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
Moving to the US. Tax questions.
Moderator: Mark T Serbinski CA CPA
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.
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