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a and m

Property Ownership and Tax Concerns

By a and m in Canada

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a and m Contributor

a and m   2

Posted
Filed: Country: Canada
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Posted

Hi All!

First post here...hope I don't break the rules :)

I have combed through many pages of VJ as well as some cross border sites like serbinski, etc and think I have many of the answers we need, but I'd like to confirm them so my fiancee and I can move forward...I am sure once we start our journey there will be more.

First - Are there any problems/ramifications to her and I jointly owning US real estate before we complete the process. I would live in our new place while we process her visa. She would provide money for the downpayment and I would hold the mortgage in my name - property deeded to both of us. Best I could determine, as long as this is not an income generating property for her, there are no issues (with the CRA). Is this true?

Second - She has a pension, which she is confident can be rolled into her RRSP after she quits. She also has an RRSP. Considering that at some point we may return to Canada, it seems that her best option is to leave it alone (we do not need access to the money) and deal with it when it is time for her to retire. Also, true?

I am sure I will only have a zillion more questions as we go.

Thanks in advance friends.

a and m

I am the USC/Petitioner

Flames9_RN Grand Master

Flames9_RN   358

Posted
Filed: IR-1/CR-1 Visa Country: Canada
 Timeline
Posted

Fee tax forum http://forums.serbinski.com/viewforum.php?f=2 the guy that answers most of the questions--Agnelson--can be a bit of a grump, if he decides to answer your question--his info is usually pretty good!

She will have to report her RRSP to the IRS--very easy to do on form 8891, the Feds do NOT tax you on it--Some say some States do, but I can't confirm that!

Welcome to VJ

Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

Flames9_RN Grand Master

Flames9_RN   358

Posted
Filed: IR-1/CR-1 Visa Country: Canada
 Timeline
Posted

Thank you so much for the swift reply Flames9_RN. I am posting the same questions on the tax forum you suggested.

Thanks for the welcome too :)

I'm sure if you do a search on that forum (which Agnelson may just tell you to do,lol)you will find the info

Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

 
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