The Canadian Snowbird in America

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

By: Terry F. Wruk, Brian D. Wruk

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Paperback | 1 December 2007

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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 acquisition and financing of U.S. real estate is also covered. The Canadian Snowbird in America provides a comprehensive overview on financial management issues including the implications of opening U.S. bank and investment accounts, the management of Canadian investment and registered accounts, cross-border retirement planning and foreign exchanges issues. Readers will learn strategies to deal with a fluctuating loonie. Snowbirds will gain valuable insight into how and what their provincial health plans cover while they are in the U.S. Understanding what to look for in a travel insurance policy is covered as well. Incorporating recent changes in the Canada-U.S. Income Tax Treaty and U.S. income and estate tax rules, this book is an invaluable resource for Canadians who spend time or invest in the United States. If you are a Canadian looking at adopting a temporary lifestyle in the U.S., you cannot afford to head south for the winter without this book.

Industry Reviews

“This book will definitely appeal to that segment of the Canadian population that travels south regularly. If you are among those people, consider The Canadian Snowbird in America to be required reading.” — Scene Magazine

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Non-Fiction Accounting & Finance Finance Public Accounting in Finance Tax & Taxation Investment & Securities Self-Help, Personal Development & Practical Advice Personal Finance Economics Law Laws of Specific Jurisdictions Constitutional & Administrative Law

Citizenship & Nationality Law Immigration Law

Preface	p. xiii
Introduction	p. xvii
Don't Worry, I'll Be Back: Crossing the U.S. Border	p. 1
Entering the United States	p. 1
The B-2 Visa	p. 2
Documents Required to Cross the U.S. Border	p. 4
Obtaining a Canadian Passport	p. 4
The Border Binder	p. 6
Automated Entry/Exit System?	p. 8
U.S. Retirement Visa?	p. 9
Crossing the Border with More than $10,000	p. 9
Canadian Rules	p. 9
American Rules	p. 10
Taking Medication to the States	p. 11
Taking Pets to the States	p. 13
Taking Personal Items to the States	p. 14
Driving Your Vehicle to the States	p. 14
The Use of Canadian Satellite TV in the States	p. 15
Coming Back Home	p. 17
Additional Tips	p. 17
Welcome to the United States - Now Pay Up! U.S. Tax Issues for Snowbirds	p. 19
U.S. Income Tax Filing Requirements of Snowbirds	p. 19
The Green Card Test	p. 20
The Substantial Presence Test	p. 21
The Closer Connection Exception	p. 23
Canada-U.S. Tax Treaty Tie-Breaker Provisions	p. 28
Taxation of the Rental of U.S. Real Estate	p. 29
U.S. Tax Implications	p. 30
Canadian Tax Implications	p. 31
Example of the Tax Implications of Renting a U.S. Property	p. 31
Taxation of the Sale of U.S. Real Estate	p. 33
U.S. Tax Implications	p. 34
U.S. Withholding Tax on Real Estate Proceeds	p. 36
Example of U.S. Withholding Tax under FIRPTA	p. 38
Example of Sale of U.S. Real Estate	p. 39
Obtaining a U.S. ITIN	p. 41
Taxation of U.S. Gambling Winnings	p. 43
U.S. Withholding Tax Recovery Firms	p. 46
U.S. Tax Scam Directed at Unsuspecting Snowbirds	p. 46
Additional Tips	p. 47
A Home Away from Home: Purchasing U.S. Real Estate	p. 49
American and Canadian Mortgage Differences	p. 49
Amortization	p. 50
Fixed Interest Rate	p. 51
Prepayments	p. 52
Down Payment	p. 52
Closing Costs	p. 53
Points	p. 53
Impound (Escrow) Accounts	p. 54
Obtaining a U.S. Mortgage	p. 54
Common U.S. Real Estate Terms	p. 55
Ways to Own and/or Title U.S. Real Estate	p. 57
Sole and Separate	p. 57
Joint Tenancy	p. 57
Community Property	p. 58
Tenancy in Common	p. 58
Corporations. Trusts, Partnerships	p. 58
Money Doesn't Grow on Trees: Money Management for Snowbirds	p. 61
U.S. Banking for Snowbirds	p. 62
Royal Bank of Canada	p. 62
Bank of Montreal	p. 62
TD Canada Trust	p. 64
Canadian Imperial Bank of Commerce	p. 55
National Bank of Canada	p. 65
Scotiabank	p. 66
HSBC Canada	p. 67
ATB Financial	p. 57
Desjardins	p. 58
NYCE Payments Network	p. 68
Opening a U.S. Bank Account	p. 73
Taxation of U.S. Investments	p. 75
U.S.-Source Interest-Bearing Investments	p. 75
U.S.-Source Dividends	p. 76
Capital Gains	p. 77
Management of Canadian Investment and Retirement Accounts in the United States	p. 77
Foreign Exchange Issues	p. 78
Myth: You Lose Money When You Convert	p. 79
Myth: Someone Knows Where the Exchange Rate Is Going	p. 81
Myth: Wait to Convert	p. 83
How to Calculate Exchange Rates	p. 85
Fact: There Is an Expense to Converting	p. 86
Strategies to Exchange Canadian Dollars for American Dollars	p. 86
Additional Tips	p. 88
Till Death Do Us Part: U.S. Estate Planning Issues for Snowbirds	p. 89
The Previous U.S. Non-Resident Estate Tax Environment	p. 92
The New Prorated Unified Credit	p. 93
Small U.S. Estates	p. 94
Marital Tax Credit	p. 95
Canadian Foreign Tax Credits for U.S. Estate Tax	p. 96
The Current and Future U.S. Non-Resident Estate Tax Environment	p. 97
Calculating Your U.S. Non-Resident Estate Tax	p. 99
Determine the Value of Your Worldwide Estate	p. 99
Strategies to Reduce, Defer, or Eliminate U.S. Estate Tax	p. 103
Sell U.S. Shares in Your Canadian Investment Accounts	p. 105
Gift U.S. Property Prior to Death	p. 105
Ensure Your U.S. Worldwide Estate Is below U.S. $2 Million	p. 106
Hold U.S. Shares in Canadian Mutual Funds	p. 106
Hold U.S. Shares through a Canadian Corporation	p. 107
Use Life Insurance to Cover the Taxes at Death	p. 107
Rent Rather than Purchase U.S. Vacation Property	p. 108
Hold Property Jointly - But Be Careful!	p. 108
Create Tenancy-in-Common Ownership for Valuation Discounts	p. 109
Finance U.S. Real Estate Using a Non-Recourse Mortgage	p. 110
Holding U.S. Property through a Canadian Corporation	p. 112
Purchase U.S. Real Estate through a Canadian Resident Discretionary Trust	p. 113
Purchase U.S. Real Estate through a Canadian Partnership	p. 114
Beware of U.S. Living Trust Seminars	p. 116
Filing a U.S. Non-Resident Estate Tax Return	p. 116
Summary Comments	p. 117
Will Planning	p. 117
Will Planning Tips for U.S. Property	p. 118
Probate	p. 119
Powers of Attorney	p. 120
Additional Tips	p. 121
Help! I've Fallen, and I Can't Get Up: Risk Management for Snowbirds	p. 123
Provincial Health Care Plans	p. 123
Choosing a Travel Insurance Policy	p. 125
Provincial Out-of-Country Coverage	p. 127
British Columbia	p. 127
Alberta	p. 129
Saskatchewan	p. 129
Manitoba	p. 130
Ontario	p. 130
Quebec	p. 132
Nova Scotia	p. 134
Prince Edward Island	p. 135
Newfoundland and Labrador	p. 135
New Brunswick	p. 137
Property Insurance	p. 137
Mayday! Mayday! Finding Help	p. 139
Selecting a Qualified Canada-U.S. Advisor	p. 140
Competence	p. 140
The Planning Process	p. 143
Client Relationship	p. 144
Nature of the Firm	p. 144
Regulatory Compliance	p. 146
Compensation	p. 147
Our Firm	p. 151
Appendices
Snowbird Resources and Relevant Websites	p. 155
List of Canada-U.S. Border Crossings	p. 157
Canada-U.S. Advisor Interview Checklist	p. 162
Canada-U.S. Differences	p. 166
Index	p. 177
Table of Contents provided by Ingram. All Rights Reserved.

The Canadian Snowbird in America

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

Industry Reviews

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