TN Tax queries urgent

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august
Posts: 1
Joined: Sun Nov 27, 2016 1:43 pm

TN Tax queries urgent

Post by august »

Hi all,
Thanks Nelson and others for for this forum, came to know very recently, my situation is kind of urgent have not much time as I am offered job on TN visa and need to start immediately so shall be leaving to US first week of Dec. I did not get time to go all over the forums so please answer these important questions before I leave Canada.
This is my situation, have wife and kids in Canada, own house and my wife work. I shall be leaving my kids and family and occasionally visit them, this is plan for now as I do not have time. I have TFSA, RRSP, LIRA and RESP and savings accounts joint. Please answer these specific questions so that I have some clarity as I read lot of stuff and is very confusing at times as I am new to this forum.
1. When leaving to US, do I need to anything to my RRSP, LIRA, RESP accounts, since I may be taking my family shortly after me settling there is there anything important that I need to this registered accounts with mutual funds and GIC do I need to get rid of MF or GIC, please advise.
2. I recently lost my job in Canada so I received vacation and others severance paid out and I advised them to put in RRSP, since I have contribution room. pls advise is there anything I need to take care of this.
3. For filing 2016 taxes since I am in US in dec, I believe I file taxes in Canada as regular with family and show foreign income for Dec and file 1040 NR for Dec income, am I correct. This happens in Apr 2017 for both Canada and US, which one do I need to file first.
4. Also since I may move my family say in March next year what things I need to do when I am here like the house do I need to get appraisal now if I want to sell in March to move.
5. Do I become US resident for tax purpose the day my family leaves Canada is this correct and from the day they leave I have one year to sell the house to save the tax on gains. Please confirm
6. I have multiple RRSP, TFSA and bank accounts, for ease of tax purposes is good to consolidate to one bank or doesn't really matter. I have joint savings account with my wife will that affect for tax purposes.
7. Can I leave the RRSP, TFSA, RESP, LIRA, savings acct as it is in Canada without touching them when in USA. I read mutual funds in TFSA and RESP are subject to PFIC, FBAR for all bank accounts, Fill 8938 for the accounts which exceeds threshold for the accounts mentioned in FBAR . please validate. anyother forms to fill. Do I need to get RRSP FMV now.
8. For 2017 am I considered US non resident if my family and house are still in Canada for entire year, if my family moves then I become US resident for filling taxes and mention departure date as the date my family leaves in 2017 when filling Apr 2018 is this correct. That deparature date is used for RRSP FMV and house appraisal is this correct or is it the day I left Canada Dec 2016.
9. Also if I sell my home within 1 yr my family leave Canada, I am not supposed to pay taxes, where does this money stay in CAD account or can I move to US account tax free.
10. Also please advise important things I need to do before I leave shortly for my bank accounts and MFs in registered accounts, house valuation. Also finally if I convince my employer to start in Jan 2017 will that help me for tax purposes than I will please advise.
I know I am asking lot of questions, but I tried to understand several posts and each one is different, really appreciate help.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Your kidding right?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
RosemaryJMathis
Posts: 1
Joined: Wed Jan 29, 2020 5:54 am

Re: TN Tax queries urgent

Post by RosemaryJMathis »

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Re: TN Tax queries urgent

Post by LasseNielsen »

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