[cdn_abolition] [sos dfait] Digest Number 1011
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Fri Aug 10 09:29:24 EDT 2007
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[2]canadian press From: dfait_sos
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[5]canadian press
Posted by: "dfait_sos" [6]no_reply at yahoogroups.ca [7]dfait_sos
Thu Aug 9, 2007 8:19 pm (EST)
Wed, Aug02127, 2007004 - 01
Deemed if you do
The strong Canadian buck might encourage you to extend your stay
in the U.S. this winter but be careful of deemed residency rules
Kelley Keehn
Forever Young
Kelley Keehn
As a mature Canadian, just about now is when you might be
contemplating a trip south during our cold winter. And this year
the strong loonie makes the U.S. south more affordable for
greater numbers than in many years.
But here's a word of advice - if you are thinking that the extra
value of the Canadian buck might translate into a longer stay,
make sure you don't fall afoul of Canadian residency rules.
The first rule for the prospective snowbird is, plan ahead as
much as possible, looking around for good early-bird deals on
travel health insurance and keeping your eye on relative real
estate prices down south.
If you are eyeing the United States, you may be planning to move
permanently or else spend long months of the year south of the
border as an integral part of your retirement. But did you know
that your time spent in the U.S. might cause you to be deemed a
resident of the U.S. for income taxes, estate taxes or both?
Conversely, you may be deemed to no longer be a resident of
Canada, and could be risking government benefits, income-tax
breaks, deductions and credits. Those wanting to take advantage
of lower income-tax rates in another country may find that the
CRA (Canadian Revenue Agency) still considers them to be
residents of Canada for income-tax purposes.
And in a worst-case scenario, one may be deemed to be a resident
of both countries.
Deemed residency is an income-tax classification used in both
Canada and the U.S. to determine whether an individual pays
income tax in a particular jurisdiction on income streams.
The opportunity of double taxation exists where snowbirds are
subjected to income tax in Canada and the U.S. on the same
income.
There are different treatments of income not just at the federal
level of each country but at a provincial and state levels as
well. Certain exemptions and reductions are available to
minimize unfairness to taxpayers.
The Canadian income-tax system is based on residency, not
citizenship. As such, Canadian residents are liable for income
tax on their worldwide income. Canada only taxes non-residents
on Canadian-source income. In the U.S., both citizens and
residents are taxed on their worldwide income.
Canadian residents can be deemed to be U.S. residents according
to the 183-day rule, or "physical presence" test. To see if your
residency status will be affected, use the following
calculation. Add up the total number of days spent in the U.S.
in the current year, one/third of the days spent in the U.S. in
the previous year and one/sixth of the days spent in the U.S.
the year before that. If your "physical presence" in the U.S.
totals 183 days or more, you will be deemed to be a U.S.
resident.
A key question to ask when travelling for extended periods is
whether there is an intention to leave Canada or whether there
is a risk of being deemed to be a resident of the U.S. In either
case, ensure that documentation regarding such items as
directives is recognized in the new domicile. This can be
problematic even if moving between provinces, let alone
countries.
There are steps you can take to avoid being deemed a U.S.
resident after meeting the physical-presence test. The tax and
estate-planning issues are complex and based on the facts of
each particular case. Use the services of a qualified financial
or tax professional to help you explore the use of corporations
and trusts to protect assets both in tax and estate-planning
processes.
Kelley Keehn of Edmonton is a financial speaker, elder-planning
counsellor and author of four books, including The Woman's Guide
to Money. Sources for this article included the Canadian
Initiative for Elder Planning Studies. See kelleykeehn.com.
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