Serbinski Accounting Firms

Boy did I learn some new info!

Thx. again Nelson as it'll make me consider other options I can use in the future.


Russ

Okay, I'll jump in, but without the brilliance of many others on this board, but to just consider what you're asking.

If you're in the US on a TN - and working physically in the US - then you are employed by someone there, and your pay is for work performed there.

So, you must pay taxes in the US ...

I'm a Canadian citizen, US resident (long time with various TNs).

In my time in the US, I've earned the required 40 credits to collect Social Security.

When I return to Canada and become a Canadian resident / US non-resident again, after waiting many, many years for me to get to 65 years of age ...

Just a follow-up for further info I could use.

I always thought that if I worked (as a Canadian citizen / US resident / Canadian non-resident) in the US until, say, July 3 of a particular year, and then travel back to Canada and enjoyed life there doing no work, keeping my US drivers license ...

Thx. again Nelson.

Actually it'll be a cash deal so nice not to have to worry about the mortgage / tax issue on this one.

Russ

In another question in this forum, I mentioned I have rental props. in Canada while a Can. non-resident / US resident (bought years ago when a CAN res / US non-res).

However, I'm considering buying a piece of land in the next couple of months while still a CAN non-res/ US res.

Let's say I buy one ...

Once again, you posted faster than me Nelson.

Thx. and disregard my last post.

Nelson.

My fault if I didn't specify it correctly.

All my real estate is in Canada, bought when I was a Canadian resident before coming to the US.

I meant that all the depreciation I've taken against the Canadian properties on my US taxes does not have to be recaptured to the US if I sell when a ...

Nelson. Just a couple of questions referring to what you said about it's easy getting residency in Canada / non-residency in U.S.

In my case, I've got lots of ties to the US in the way of driver's license, bank accounts, E*trade, IRA, credit cards, address of course, etc. and in Canada, some rental ...

Whoops, noticed that Nelson just posted a reply b4 me.

I'd go with him ... as his advice is always valuable.

Hey M.

I'm sure others will give more indepth info, but I can answer a couple of these with my experience.

1. I'd be careful on this one. May be okay, but if you can still go back to it as you're name's still on the paper?

2. The key here is that there's rules for your TN Visa and then there's ...

On this same subject, I think it would be useful to know (at least it would for me as I'll need it in the next couple of years), what brokerage-type institutions will allow you to set up an IRA and then manipulate once moved to Canada (and eventually becoming a Canadian resident / US non-resident ...

Sounds good.

However, for further clarification, I think I bought these couple of losing stocks in the year 2000 when the RRSP was worth about $21K CDN and I was working in the US.

The value has now plummtted to be worth < $1K CDN and I haven't yet sold them inside the RRSP (glutton for punishment ...

Thanks for the excellent info as usual.

However, I have some more questions about this. I've read through the other posts on this board - and ... the old board - and am I right in thinking the following:

1. the RRSP IRS form / direction / clarification went from: RP89-45 to RP02-23 to Notice03-75 ...

I've been reading the info on this great board concerning disclosing my RRSP.

My situation is:

1. Canadian citizen
2. US resident for a long time
3. Never disclosed the RRSP before
4. Due to my skillful investing (Nokia, etc.) I've turned my $22K CDN RRSP into something like $1,200! - so I've lost ...