Search found 7 matches

by tom2510
Mon Mar 21, 2011 1:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferring Deemed Disposition when emigrating
Replies: 2
Views: 3200

Since cash security has to be posted for emigrant deferred disposition tax amounts, I plan to simply sell all CDN brokerage stock assets into cash and not defer the disposition on emigration. If I have a TD bank account on both sides of the border (TD Canada Trust and TD Bank US), can I simply elect...
by tom2510
Tue Mar 08, 2011 11:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Deferring Deemed Disposition when emigrating
Replies: 2
Views: 3200

Deferring Deemed Disposition when emigrating

Hi, when electing to defer the deemed disposition, how is the tax owing calculated and paid when actually sold? More specifically, suppose final tax year owing is $52000 but $32000 is related to the deemed dispostion (capital gain $200,000x50% @ 32% bracket for the departing year). Actual amount pai...
by tom2510
Thu Feb 10, 2011 1:27 pm
Forum: Business & Personal Immigration to Canada
Topic: Resident or Non resident declaration@ POE for TN visa holder
Replies: 3
Views: 10443

Thank you. Entering Canada -That means when I enter Canada for a weekend, I would declare my US home address and fill in Part B for visitor exemption amounts. Returning to US - I called US immigration and they said that I am still considered a visitor to the US (TN is a visitor visa). What do I put ...
by tom2510
Mon Feb 07, 2011 6:47 pm
Forum: Business & Personal Immigration to Canada
Topic: Resident or Non resident declaration@ POE for TN visa holder
Replies: 3
Views: 10443

Resident or Non resident declaration@ POE for TN visa holder

To qualify for a TN visa to work in the US for 2-3 years, it must be temporary with the intent to return to Canada. Therefore, to the US-INS I am a visitor and must remain a visitor. Once TN is obtained, the substantial presence test would then make me a Resident Alien in the eyes of the IRS and non...
by tom2510
Sun Feb 06, 2011 11:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn living in US with TN visa but keeping ties to Canada
Replies: 5
Views: 4691

Thanks again. I've accumulated about $350,000 in capital gains over the years. Adding this deemed disposition all in the departure year would result in the highest tax bracket. Is there a way to spread it out? Originally I was going to keep capital gains unrealized until lower income years.
by tom2510
Fri Feb 04, 2011 2:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn living in US with TN visa but keeping ties to Canada
Replies: 5
Views: 4691

Thank you for your reply. If this used to be correct, then can I submit it that way and let CRA determine whether this is acceptable in my case? Especially since I have registered businesses and family present in Canada, they may feel that my ties are strong enough not to "kick me out"? Is...
by tom2510
Thu Feb 03, 2011 8:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Cdn living in US with TN visa but keeping ties to Canada
Replies: 5
Views: 4691

Cdn living in US with TN visa but keeping ties to Canada

I will be working full time in the US with a TN visa starting in March for 2 years. I have other businesses in Canada and they will be minimally active for those 2 years. I also have investment accounts as well as RRSPs and I have a house in Canada. I will be considered US resident for tax purposes ...