My wife worked in Canada January-June of 2014. We moved to the US on TN/TD status and I worked in the US from September 2014 through the end of the year.
I was feeling pretty confident and comfortable with filing my Canadian return as a factual resident of Canada and reporting my foreign income, as I am working temporarily for 1-2 years and have every intent to return. Then I was going to file a 1040NR. However, I've learned more in the last few days regarding FBAR and have started to panic.
I hold a Tangerine TFSA GIC with <600CAD. I honestly forgot it existed and did not empty it before leaving Canada. I also hold a TD checking account with <500CAD, but that held a maximum of 6400CAD in 2014. My wife holds RBC checking/savings accounts that currently have <6000CAD and the maximum in 2014 was certainly over 10K CAD.
Does my wife's money in Canada count if she has no US income and it's all in her name?
What do I have to do to avoid getting hit by the FBAR hammer?
Do I have file a 3520 or 3520A for the tiny TFSA?
Should I be filing in Canada as an emigrant resident if I intend to return?
At this point, should I just get an accountant if I'm starting to panic?
Reporting Canadian-held accounts and other gotchas
Moderator: Mark T Serbinski CA CPA