Serbinski Accounting Firms

Any thoughts on my question below would be greatly appreciated. Circumstances: - Have been living in US for a couple years. (Canadian citizen) - Still a Canadian tax resident, as was renting my home in Canada to a direct relative. - Selling the house with a modest gain. My lawyer claims I need to ob...

Interesting.

I was resistive, because I was under the impression that one had to undergo the "deemed disposition" on their RRSP, though it appears that you don't *have* to collapse your RRSP on exit after all.

Probably still time for a consultation.

Thanks for your replies. I'm not seeing that kind of leniency with respect to residential ties. I'm referring to: http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/lvng-eng.html " Generally, you are an emigrant of Canada for income tax purposes if you leave Canada to settle in another country and you...

What if a taxpayer:

1. Lives in the US (therefore the IRS substantial residency test deems them a resident for US tax purposes)

2. Has residential ties in Canada (therefore the CRA deems them to have residential ties)

I'm a Canadian living in the US, with residency in both countries for tax purposes. I make 401(k) contributions that are matched by my employer. I am under the impression that based on recent (effective 2009) tax treaty changes, I may now be able to deduct my 401(k) contributions in a similar fashio...