Serbinski Accounting Firms

Cali taxes ALL internally generated income, including any triggered cap gains. A good practice is to bump up the book value of your RRSP holdings by swapping them into other investemtns before leaving for California. As to how you will file in the first year in US, there are dozens of posts on that,...

You will be taxed in all jurisdictions, with credit given in Canada on the taxes you owe in US and Cali.

In California only, RRSPs are not protected, so you will pay Cali tax on your RRSP internal income, and IRS and Cali tax on your TFSA internal income.

To be a deemed non-resident (DNR), you need to meet the treaty definition of US residency, which means, in your case, making US your centre of vital interests, In short, in means that you should not visit your family in Canada, they should visit you. Your trips to Canada should be VERY limited and N...

You first need to determine if you will be able to break Cdn tax residency. By having a house and spouse in Canada, one must take extraordinary measures to become a "deemed non-resident" and to be treated as a non-resident.

not commenting on how your software is working, but you still have to list your province of residence as Ontario for 2024. The question should read "your province of residence on December 31 OR on the date you left Canada". This should generate the necessary ON forms (and tax) For 2024, yo...

I meant 217. Instead of provincial tax, you pay a federal surcharge. You do however, if your other income is low enough (ie. you are not working in US), you get to claim all eligible deductions, including medical expenses.

To use 216, you must essentially have no other income.

Then, it simply becomes a calculation. If it is better use it, if not, drop it.

US residents do not pay Cdn tax on bank interest earned in Canada.
It is reported only on your US return

Read my signature

Again, as a US resident you can own property in Canada without fear of being considered a Cdn tax resident. The number of properties does not matter, since they are NOT your residences.

I won't comment on the other aspects of your post, but be assured that simply buying property, or setting up some kind of loan in Canada does not make you a resident, as long as you continue to live in US,

You are correct.
I would simply attach a note to your paper return stating that whichever form was not required if you did not meet the reporting threshhold

Since it doesn't matter if you put it on there, and CRA (rightly, or more likely wrongly) has told you to put it, just put it. It has to have an FMV or more than $10K. Since it is personal use property, any loss you declare (FMV minus purchase price) on schedule 3 is meaningless at this point. I nev...

For US a gain only occurs upon sale. If you sold nothing before departure, there is no gain in US. If you sold something earlier in the year, before your departure date, AND you are filing a full year 1040, then yes, FTC will be the way to go. The gains ON SALES that occur after departure will be ta...

Ufile, and CRA have nothing to to with the Rev Proc. That is strictly dealt with IRS. Everything you report to CRA is basd on the day you left. If you sold even the next day after you left, you still need to report that you had them, and pay deemed disposition tax based on the day you left. Forget, ...