Moving to the US. Tax questions.

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.

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bido74
Posts: 1
Joined: Sat Jul 16, 2011 3:57 am

Moving to the US. Tax questions.

Post by bido74 »

Hi, I am a Canadian citizen moving to the US on L1A visa. Is it possible to leave my RRSP and TFSA accounts open without being considered resident for income tax purposes? My goal is to only be considered resident in the US where I will be working but at the same time I would like to keep my RRSP and TFSA accounts open.

Thanks,
bido
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nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Yes. Financial ties in canada arenot considered primary, and as long as you live and work in US, you are tax resident there.

One thing though, is because US does not recognize TFSA, and thus taxes it, you should collapse it just before you leave. You can put the money back when/if you return to canada.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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