Canadian Recently Moved to US

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jjamay
Posts: 1
Joined: Thu Nov 15, 2018 10:21 pm

Canadian Recently Moved to US

Post by jjamay »

I am a Canadian who moved to the US about 5 months ago for work. I liquidated my TFSA (about $50k CAD) after I moved but before declaring non-residency to the CRA. I earned maybe $500 in my TFSA from the beginning of 2018 until selling, leaving me with a savings account earning interest and no other Canadian assets. I know I have to file a Canadian tax return for the first 6 months of the year I was in Canada, during which I was a student and had no income so I am not expecting to pay anything to the CRA. However, I am a bit unsure of what to report to on my US tax return, besides my USD income from my job. Will I need to report the $500 earned in my TFSA even though I sold it while I was technically still a tax resident of Canada? I assume I will also have to report the interest earned on my savings account?
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Canadian Recently Moved to US

Post by nelsona »

If you file a full year 1040, you would need to report the income..
If you file a dual-status 1040NR/1040, then you would not.

If you do not exceed 183 days in US, you can choose to file a 1040NR for entire year.

These "first year choices" have been covered here may times, happy browsing.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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