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X X wrote:
Hello,
I am a Canadian who is interested in acquiring a business in the United
States. I am not aware of the legal process of doing so and which
documents (VISAa, etc.) are required. I have been told to apply for a
TIN number but I would like to know if anything else is needed to be
done on my part before making the investment. Could you please contact
me so we can discuss the matter? I am also considering to move there
for retirement. Hope to hear from you.
Sincerely,
----------------------------------------------------------------------
david ingram replies:
Any Canadian can buy a business in the USA. No problem, just take cash
or good financing.
The problem is whether or not you can manage or look after it in person.
If your investment is $500,000 to $1,000,000 (depending upon where you
invest - Bellingham is $500,000 - New York or Los Angeles or Chicago is
$1,000,000) and you will be hiring 10 full time employees for two
years, you would qualify for an E-5 Visa which is an instant green card
and gives you the right to live there and then become a US citizen
which makes it real easy to retire in the USA.
If you are making a smaller investment in the $50,000 to $100,000
range, it would qualify you for an E2 visa which gives you the right to
live and work there at that business but does not give you the right to
take out US citizenship and retire there. If and when the business
closes or sells, you must leave the USA.
If you are buying a business with its own management and you are going
to be an absentee owner, a simple B1 status will suffice. Just be
aware that when you are attending at the business, you cannot answer
the phone, take out the garbage or take cash from customers. i.e. you
can only perform a temporary supervisory role that a business owner
might do in the terms of suggestions to the management you have hired
as to what you, as the owner, wish to be done next.
.
GO to www.centa.com and read the "entering the USA" section in the
second box down on the right hand side for some more ideas about the
various visas for the USA. Then go to www.centa.com and read the
November 1999 newsletter in the top left hand corner about expanding a
Canadian business into the USA for some tax hints.
I am available for individual consultation at a fee of $450.00 per hour
I stopped doing cross border seminars in 2002. Others are doing them
now and you should likely consider attending some or even all of the
following events to be held on the subject.
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TRADE TIPS:
Cross-border news and events in in the Pacific Corridor
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Announcement
Upcoming BC/WA Trade Events - Apr/08 -
Nov/08
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Heads up for the
following trade-related events in British Columbia and
Washington during the next few months.
Additional events are listed in
the following trade event calendars:
www.bctradeevents.com (Trade
Team BC)
www.wtcta.org (World Trade
Center Tacoma)
www.pacebordertrade.org (PACE
- Pacific Corridor Enterprise Council)
www.canadaexportcentre.com
(Canada Export Centre)
www.canada-americasociety.org
Canada-America Society
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GOT NEXUS? If not,
click on the link in the upper left of
www.ucantrade.com and enjoy
cruising past the long border lineups.
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Are You Interested in Exporting?
Where: Vancouver, BC - Small Business
BC, #82-601 Cordova St.
When: Wednesday,
June 4, 2008, 9:00am to 4:00pm
Cost: $39.00 +
GST (coffee and light lunch included)
Info: Bridget Field, 604-775-5086
field.bridget@smallbusinessbc.ca,
www.smallbusinessbc.ca
If you are interested, or in the
process of launching your export venture,
this course is for you. Small Business
BC, the Canada Border Services
Agency (CBSA) and others offer a full
day workshop and networking seminar
developed to deliver everything you
need to know about the rules,
regulations, standards and resources
involved in exporting. Network with
peers and industry professionals.
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Communicate Effectively Across Borders
Where: Surrey
Board of Trade, #101-14439-104 Avenue, Surrey, BC
When: Tuesday,
April 29, 2008, 9:30am - 12:30pm
Cost: Members
$20.00, Non-members $30.00
Info: Heather
at 604-581-7130, www.businessinsurrey.com
Successful business strategies don't
always translate in the way you intend
when you conduct business abroad. When
you recognize and respect cultural
differences, you show the world that
you are serious about doing business in
a global society. Topics
include: Recognizing cultural differences and
communicating and working in other
cultures.
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Ready to Import
Where: Vancouver,
BC - Small Business BC, #82-601 Cordova St.
When: Thursday,
May 1, 2008, 9:00am to 4:00pm
Cost: $69.00 +
GST (coffee and light lunch included)
Info: Bridget
Field, 604-775-5086
field.bridget@smallbusinessbc.ca,
www.smallbusinessbc.ca
Small Business BC, the Canada Border
Services Agency (CBSA) and several
government departments offer a full day
workshop and networking
opportunities. This seminar was
developed to deliver everything you need
to know about the rules, regulations,
standards and resources involved
in importing.
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International
Development Days
Where: Vancouver,
BC - Hyatt Regency Vancouver
When: May 20,
2008 - May 22, 2008
Cost: See
website for details
Info: 866-775-1817,
idd@cme-mec.ca, www.cme-mec.ca/idd/index-en.asp
Find out how to successfully integrate
developing countries into your
supply chain. Learn about Canada's
international development and
international trade programs. Hear from
successful Canadian and
international companies and
organizations to find out first hand where
the opportunities are in your sector.
Participate in private one-on-one
meetings with senior representatives
from international firms, the Canadian
private sector, Foreign Affairs and
International Trade Canada, CIDA, IFIs,
non-CIDA bilateral donors and other
international, provincial and federal
agencies to discuss your specific areas
of expertise and opportunities for
you and your organization.
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Canadian & USA Customs Compliance
Seminars
Where: Pacific
Customs Brokers, #101-17637 1st Ave, Surrey, BC
When: Thursday,
April 24, 2008,
9:00am to noon (Canada),
12:30pm to 3:30pm (USA)
Cost: Morning
$150, Afternoon $150, Full Day $200 (+ GST incl.lunch)
Info: Yvette
Fox, 604-538-1566, www.pcb.ca/seminar.asp
Pacific Customs Brokers is offering
seminars on Canadian and US Customs
issues to Commercial and Professional
Importers, Non-Resident Importers,
Shippers and Receivers. This seminar is
open to Business Owners, Managers,
Purchasers, Shippers and Warehouse
Managers. We will educate you on customs
regulations, required documentation and
the logistics of seamless
cross-border shipping, thus avoiding
delays and penalties issued by Canada
and US Customs.
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23rd Angel Forum
When: Tuesday,
April 29, 2008
Where: Vancouver,
BC
Cost: See
website for details
Info: Bob
Chaworth-Musters, Bob@ANGELforum.org, www.ANGELforum.org.
Started in 1997, the Angel Forum -
Vancouver introduces emerging companies
to private equity investors, each
spring and fall. It is the oldest angel
group in Canada with 70+ investors and
its sponsors include leading
companies and industry associations in
BC. 30+ pre-screened technology,
service and industrial companies
seeking equity funding up to $1.5 million,
present "in- person" and demonstrate
their products/services to 80+
pre-screened investors in one day. It
also offers Investor Ready 101 boot
camp seminars for start up
entrepreneurs as well as investor-only workshops.
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Think Asia - China 2008
Where: Vancouver,
BC - 2010 Commerce Centre, Lower Plaza, Robson Square
When: Thursday,
June 3, 2008 - 1:00pm to 3:30pm
Cost: No Charge
Info: 604-660-2020
China is the world's fourth largest
economy fueled by capital investment,
export growth, new innovation and a
steady expansion of its domestic market.
The Think Asia-China 2008 workshop
offers insight and information for BC
businesses on how to successfully
develop business trade with China.
You will learn how to identify and
access opportunities in the Chinese
marketplace, how to develop a 'China
Strategy' including establishing
relationships and business networks and
many other useful skills.
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Doing Business in the USA
(Full Day Seminar and Professional
Briefing)
Where: Richmond,
BC - Best Western Abercorn Inn
When: Thursday,
November 6, 2008, 8:30am to 4:30pm
Cost: $195 per
person, pre-registered ($145 each for 2 or more)
(If registered on/before
Oct. 31, deduct $25 per person.)
Info: Carol
Jackson, 1-800-799-8848, dbusa@ucantrade.com,
or visit www.ucantrade.com
The USA is a huge and responsive market
for both Canadian and imported
products and services. This seminar is
designed to help you understand
the market, plan your approach, and
suggest practical methods and
alternatives for implementing your
business and marketing plans.
Key topics include: (1) dealing with
"border issues", such as
U.S. immigration and travel planning,
U.S. customs clearance, business
planning, taxation, and legal
considerations; (2) understanding "logistics
issues", such as establishing a USA
business identity, warehousing,
transportation, fulfillment, and
handling of returned goods; and
(3) "sales/marketing strategies",
including market overview, using
dealers and agents, and attending
tradeshows. In addition, the seminar
will feature "resource introductions",
including the Canadian Trade
Commissioner Service, who provide
federal government programs
and services.
-----------------------------------------------------------------------------
This
Announcement is furnished by:
International Market Access, Inc.
3888 Sound Way, PO Box 9754
Bellingham, WA 98227-9754
E-mail: TradeTips@UCanTrade.com
Tel: 360-671-8866, Fax: 360-671-7326
Website: www.ucantrade.com
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About International Market Access,
Inc.
IMA
exists to help Canadian companies market and distribute profitably in
the United States. Our objective is to help you overcome the "border barrier"
by providing a low-cost, fully equipped, fully staffed extension of
your Canadian office in the nearby United States. From our 20,000 sq.
ft. facility in Bellingham, Washington, IMA provides more than 100
Canadian exporters and importers with USA Marketing Support Services,
including USA business identity, warehousing, distribution, order
fulfillment, tradeshow support, return/repair, and Foreign-Trade Zone
services.
Contact 360-671-8866
or 1-800-799-8848
|
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| International Market Access, Inc.
Carol Jackson
Vice President,
Administration/Services
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| International Market
Access, Inc.
Jim Pettinger
President
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Good luck. I have added you to my US Canada newsletter and you may
find more information coming through cyberspace.
If you do wish to see me, contact Gillian Bryan at (604) 980-0321
between 10:30 AM and 4 PM Monday to Friday.
This next two weeks is devoted to tax preparation so we will not want
to talk with you until May unless you have a contract in process that
needs an immediate answer.
On April 6. 2008, David
Ingram wrote:
It is very unlikely that blind or unexpected email to me will be
answered. I receive anywhere from 100 to 700 unsolicited emails a day
and usually answer anywhere from 2 to 20 if they are not from existing
clients. Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line
and get answered first. I also refuse to be a slave to email and do
not look at it every day and have never ever looked at it when I am out
of town. e bankruptcy expert US Canada Canadian American
Mexican Income Tax service and help
However, I regularly search for the words"PAYING
CUSTOMER" and always answer them first if they did not get spammed out.
For the last two weeks, I have just found out that my own email notes
to myself have been spammed out and as an example, as I wrote this on
Dec 25, 2007 since June 16th, my 'spammed out' box has
47,941 unread messages, my deleted box has 16645 I have actually looked
at and deleted and I have actually answered 1234 email questions for
clients and strangers without sending a bill. I have also put aside
847 messages that I am maybe going to try and answer because they look
interesting. -e bankruptcy expert US Canada Canadian American
Mexican Income Tax service and help
Therefore, if an email is not answered in 24 to
48 hours, it is likely lost in space.
You can try and resend it but if important AND YOU TRULY WANT OR NEED
AN ANSWER from 'me', you will have to phone to make an appointment.
Gillian Bryan generally accepts appointment requests for me between
10:30 AM and 4:00 PM Monday to Friday VANCOUVER (Seattle, Portland, Los
Angeles) time at (604) 980-0321. david ingram expert
US Canada Canadian American Mexican Income Tax service and help.
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604)
980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week
Vancouver (LA) time - (please do not fax or
phone outside of those hours as this is a home office) expert US Canada Canadian American
Mexican Income Tax service help.
Disclaimer:
This question has been answered without detailed information or
consultation and is to be regarded only as general comment. Nothing
in this message is or should be construed as advice in any particular
circumstances. No contract exists between the reader and the author and
any and all non-contractual duties are expressly denied. All readers
should obtain formal advice from a competent and
appropriately qualified legal practitioner or tax specialist for expert
help, assistance, preparation, or consultation in connection with
personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be
included." e bankruptcy expert US Canada Canadian American
Mexican Income Tax service and help.
David Ingram
gives expert income tax service & immigration help to non-resident
Americans & Canadians from New York to California to Mexico
family, estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence & authority -
dual citizenship
Phone consultations
are $450 for 15 minutes to 50 minutes (professional hour). Please note
that GST is added if product remains in Canada or is to be returned to
Canada or a phone consultation is in Canada. ($472.50 with GST if in
Canada) expert US Canada Canadian American
Mexican
Income Tax service and help.
This is not intended to be definitive
but in general I am quoting $900 to $3,000 for a dual country tax
return.
$900 would be one T4 slip one W2 slip
one or two interest slips and you lived in one country only (but were
filing both countries) - no self employment or rentals or capital gains
- you did not move into or out of the country in this year.
$1,200 would be the same with one
rental
$1,300 would be the same with one
business no rental
$1,300 would be the minimum with a
move in or out of the country. These are complicated because of the
back and forth foreign tax credits. - The IRS says a foreign tax credit
takes 1 hour and 53 minutes.
$1,600 would be the minimum with a
rental or two in the country you do not live in or a rental and a
business and foreign tax credits no move in or out
$1,700 would be for two people with income from two countries
$3,000 would be all of the above and
you moved in and out of the country.
This is just a guideline for US /
Canadian returns
We will still prepare Canadian only
(lives in Canada, no US connection period) with two or three slips and
no capital gains, etc. for $200.00 up.
With a Rental for $400, two or three
rentals for $550 to $700 (i.e. $150 per rental) First year Rental -
plus $250.
A Business for $400 - Rental and
business likely $550 to $700
And an American only (lives in the US
with no Canadian income or filing period) with about the same things in
the same range with a little bit more if there is a state return.
Moving in or out of the country or
part year earnings in the US will ALWAYS be $900 and up.
TDF 90-22.1 forms are $50 for the
first and $25.00 each after that when part of a tax return.
8891 forms are generally $50.00 to
$100.00 each.
18 RRSPs would be $900.00 - (maybe
amalgamate a couple)
Capital gains *sales) are likely
$50.00 for the first and $20.00 each after that.
Catch - up returns for the US where we use the
Canadian return as a guide for seven years at a time will be from $150
to
$600.00 per year depending upon numbers of bank accounts, RRSP's,
existence of rental houses, self employment, etc. Note that these
returns tend to be informational rather than taxable. In fact, if
there are children involved, we usually get refunds of $1,000 per child
per year for 3 years. We have done several catch-ups where the client
has received as much as $6,000 back for an $1,800 bill and one recently
with 6 children is resulting in over $12,000 refund.
This is a
guideline not etched in stone. If you do
your own TDF-90 forms, it is to your advantage. However, if we put them
in the first year, the computer carries them forward beautifully.
This from "ask an income trusts tax service and
immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax
returns with multi jurisdictional cross and trans border expatriate
problems for the United States, Canada, Mexico, Great Britain, United
Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan,
China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia,
Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida,
Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan,
Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St
Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states
with state tax returns, etc. Rockwall, Dallas, San Antonio Houston,
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax Immigration Wizard Antarctica
Rwanda Guru Consultant Specialist Section 216(4) 216(1) NR6 NR-6 NR 6
Non-Resident Real Estate tax specialist expert preparer expatriate anti
money laundering money seasoning FINTRAC E677 E667 105 106
TDF-90 Reporting $10,000 cross border transactions Grand Cayman Aruba
Zimbabwe South Africa Namibia help USA US Income Tax Convention. Advice
on bankruptcy e bankruptcy expert US Canada Canadian American
Mexican Income Tax service and help .
David Ingram expert income tax service and immigration help and
preparation of US Canada Mexico
non-resident and cross border returns with rental dividend wages
self-employed and royalty foreign tax credits family estate trust trusts
income tax convention treaty advice on bankruptcy dual citizenship
New York, Boston, Sacramento,
Minneapolis, Salem, Wheeling, Philadelphia, Pittsburgh, Atlanta,
Pensacola, Miami, St Petersburg, Naples, Fort Myers, Cape Coral,
Orlando, Atlanta, Arlington, Washington, Hudson, Green Bay, Minot,
Portland, Seattle, St John, St John's, Fredericton, Quebec, Moncton,
Truro, Atlanta, Charleston, San Francisco, Los Angeles, San Diego,
Sacramento, Taos, Grand Canyon, Reno, Las Vegas, Phoenix, Sun City,
Tulsa, Monteray, Carmel, Morgantown, Bemidji, Sandpointe, Pocatello,
Bellingham, Custer, Grand Forks, Lead, Rapid City, Mitchell, Kansas
City, Lawrence, Houston, Albany, Framingham, Cambridge, London, Paris,
Prince George, Prince Rupert, Whitehorse, Anchorage, Fairbanks,
Frankfurt, The Hague, Lisbon, Madrid, Atlanta, Myrtle Beach, Key West,
Cape Coral, Fort Meyers, Berlin, Hamburg, Warsaw, Auckland,
Wellington, Honolulu, Maui, Kuwait, Molokai, Beijing, Shanghai, Tokyo,
Manilla, Kent, Winnipeg, Saskatoon, Regina, Red Deer, Olds, Medicine
Hat, Lethbridge, Moose Jaw, Brandon, Portage La Prairie, Davidson,
Craik, Edmonton, Calgary, Victoria, Vancouver, Burnaby, Surrey,
Edinburgh, Dublin, Belfast, Glasgow, Copenhagen, Oslo, Munich, Sydney,
Nanaimo, Brisbane, Melbourne, Darwin, Perth, Athens, Rome, Berne,
Zurich, Kyoto, Nanking, Rio De Janeiro, Brasilia, Colombo, Buenos
Aries, Squamish, Churchill, Lima, Santiago, Abbotsford, Cologne,
Yorkshire, Hope, Penticton, Kelowna, Vernon, Fort MacLeod, Deer Lodge,
Springfield, St Louis, Centralia, Bradford, Stratford on Avon, Niagara
Falls, Atlin, Fort Nelson, Fort St James, Red Deer, Drumheller,
Fortune, Red Bank, Marystown, Cape Spears, Truro, Charlottetown,
Summerside, Niagara Falls, income trust, Income Tax Treaty Convention. - e bankruptcy
expert US Canada Canadian American Mexican Income Tax service and
help.
david
ingram
International non-resident cross border expert income tax service &
immigration help estate family trust assistance expert preparation
& immigration consultant, income trusts experts on rentals mutual
funds RRSP RESP IRA 401(K) & divorce preparer preparers
consultants Income Tax Convention Treaty. advice
on bankruptcy expert US Canada Canadian American Mexican Income Tax
help dual citizenship
Be ALERT, the world needs more "lerts". bankruptcy expert US Canada
Canadian American Mexican Income Tax service help. -
expert us Canada Canadian Mexico income tax
service and help help
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