Moving to the US

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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itsmeeh
Posts: 2
Joined: Sun Mar 01, 2015 12:29 am

Moving to the US

Post by itsmeeh »

Sorry not sure if this has been asked before but I am moving down to the US for a job on a H1B visa and am finding this whole tax thing very confusing...I am thinking I will probably be working there for a couple years and then moving back to Canada.

- I have RRSP and TFSAs in Canada, should I be getting rid of these to minimize how much tax I would have to pay? I don't currently have any property in Canada
- Do I have to file in both Canada and the US for taxes? Is there a way to get around the double taxation?
- Are there any tax consequences that I am unaware of?
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You should be getting rid of TFSA, no question, before going.

Yous shoul NOT get rid of RRSP before going. Your decision to collapse RRSP should be made after you move.

There aremnay posts on moving year tax. happy browsing.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
itsmeeh
Posts: 2
Joined: Sun Mar 01, 2015 12:29 am

Post by itsmeeh »

Do I need to shut my TFSA if I am only planning on working in the states for a couple years, and then returning to Canada? Won't I still be considered a resident of Canada if I am maintaining my canadian bank accounts?
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You can always replenish TFSA when you return to Canada
Bank accounts don't make you resident.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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