TN visa in USA - Can I claim Canada losses?

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vansree
Posts: 9
Joined: Thu Mar 23, 2017 1:48 pm

TN visa in USA - Can I claim Canada losses?

Post by vansree »

Hi all,

I am on TN Visa for over two years and Tax resident of USA for both 2016 and 2017. I have not filed for both years. I received California state IRS letter saying that I have to file the taxes.

1. From Canada, I have Capital Gains and Losses
Year Inclusion rate Line 127
2007 50% $220.00

2. From Canada, I have Non-Capital Losses Year: $1,536.00

3. From Canada, I have Allowable Business Investment Losses, Gross: $40,000.00 and Deduction allowed $20,000.00

Can I use it in my USA Tax file return?

Also, I was told that I do not have to file TFSA income in USA. Is that true?

Please advice.
Regards
Sree
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: TN visa in USA - Can I claim Canada losses?

Post by nelsona »

You cannot claim any previous losses incurred in Canada on your US returns. You can use these when/if you return to Canada.

And you must report year-to-year income (cap gains/losses, dividends and interest) that occurs in your TFSA (and for California, in your RRSP), the advice that you do not need to report this was wrong.

You should also have filed a departure return for 2016.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: TN visa in USA - Can I claim Canada losses?

Post by nelsona »

... a departure return for Canada, of course.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
vansree
Posts: 9
Joined: Thu Mar 23, 2017 1:48 pm

Re: TN visa in USA - Can I claim Canada losses?

Post by vansree »

Thank you.
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