Canadians Cashing In

[SNDERS]

May have been posted before, but could not find. Are Canadians with permanent residency status in U.S. able to cash in when RV hits, in the U.S ?

P.S wife is a U.S citizen.

[NEWMAN]

SURE! WHY NOT? G RV!!!!!!!!!!!!!!!!!!!

[KramerDinar]

What is wrong with cashing in your own country? It is not like the RV is going to hit country by country, so when it RV's and the US is cashing in, so will every other country. If you have residence in Canada, and cash in US, I would think you will get nailed harder with taxes because are you not going to get taxed from both countries? I am not a tax expert but I am sure as logical is our government is, they will come up with some messed up s**t for you. I would probably talk to a Tax Attorney on this.

[oscar3]

Yes. You treat it like any other capital gain.

[Sdr]

Yes. You treat it like any other capital gain.

Cr&...p...........don't mislead people with something you clearly know nothing about

[Tiffany23]

I'm a dual citizen of both the UK and the US..and I went to college in Canada (London). I'm also finishing up my Masters in Business.

If your wife is American and either the dinar are owned by both of you or just her, she will have to pay US taxes on it whether you cash it in the States or Canada, it doesn't matter. Uncle Sam enforces taxes on ALL US citizens where ever they live.

The debate is still going on whether it will be income or captial gains taxes. I'd stick close to this website and see what others have learned.

I'd also highly recommend when it RVs that you consult a US tax attorney and CPA regarding this...as well as Canadian of course.

Hope that helps!

[gman51]

I'm a dual citizen of both the UK and the US..and I went to college in Canada (London). I'm also finishing up my Masters in Business.

If your wife is American and either the dinar are owned by both of you or just her, she will have to pay US taxes on it whether you cash it in the States or Canada, it doesn't matter. Uncle Sam enforces taxes on ALL US citizens where ever they live.

The debate is still going on whether it will be income or captial gains taxes. I'd stick close to this website and see what others have learned.

I'd also highly recommend when it RVs that you consult a US tax attorney and CPA regarding this...as well as Canadian of course.

Hope that helps!

I have to agree with Tiffany on this one. I have done taxes for people who have worked out of the country and was surprised to discover that they still had to pay U.S. taxes on that income. It is the "residency" of the person that matters here, not the location where they earned the money. They would have to give up their citizenship to avoid paying taxes. I am a CPA and I still advise you to contact a tax attorney to confirm this.

[Tiffany23]

Gman is right...the WSJ had an article on this very fact about 8 months ago, on how to avoid Uncle Sam coming after you. The only loophole is that you give up your US citizenship BEFORE you earn the big bucks...you can't be grandfathered in or do it post RV.

Even then, the few that have tried to give up their citizenship are still fighting the red tape. Seems extreme but I have to admit, it is one problem I'd love to have!

Edited January 31, 2011 by Tiffany23

[tommyboy]

I'm a dual citizen of both the UK and the US..and I went to college in Canada (London). I'm also finishing up my Masters in Business.

If your wife is American and either the dinar are owned by both of you or just her, she will have to pay US taxes on it whether you cash it in the States or Canada, it doesn't matter. Uncle Sam enforces taxes on ALL US citizens where ever they live.

The debate is still going on whether it will be income or captial gains taxes. I'd stick close to this website and see what others have learned.

I'd also highly recommend when it RVs that you consult a US tax attorney and CPA regarding this...as well as Canadian of course.

Hope that helps!

Sorry, I'm just an old guy & don't know how to do a link to this, but as far as income or capital gains ---on this site --- Go To: Forums, scroll down to the TAXES forum, and read "Dinar taxes - Attorney Breaks It Down". Mark knows what he is talking about and has done research on the subject.

Edited January 31, 2011 by tommyboy

[Tiffany23]

[Nice add Tommy...yes, as it now stands, Mark's research points to ordinary income...bummer!

[Happy Man]

I'm a dual citizen of both the UK and the US..and I went to college in Canada (London). I'm also finishing up my Masters in Business.

If your wife is American and either the dinar are owned by both of you or just her, she will have to pay US taxes on it whether you cash it in the States or Canada, it doesn't matter. Uncle Sam enforces taxes on ALL US citizens where ever they live.

The debate is still going on whether it will be income or captial gains taxes. I'd stick close to this website and see what others have learned.

I'd also highly recommend when it RVs that you consult a US tax attorney and CPA regarding this...as well as Canadian of course.

Hope that helps!

If I could have the choice of being taxed as an US citizen or a canadian citizen I would choose the first.

The tax rate are lower in the US than in Canada.

If I understand correctly if your being taxed in the US the canada wont charge you the taxes for the same gain and the reverse is also true.

These rules were made to avoid double taxation.

[Tiffany23]

Your starting to get too far into the weeds, that I don't want to lead you astray. But I do know that the US and Canada have reciprocal tax agreements, so I believe the answer is yes. You can write off the taxes you pay in one country towards the other. To what degree of course depends on how you obtain the assets, where and who owns it (joint or separate).

I've worked with the IRS on many occasions and have found them to be very helpful and friendly...they are people just like you and I and simpy want to do a good job.

Again, hope I didn't muddy the water!

[Mongo]

He-ah boy He-ah

[Sdr]

I have to agree with Tiffany on this one. I have done taxes for people who have worked out of the country and was surprised to discover that they still had to pay U.S. taxes on that income. It is the "residency" of the person that matters here, not the location where they earned the money. They would have to give up their citizenship to avoid paying taxes. I am a CPA and I still advise you to contact a tax attorney to confirm this.

Sorry to disappoint you sir, but there are generous exceptions for people who work out of the country.......I strongly suggest you try reading some tax law.......or increase you liability insurance.......

If you work out of the country...ask before you go.....there are tax planning opportunities here.......if you can'find a cpa to help you go straight to the irs.

The IRS website is free IRS.gov. You will find there everything you need......if you have trouble understanding or finding what you need ....call them...write down the name and badge number that you will be given( and the next when you get referred!) and you are entitled to quote that advice in avoiding penalties.

What is wrong with cashing in your own country? It is not like the RV is going to hit country by country, so when it RV's and the US is cashing in, so will every other country. If you have residence in Canada, and cash in US, I would think you will get nailed harder with taxes because are you not going to get taxed from both countries? I am not a tax expert but I am sure as logical is our government is, they will come up with some messed up s**t for you. I would probably talk to a Tax Attorney on this.

Unfortunately for all of you who have brought up double taxation treaties, they almost alwat reduce double tax, but they most certainy do not zero out tax paid in either country.......you will get an allowance for taxes paid in another county in varying circumstances......in many instances they conveniently phase out.