Canadian citizen emigrated to US in June 2018

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
yogeshddd
Posts: 5
Joined: Fri Mar 29, 2019 10:43 pm

Canadian citizen emigrated to US in June 2018

Post by yogeshddd » Fri Mar 29, 2019 11:22 pm

Hello,

I'm a Canadian citizen and I emigrated to U.S on June 15th, 2018 (spent 166 days living in Canada) on TN-1 Visa. I have no properties or close ties to Canada except bank accounts and investments (RRSP, TFSA and Non-Registered Savings). I got married to U.S citizen this Jan and have no intention of moving back to Canada. Before leaving Canada, I worked with my bank financial advisor to fix my investments but never explicitly requested that I be treated as a non-resident (I was not aware). So, I ended up receiving a bunch of T3's and T5's for 2018 taxation year. My questions are as follows:

1) Should I file my Canadian or US Taxes first? I spent 5.5 months working in Canada and 6.5 months working here in the U.S.
2) While filing my Canadian taxes, what are the forms that I need to include?
- Income Tax and Benefit for Residents (or) Income Tax and Benefit for Non Residents (or) Both
- T1161, T1143 (I don't have info on gains/losses on the day I left Canada. Any ideas?)
- Statement of World Income (Is this even necessary? Should I include World and Canadian income after I ceased to be a resident?)
- I don't have NR4 forms but only T3 and T5's (How to mitigate this issue?)
3) What's the best tax software for filing Canadian tax returns? Turbotax does not seem to work well for this specific scenario.
4) How do I avoid paying taxes twice and claim tax deduction/benefits?

Thanks in Advance!

nelsona
Posts: 15980
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Canadian citizen emigrated to US in June 2018

Post by nelsona » Sat Mar 30, 2019 10:06 am

Lots written on this, happy browsing. Too late in season to rehash.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

yogeshddd
Posts: 5
Joined: Fri Mar 29, 2019 10:43 pm

Re: Canadian citizen emigrated to US in June 2018

Post by yogeshddd » Mon Apr 01, 2019 6:22 pm

Thanks Nelsona! I found this forum incredibly useful and managed to file my Canadian tax return.

For others who may be interested, GenuTax sofware (100% free) seems to be the way to go for emigrants.

yogeshddd
Posts: 5
Joined: Fri Mar 29, 2019 10:43 pm

Re: Canadian citizen emigrated to US in June 2018

Post by yogeshddd » Thu Apr 04, 2019 2:10 am

Hello,

I'm now trying to file my US taxes (resident alien - Form 1040) and need some guidance. I have framed several Yes/No questions below. It would be great if someone take a couple of minutes to answer them?

1) I DO NOT have to report my Canadian employment income that I earned before moving to the US (Yes/No)
2) I need to attach Schedule 1 of Form 1040 and report my Canadian income accrued since leaving Canada in line 21 (Yes /No)
3) I need to attach Schedule 3 of Form 140 to earn foreign tax credit on the passive income (interest, mutual funds etc...) that I have accrued since emigrating from Canada (Yes/No)
4) I DO NOT have to file Form 1116 for claiming foreign credit if the net amount is less than $300 (Yes/No)
5) I need to file Form 8938 and fill out FBAR since I have Canadian bank accounts and assets worth over $X (Yes/No)
6) I DO NOT have to file form 2555/2555-EZ since I'm filing as a resident alien and not as a foreign tax payer (Yes/No)


Can you please let me know which of the following incomes earned in Canada are taxed by the US? My understanding is that interest and dividends accrued in RRSP is not taxed by the U.S but everything else will be.

7) RRSP - Reinvested Dividend/Interest (Yes/No)
8) RRSP - GIC Interest (Yes/No)
9) TFSA - Reinvested Dividend/Interest (Yes/No)
10) TFSA - GIC Interest (Yes/No)
11) Non Registered - Reinvested Dividend/Interest (Yes/No)
12) Non Registered - GIC Interest (Yes/No)
13) Bank Savings Account - Interest (Yes/No)

Thanks in Advance!

Post Reply