Residency issue

Discussion in 'Taxes and Accounting' started by SoCalOptionsWriter, Oct 30, 2022.

  1. newwurldmn

    newwurldmn

    US has worldwide income so Singapore doesn’t work.
     
    #11     Oct 31, 2022
  2. VicBee

    VicBee

    Very difficult to establish legal residency in Singapore, unless you're ready to invest heavily or if you get a high paying expat job opportunity.
     
    #12     Oct 31, 2022
  3. TheDawn

    TheDawn

    Singapore used to give away permanent residency especially for businesses. I guess that's changed now. It's Puerto Rico then!
     
    #13     Oct 31, 2022
  4. dekiles

    dekiles

    This may be an interesting option to increase the level of investment in the country, but whether it is the right one is another matter.
     
    #14     Oct 31, 2022
  5. The definitive answer has to come from whoever prepares your 1040ES and then 1040.
    (If you don't file a 1040ES, you have have other problems)
    My taxes are prepared by a CPA.
    I asked him this same question years ago.
    The term is "Domiciled". In what state or country are your domiciled?
    The answer can be quickly determined by your saved gas/fuel receipts.
    Are they from Canada or California?
    To be a Canadian resident, you have to live there > half the year.
    That's the answer for the average person.
    ***
    Caveat: the tax preparer has to be on your side, with a respect for what you are doing.
    Otherwise, all of these receipts may mean nothing.
     
    Last edited: Oct 31, 2022
    #15     Oct 31, 2022
  6. There are so many unanswered questions here. First of all, are you a Canadian citizen? If not, on what visa do you plan to spend greater than 6 months in Canada (legally)? There's a reason most foreign visitors can stay up to a *maximum* of 6 months and yet legal residency requires *more than* 6 months (183 days). (Note: Residency for tax purposes is NOT so clear cut as 183 days, but this is a factor and a good place to START the conversation.) If you have a visa to live (and possibly work) in Canada (for more than 6 months) then very likely you will have no choice in the matter as to where you file taxes. You can't just hop back and forth across the border on a visitor's visa to make the numbers work out the way you would like them to for tax purposes and I suggest whatever benefits there are to paying tax in Canada (if any... this is questionable and often misunderstood), they are dwarfed by the risks of spending time in Canada illegally and running the risk of trouble with border control... All of what I say is rendered mute if you are a so-called dual citizen (US/Canada). This question requires real legal advice if you're serious.
     
    Last edited: Oct 31, 2022
    #16     Oct 31, 2022
  7. Bad_Badness

    Bad_Badness

    If you think CA taxes are a problem, try Canadian. I file WA, CA and Canadian.

    I would ask the CA franchise Tax board. Remarkably, I had a strange issue with a document arriving before it matched their records, and they sent a letter. I was dreading contacting them. A person answered immediately, walked me through everything, triple checked I got it right, offered to follow up, told how to follow up etc. It was the best service I have EVER gotten from a Gov agency.

    In Canada, as a US citizen, they now automatically flag you for a manual review, audit at least once, and my returns for the last two years took 11 months and 5 months. Both times I had high 5-digit refunds. The audit cost me 2.8K on a 3.2K side refund. In another case, the Canadian "IRS", mis-entered as income field and left 3 zeros off. As a result, my refund became a bill. They said if they want it corrected, I had to submit an amendment and pay 750 to have it processed. It was their typo!!!!

    In Canada, you have a GST # for all businesses too.

    I would not mess with it. My mom-stepdad did a CA tax avoidance scheme that was disallowed. The CPA and lawyers said to ignore it. 6k-> 72K bill after 6 years.

    Good idea, but pay your taxes and make more trading!
     
    #17     Oct 31, 2022
    Statistical Trader likes this.
  8. VicBee

    VicBee

    By the way, there are many websites out there dedicated to nomadic lifestyles, and taxes are usually a big component of their chatrooms. There are tax experts dedicated to that life style and countries dedicated to attract them.
     
    #18     Oct 31, 2022
    Statistical Trader likes this.
  9. maxinger

    maxinger

    There are some foreigners trading in Thailand.

    Anyway, if you are paying taxes to your home country,
    you are considered a successful trader :sneaky::sneaky::sneaky::sneaky::sneaky::sneaky::sneaky::sneaky::sneaky::sneaky:.
    Many traders are not paying taxes simply
    because they are not making money from trading :banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead::banghead:.
     
    #19     Nov 1, 2022
  10. newwurldmn

    newwurldmn

    There are phone apps that will do the calculation and hold up in court if the IRS sues you.

    In practice I think you have to be rich and come from a very blue state for anyone to care. like a guy who is worth 75 million and left Cali for Florida but maintains a residence in Cali.

     
    #20     Nov 1, 2022