Questions on stocks/bank accounts + RRSP for TN holder

mimianddaniel · Post by **mimianddaniel** » Mon Dec 30, 2013 5:28 pm

I have been working in the state since May of 2013. I quit my job in early March of the same year.

I would be considered resident alien in the States as i have spent more than 200 days in the States last 3 years total.

My questions are,
1. Am i considered non-resident in Canada or factual resident?
2. For future tax issue, I am thinking of selling all my stocks in Canada. Would i need to pay tax on this in both countries even if I have lost money in stocks accumulatively in last 3 years?
3. I received a lump sum payment for my contribution to retirement plan when i quit my last job which i received around the same time I signed my contract with my current company. I was already deducted for lump sum payment. As far as i know i would not have to report this to CRA nor IRS? could you clarify this for me?

Thank you very much

nelsona · Post by **nelsona** » Mon Dec 30, 2013 5:56 pm

You became a US tax resident the day you leaglly moved to US. Days really doesn't matter. You didn't say what ties you have in canada, but you are either a non-resdiewnt or a demmed non-resident, which differs only slightly, and means you left canada.

Any income you recieved after your US entry date is taxable in US as well as canada.

nelsona · Post by **nelsona** » Mon Dec 30, 2013 6:05 pm

And unless 25% was withheld for CRA, you may need to pay extra to CRA, on your departure tax return.

mimianddaniel · Post by **mimianddaniel** » Mon Dec 30, 2013 8:47 pm

[quote="nelsona"]You became a US tax resident the day you leaglly moved to US. Days really doesn't matter. You didn't say what ties you have in canada, but you are either a non-resdiewnt or a demmed non-resident, which differs only slightly, and means you left canada.

Any income you recieved after your US entry date is taxable in US as well as canada.[/quote]

I have a checking banking account/stocks/Canadian passport. No house/properties/cars.
Do i need to pay income in both countries? For lump sum payment?
Thanks

mimianddaniel · Post by **mimianddaniel** » Mon Dec 30, 2013 8:48 pm

also have RRSP -- do i need to submit a form for exmption on this?

colinc · Post by **colinc** » Mon Jan 06, 2014 1:03 pm

[quote="mimianddaniel"]also have RRSP -- do i need to submit a form for exmption on this?[/quote]
Form 8891 to defer tax on the gains