Canadian Snowbird in America (eBook)

Professional Tax and Financial Insights into Temporary Lifestyles in the U.S.

Terry F. Ritchie, Brian D. Wruk (Autoren)

eBook Download: EPUB

2007 | 1. Auflage
200 Seiten
ECW Press (Verlag)
978-1-55490-309-2 (ISBN)

Infos

This guide provides a comprehensive overview of financial-management issues for Canadians living in the United States in clear and simple language. Facing unique and challenging tax and financial-planning considerations in each country, this reference has

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With thousands of Canadians heading south for the winter each year, many of these individuals, referred to as snowbirds, face unique and challenging U.S. tax and financial planning considerations. Crossing the border, spending time in the U.S., and engaging in various financial transactions have legal and tax implications both in Canada and the U.S. The Canadian Snowbird in America covers the U.S. tax filing requirements based on seasonal residency in the U.S. and the U.S. tax issues related to the renting and sale of U.S. real estate. Information related to the

Textauszug

With the events of September 11, 2001, the ease with which Canadian snowbirds cross the American border changed dramatically. With the passing of the U.S. Western Hemisphere Travel Initiative (whti) in April 2005, significant changes are being implemented and still debated. At the time of writing and despite implementation of the whti, a number of Canadian politicians suggested that seniors should be exempt from having to obtain a passport, much like the exemption provided for childrenunder the age of 15 in late February 2007. Regardless ofwhat ultimately occurs, the U.S. Departments of State andHomeland Security are moving forward with implementation of whti along the timetable they have proposed. Earlier in 2007, the American ambassador to Canada, David Wilkins, in a speech on U.S.-Canada relations, responded to questions about the border-crossing changes by saying, 'I believe we need to get ready for it, and so, simply put, the message I try to give to Americans and to Canadians is 'Get a passport.' It's that simple.' In this case, we agree with Ambassador Wilkins' statement and advice because of the changes 9/11 brought to our countries. This chapter addresses issues you will face when crossing the American border and reviews the guidelines to obtain and maintain your Canadian passport. Despite the close relationship between Canada and the United States, anytime you cross the border you mustn't forget you are crossing into another country.When entering the United States, you can do so without the issuing of a U.S. immigration visa ifyour purpose is simply to spend your winters in the UnitedStates. Under U.S. immigration rules, spending your winters in the United States is referred to as a temporary pleasure trip. The American visa category automatically assigned to you for this purpose is the B-2 visa. It is available to temporary visitors only and does not allow you to work or establish long-term residence in the United States. There is no application to complete, nor will you receive a visa document or stamp in your passport. Under current rules, B-2 visitors are automatically entitled to be in the United States for a maximum of six months in the calendar year. Under this visa category, your stay in the United States must be temporary, and you must demonstrate a clear intention to depart prior to the end of the authorized period of your stay. If you leave the United States and reenter later, the six month period starts over. However, you can't keep leaving the United States at the end of each six-month period and assume that a new six-month period has begun. Again, this must be distinguished from the 'one-time' period granted by U.S. immigration once you make your entry at a U.S. border point. Repeated crossings back into the United States start to show intent to reside there, which means you are in violation of the visa issued to you and are now required to pay taxes, as outlined in Chapter 2. Upon your entry into the United States, you must have the proper documentation to prove your origin and identity. Although a U.S. Customs and Border Protection (uscbp) officer may accept an oral declaration of your citizenship, it is recommended that at minimum you carry your passport and perhaps additional documents that establish citizenship or Canadian residency such as a birth certificate or driver's license.Under current uscbp procedures, all travelers are required to present photo identification. If you are not a Canadian citizen but a Canadian resident - such as a landed immigrant of Canada -different guidelines and procedures will be required when you cross into the United States. Copies of your non-immigrant visa in Canada and your

Produkt-Details

• Erscheint lt. Verlag: 1.12.2007
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse
• Themenwelt: Sachbuch/Ratgeber ► Gesundheit / Leben / Psychologie ► Lebenshilfe / Lebensführung
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Öffentliches Recht ► Besonderes Verwaltungsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• ISBN-10: 1-55490-309-2 / 1554903092
• ISBN-13: 978-1-55490-309-2 / 9781554903092