Canadian working in US - Got rental income in Canada

[ayhskid]

Hello,

Background info:
We are a young family of 3 that moved to US on Aug. 2017 for my partner's job. He is currently in H1B visa and I am in H4. His employer has already filed I-140 ( just last week).

Question 1:
1. In Aug. 2016 we had purchased a condo in Ottawa ( we rented it out as soon as we purchased it). The rent covers mortgage payment + property tax. Our move to US was unplanned so we didn't think much about keeping the condo since it was paying by itself. But now that we are here, we understand that there are several tax implication of living in US but having a rental property in Canada. We are unsure about what would be the best way to move forward. We read somewhere that we will be considered a " Resident" of Canada since we have a property there and hence, we will be taxed on our US income. We were planning to file NR73E ( Determination of residency status) so that we can prove that we are no longer a resident. Is that a good route?

Question 2:
We are already in our mid 30s. and would like to look into retirement saving accounts. We had just started investing some money in our RRSP in Canada when we moved to US. Now that we are here, we have started putting some money in 401(k) but we would like to invest in other accounts as well ( such as 403 b). What is the tax implication of having a retirement saving accounts in US and Canada if we plan to retire in Canada or even a completely different country? Also, what happens if we decide to move back to Canada in few years from now? If we get a better job there, we would like to move back as Canada is home.

Question 3:
Is there anything we should know before buying a home in US ( as per Canadian tax rule) or buying US stocks?

[nelsona]

1. You are not a resident of Canada. You rental is not a sufficient tie to make your Cdn resident. PLUS you now live and work in US, so that makes you US resident, from the day you left Canada. No need to file NR73. This does however require you to remit monthly tax to Canada on your rental income. Gross income, until you file correct paperwork.

2. These are both recognized retirement plans in Canada. We have lots of posts on this.

3. No. You are a US resident.You can do what you want in US.