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To: LLCF who wrote (3731)	11/18/2003 8:32:59 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 4916

i would be very surprised if you could convert a US IRA to a Canadian one without heavy tax consequences. all i can imagine is that one could liquidate a US IRA early, pay heavy taxes and penalties, and then (if one is a Canadian citizen or whatever it takes) invest in a Canadian RRSP according to whatever their stipulations are. i can't imagine they have some "flyover" system which lets a US investor remove tax-sheltered IRA funds (which the US govt would be earmarking for eventual taxation) to Canada, so that the Canadian govt gets all the taxes! the above is based on my simplistic logic, so obviously, it's probably inconsistent with tax law -GGG- i imagine there are a lot of US retirees who've moved south of the border and wanted to take IRA dollars with them, who've explored this type of issue in depth and found that Uncle Sam wants their tax dollars on IRA withdrawals, regardless of where they live.

To: LLCF who wrote (3731)	11/19/2003 2:41:50 AM
From: Mark Adams	Read Replies (2) \| Respond to of 4916

Thanks. If US citizens can buy land, then does this imply they can occupy that land without qualifying for semi permanent status? I understand immigration quotas and desiring people not be a burden to the destination country. I guess my idea of moving about & spending a few years living in different countries & cultures makes me a bit odd. The systems set up don't seem to be structured for self reliant types who merely want to garden a bit. About more mundane things- I thought I'd dispose of most of my household stuff. Hang on to the computer and television, and the truck. Which brings me to wonder about auto licensing. Most states require you register within x days, so I presume Canada would also. Have you any comments on that process? Did you import household goods? Also, I hear they've just closed that one? A bit too good to be true anyway. I can't say for sure. I happened on the trust thing from an article at escapeartist.com a chunk of which is below. Setting up the trust & funding it is a bit of a hassle, but so is sorting out & filing taxes for two different countries. The Income Tax Act does allow an immigrant to shelter non-Canadian source income and capital gain for a period of up to sixty months after their arrival in Canada. The sixty-month period commences on January 1 of the calendar year during which the taxpayer becomes resident in Canada for tax purposes. Typically, income/capital gain-producing assets that are situated outside of Canada are transferred into an "offshore trust". A non-resident financial institution is used as trustee. All income and capital gains attributable to such assets that are earned by the trust, escape Canadian tax during the period that the individual is a Permanent Resident of Canada and is in the qualification period of Canadian Citizenship. This "tax holiday" expires at the end of the sixty month period. If the trust continues in place thereafter and the person remains resident in Canada for tax purposes, the trust itself will become a resident taxpayer and liable for Canadian taxation on its world-wide income. escapeartist.com