4790). You can find the form at: http://www.irs.gov/pub/irs-pdf/ffc105.pdf
Canada has moved its forms
in the last few days and i had a devil of a time trying to find them. You
can find both E677 and E667
below.
E667 is filled out by
yourself and E677 is filled out by the financial
institution.
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 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. expert US Canada Canadian
American Mexican Income Tax
help
Therefore, if an email is not answered in 24 to 36 hours,
it is lost in space. You can try and resend it but if important, 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.
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." 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 $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 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
Rwanda Guru Consultant Specialist Section 216(4) 216(1) NR6
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
Tax Convention. expert US Canada Canadian American Mexican
Income Tax help.
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
New York, Boston, Sacramento, Minneapolis,
Salem, Wheeling, Philadelphia, Pittsburgh, Atlanta, Pensacola, Miami, St
Petersburg, Naples, Fort Myers, Cape Coral, Orlando, Atlanta, Arlington,
Washington, Hudson, Green Bay, Minot, Portland, Seattle, St John, St John's,
Fredericton, Quebec, Moncton, Truro, Atlanta, Charleston, San Francisco, Los
Angeles, San Diego, Sacramento, Taos, Grand Canyon, Reno, Las Vegas, Phoenix,
Sun City, Tulsa, Monteray, Carmel, Morgantown, Bemidji, Sandpointe, Pocatello,
Bellingham, Custer, Grand Forks, Lead, Rapid City, Mitchell, Kansas City,
Lawrence, Houston, Albany, Framingham, Cambridge, London, Paris, Prince George,
Prince Rupert, Whitehorse, Anchorage, Fairbanks, Frankfurt, The Hague, Lisbon,
Madrid, Atlanta, Myrtle Beach, Key West, Cape Coral, Fort Meyers,
Berlin, Hamburg, Warsaw, Auckland, Wellington, Honolulu, Maui, Kuwait,
Molokai, Beijing, Shanghai, Tokyo, Manilla, Kent, Winnipeg, Saskatoon, Regina,
Red Deer, Olds, Medicine Hat, Lethbridge, Moose Jaw, Brandon, Portage La
Prairie, Davidson, Craik, Edmonton, Calgary, Victoria, Vancouver, Burnaby,
Surrey, Edinburgh, Dublin, Belfast, Glasgow, Copenhagen, Oslo, Munich, Sydney,
Nanaimo, Brisbane, Melbourne, Darwin, Perth, Athens, Rome, Berne, Zurich, Kyoto,
Nanking, Rio De Janeiro, Brasilia, Colombo, Buenos Aries, Squamish, Churchill,
Lima, Santiago, Abbotsford, Cologne, Yorkshire, Hope, Penticton, Kelowna,
Vernon, Fort MacLeod, Deer Lodge, Springfield, St Louis, Centralia, Bradford,
Stratford on Avon, Niagara Falls, Atlin, Fort Nelson, Fort St James, Red Deer,
Drumheller, Fortune, Red Bank, Marystown, Cape Spears, Truro, Charlottetown,
Summerside, Niagara Falls, income trust, Income Tax Treaty Convention.
- expert US Canada Canadian American Mexican Income Tax
help.
International non-resident
cross border expert income tax & immigration help estate family trust
assistance expert preparation & immigration consultant david
ingram, income trusts experts on rentals mutual funds RRSP RESP IRA
401(K) & divorce preparer preparers consultants Income Tax Convention
Treaty. expert US Canada Canadian American Mexican
Income Tax help.
Be ALERT, the world needs more "lerts".
expert US Canada Canadian American Mexican
Income Tax help. -
expert us canada canadian Mexico income tax
help
No virus found in this incoming message.
Checked by AVG Free Edition.
Version: 7.5.487 / Virus Database: 269.13.21/1010 - Release Date: 15/09/2007 7:54 PM
