Serbinski Accounting Firms

The RESULT of treaty means no cap gains in US. However, because you are a US citizen. the treaty still must be APPLIED to your US return to eliminate the tax.
One cannot simply not report the income.

In that case, your in-kind transfer from your TFSA to your RRSP is treated as follows:

For Canada, this is considered a deemed disposition, resulting in a capital gain. Of course, the deduction for the contribution should make up for it. But you can still use the tax arising from the cap gain ...

So, just to be clear, you are a resident of Canada, and a US taxpayer, by reason of citizenship?

The issue with having a Cdn broker doesn't really apply to your tax situation, but more to your residence. After all US citizens living in Canada have Cdn brokers.
Activating your GC does make you taxable in US on world income, but your residence is still in Canada, therefor you can certainly have a ...

I don't work fpr serbinski, as my signature indicates.

Your understanding of how US treats cap gains incurred by a Cdn resident is correct. There is an elaborate way to exempt the gains even if you filed full-year 1040 (an American citizen moving to Canada would have no choice but to file full year 1040 and still exempt the cap gains), but filing dual ...

The numbe of days you were in canada is unimportant. You became a Cdn tax resident (and a US non-resident) when you moved, No need for treaty.

For Canada you must file as a new resident with a July 3 arrival date, you do not report any income from before that date.

For US, you have the choice of ...

If you depart Canada, and declare all your investments as deemed sold on day of departure, on that year's departure return, you no longer have to file a Cdn tax return or pay any Cdn tax on those investments, regardless if you later sell them or not.

If you cannot or do not want to pay the ...

Yes,

But you can, if you still have the same investments, you can "unwind" the earlier departure tax, but eventually you will owe cap gains on all investments that you held for the periods you lived in Canada.

Just to correct my previous post:
"...You aren't likely to file a CDn tax return for ...

It is true that WEP no longer exists.
What it means though is that one's SS benefit is no longer reduced by any CPP or other foreign pensions one receives. One can still qualify for SS (but not Medicare) by using their Cdn work history using the Totalization Agreement, as you are in the process of ...

I think you would need to contact SSA to determine where your case is. I'm surprised that you went the Service Canada route; typically one applies for SS through SSA, which THEN contacts Service Canada for your work record in Canada.

But, let us know how it turns out. Haven't had many experiences ...

The reason that firms are deciding to withhold 30% is legitimate. It is because, unlike Canada, the US does not have an clear definition of PERIODIC, and as the treaty wording points out, only PERIODIC pension payments are granted the 15% withholding status.

That said, the IRS usually accepts the ...

Agree or not, when you leave Canada, your cap gains (and losses) becomes due. Then you are done with any future gains and losses for Cdn tax purposes.

As to what to do with your investments, your Cdn brokerages is no longer able to deal with you, by law. other than for retirement accounts. You may ...

For 2025, you were supposed to file as an EMIGRANT, which means a return as a resident of your last province of residence, but with a departure date in April. This affects some of your deductions. Filing as a non-resident results in an incorrect tax calculation, and bypasses the departure ...

Moving back to Canada doesn't pose as much problems as moving to US.
You don't have to do anything before moving; Canada will consider all things sold and bought the day you become Cdn resident, so there really is no need to actually sell before moving.

You might want to sell any "losing ...