Canadian moving to California on TN status

jonathankyim · Post by **jonathankyim** » Wed Dec 10, 2014 3:06 am

I am Canadian.

I will leave Canada and arrive in the US on December 27, 2014 and start working on January 5, 2015 in California.

I have nothing in my TFSA accounts.

I have investments in my RRSP account worth $8,000 CAD

My gross income was $15,000 CAD + $13,500 CAD of EI ~= 28,500

I may only work in California for less than a year.

My strategy is to close all my TFSA accounts and close my RRSP account. Is this a good idea? This would make my tax returns really easy.

nelsona · Post by **nelsona** » Wed Dec 10, 2014 8:42 am

Yes. Normally one would close their RRSP after leaving Canada, but because your income was low for this year you can close it no and pay about the same tax you would pay as non-resident 25%.
Better to be done with it.

jonathankyim · Post by **jonathankyim** » Wed Dec 10, 2014 6:36 pm

Cool! I will heed your advice and avoid headache in the future :)