Canadian on TN - tax issues

[sohailmithani]

Hi Nelsona,

Background of my situation.
1) Wife got TN and kids got TD (I-94)
2) They all moved to US on August 1, 2013 (drove)
3) I also moved with them but as a visitor. We have rented an apartment in US now and have a bank account and a credit card issued in US.

What is residency of each one of us for tax purposes?
What do my wife needs to file in Canada and US for tax purposes. And When?
What do I need to file in Canada and US for tax purposes. And When?

4) Sold our house (principal residence for 4 years) in Ontario this month (closing in Dec)

Any tax issues - for Canada tax return and for US tax return.

5) Spousal RRSP (less than $10,000)

What needs to be reported? Can it be deferred in US like Canada? If so, what form to be completed and when?

6) RESP in my kids name (separately for each)

What needs to be reported? Can tax, if any be avoided in US (Canada will tax when kid withdraws. Right?) ?
If so, what form to be completed and when?

7) LIRA in my name (with my Canadian Broker)

What needs to be reported? When? Can tax, if any be avoided in US (Canada will tax when withdrawal. Right?) ?
If so, what form to be completed and when?

8) Health Cards not yet returned

Ok if returned for everyone by me (I am visiting Canada in Dec for a week)? Anything we need to consider here?

9) Have Canadian Credit Cards
10) Have Canadian bank accounts (all 3 accounts are joint with my wife)

Does it affect Residency? Anything we need to report in US or Canada on these accounts? Bank accounts do not have too much balance but will have amount from sale of house in December which will immediately be transferred to US broker account through wire transfer (not routed through US bank but directly wired to the broker).

11) Wife had income (salary) till July 31st
12) I have income till Nov 2013

How do we report these for tax in Canada and US. Any advice to minimize tax.

13) I will get my TD (I-94) in December 2013 or January 2014 (latest)

What is FBAR? Do we need to be filing it and when?
What is form 8938? Do we need to be filing it and when?

Please guide on timing of other forms to be filed with IRS and CRA.

Thanks for this excellent forum and your professional guidance.

[nelsona]

You are all considered non-resdent of Canada (and US tax resident) since August.

You have special poaperwork to file for your house sale as a non-resident.
You should be getting your own TD.

All other questions I suggest you read this forum. Too many questions.

[sohailmithani]

[quote="nelsona"]You are all considered non-resdent of Canada (and US tax resident) since August.

You have special poaperwork to file for your house sale as a non-resident.
You should be getting your own TD.

All other questions I suggest you read this forum. Too many questions.[/quote]

Thanks Nelsona. Actually tried looking for answers to my questions on the forum but it is so deep that I got lost and confused. A response a day to each question would also work for me, if you are kind enough to do that.
What paper work required for house sold? Will the gain on sale be taxed in Canada and / or US?

[nelsona]

Please look on the CRA website for information about non-residents. You surely have looked there before asking me for long-term servitude.

[sohailmithani]

[quote="nelsona"]Please look on the CRA website for information about non-residents. You surely have looked there before asking me for long-term servitude.[/quote]

Thanks for helping.