Canadian moving to California on TN status

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.

Moderator: Mark T Serbinski CA CPA

Post Reply
jonathankyim
Posts: 2
Joined: Wed Dec 10, 2014 2:51 am

Canadian moving to California on TN status

Post by jonathankyim »

I am Canadian.

I will leave Canada and arrive in the US on December 27, 2014 and start working on January 5, 2015 in California.

I have nothing in my TFSA accounts.

I have investments in my RRSP account worth $8,000 CAD

My gross income was $15,000 CAD + $13,500 CAD of EI ~= 28,500

I may only work in California for less than a year.

My strategy is to close all my TFSA accounts and close my RRSP account. Is this a good idea? This would make my tax returns really easy.
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Yes. Normally one would close their RRSP after leaving Canada, but because your income was low for this year you can close it no and pay about the same tax you would pay as non-resident 25%.
Better to be done with it.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
jonathankyim
Posts: 2
Joined: Wed Dec 10, 2014 2:51 am

Post by jonathankyim »

Cool! I will heed your advice and avoid headache in the future :)
Post Reply