Wants to invest in U.S. limited partnership
Q – I would like to invest US$100,000 in a U.S.-based limited partnership. What I have had difficulty in finding out is the tax implications of investing in the U.S. I am a Canadian citizen . I feel very comfortable investing with the company as the person who runs it is my cousin’s husband. His record has been outstanding . My concern are the tax implications. What kinds of taxes would be involved in this kind of investment? I would very much appreciate an answer. No one has been able to give me a clear and simple answer, my accountant included. – J.W., Campbell River, B.C.
A – First, let me stress that I am not an expert in cross-border taxes. That is the type of advisor you need, especially with such a lot of money involved. Since you live in Campbell River, you should make inquiries in Vancouver for a lawyer or tax accountant that specializes in such matters. Try some of the well-known accounting firms, like Ernst & Young or Dunwoody.