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I am a Canadian Citizen and a resident of California on TN status. With the favorable exchange rate, I would like to purchase a pre-development property in Canada, as I intend to return by end of next year. Plus better to have the money sti in real estate. How would this situation complicate my tax ...

I am currently on TN Status in California. I am planning on returning to Canada within a year. I wanted to explore the best time window to move back to avoid tax issues that arise with mid tax year move. From what I have read on this forum, it appears year end if usually the best time, so you don't ...

[quote="nelsona"]No.

Just report earnings like any other acct.[/quote]

Thank You.

Do the Employee Profit Sharing Plans (EPSP) need to be reported on 3520 or 3520A?

Or do I only need to include the dividends earned in 2014 on 1099-Div?

[quote="nelsona"]I do not even look at state tax forms.[/quote]

No worries. Thanks anyways. Your comment above helped me locate that section of the form :)

[quote="nelsona"]You exclude it the sam,e way all other individuals who move to california mid-year, from another state. You file the form(s) for part-year residents, to exclude income from when you were not living in California.[/quote] Thank you very much for the reply Nelsona. Much appr...

I moved to California under TN Visa last week of May 2014. I had income in Canada till mid May 2014, before the move. I am filing 1040 for the entire year using treaty election. How do I exclude my Canadian source income from California? It appears California does not recognize the US Canada Tax Tre...

taxeve, this is what I found and will be going with it.
http://connect.cch.ca/newsletters_Finan ... 3_article3

Btw, TFSA's can be set up as Annuity, Trust or Deposit. Tangerine TFSA Savings account looks like a regular deposit account anyhow.

[quote="braindrain"]

I also have a locked in corporate RPP that's around 55K (and growing) that I am no longer contributing to since I have left the employer.

A[/quote]

Did you ever figure out how to report RPP. More importantly if it can be deferred and if so how?

[quote="Potassium"]Nelsona, so are you saying if somebody holds a Tangerine TFSA, a 3520/3520A is definately NOT required to be filed for a US return?[/quote]

Did you ever find out if Tangerine TFSA is considered a Trust?
And whether or not a 3520 is needed for it?

I moved to from Canada to US on TN Status on May 18th, 2014.

From reading the instruction for Form 2555, my understanding is that I do not qualify as a Bonafide resident of Canada for the 2014 tax year (since less than 183 days in Canada for 2014 tax year).

So I am assuming I would need to file Part III instead of Part II on form 2555!?

Given that, is this the correct way to calculate the exclusion amount for the “Physical Presence Testâ€￾ for form 2555.

Notes: I was out of Canada on vacation (but not in US) for 30 days.
- 18 days between Dec 27, 2013 and Jan 15, 2014 (not including flying over international waters)
- another 12 days between Sept 3, 2013 and Sept 15, 2013 (not including flying over international waters)

330 days + 30 days away = 360 days to count backwards from May 18th, 2014 (including May 18th as a full day). Which gives me May 24, 2013.
A 12 month period starting May 24, 2013 gives me May 23, 2014
Total Days in tax year 2014 would be Jan 1st 2014 to May 23, 2014 (inclusive May 23rd), which leads to 142 days.
Finally 142/365 gives the multiplication factor of 0.389041
Exclusion amount USD $99,200*0.389041 = USD $38,592.87

[quote="Subaron"] Questions: 1) For Canada what return do I need to file? I have read about the Departure/Exit Return. But can't find the specific return. Is this the regular T1 with some additional form? Or is this an entirely different return? 1a) Do I file as a non-resident in Canada fo...

[quote="kiwicanuck"]This is driving me crazy! There must be tens of thousands of people in Canada having to report their RRSPs on Form 8938, yet I can't find a simple straightforward answer as to how to fill form 8938. So let's consider a very simple example. Let's say I have an RRSP at BM...

[quote="wlasicn"]I have a similar situation where I had a 2012 and 2013 3520/3520A filed. I closed the account in 2014. Since the account had prior paperwork and existed for a good part of 2014 - do I need to file the 3520/3520A as final returns in 2014 so IRS no longer expects this? If so...

[quote="nelsona"]Nothing unusual about your situation; you will filedeaprturereturn for canada as an emigrant, and file full year 1040 reporting all 2014 income, and exempting your Cdn wages on form 2555. For all other items. please read threads on PFIC, 3520, FBAR, FATCA and 8938. It's al...