Keeping US Bank account open
Moderator: Mark T Serbinski CA CPA
Keeping US Bank account open
I'm a dual US/Canadian citizen - moving back to Canada end of September. Can I keep a US checking account open (used to payoff my student loan) and keep a US credit card - or would this give the IRS reason to believe I'm still a resident..and tax me accordingly?
First off, a bank account is not a sign of residency, in either US or Canada.
HOWEVER, since you are a US citizen, you will ALWAYS have to file your taxes in US regardless of where you live.
You will still eventually qualify for any Foreign income exclusion as long as you are physically out of US for the required days, as your bank account is not an indication of presence.
HOWEVER, since you are a US citizen, you will ALWAYS have to file your taxes in US regardless of where you live.
You will still eventually qualify for any Foreign income exclusion as long as you are physically out of US for the required days, as your bank account is not an indication of presence.
Also, if moving US-to-Canada is anything like moving Canada-to-US, it's likely smart to hang on to that bank account and credit card. It tends to be handy to have these resources on the other side of the border. If you relinquish them, it's difficult or impossible to get them back if you're not living in the country.
As a Canadian living in the US, I find there's a small but steady trickle of incidentals for which my Canadian bank account or credit card is very useful.
As a Canadian living in the US, I find there's a small but steady trickle of incidentals for which my Canadian bank account or credit card is very useful.
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Matthew Brooks
- Posts: 2
- Joined: Wed Oct 27, 2004 2:04 pm
I expected to file US taxes - just wanted to make sure this didn't result in getting double taxed on my Canadian income. I really just want these US accounts open to pay for my XM radio, paypal purchases, finish paying student loan, football tickets, etc... So with no downside I think I'll keep that account open. I plan to liquidate my brokerage accounts my last week here...but it will be great to keep that US bank account and credit card open.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by Maggie</i>
Also, if moving US-to-Canada is anything like moving Canada-to-US, it's likely smart to hang on to that bank account and credit card. It tends to be handy to have these resources on the other side of the border. If you relinquish them, it's difficult or impossible to get them back if you're not living in the country.
As a Canadian living in the US, I find there's a small but steady trickle of incidentals for which my Canadian bank account or credit card is very useful.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I very much agree with your statement. When I moved to Canada from the US (US Citizen with Landed Immigrant Status in Canada), I kept my bank account and a US issued VISA card, so that I could handle things via internet banking since I was now in Canada. I had occasion to use these many times and very glad I chose to keep both.
I eventually closed my bank acct and moved the monies to Canada. However, since I bank with the Royal Bank in Canada, I then opened up an acct in the USA through their affiliate bank Royal Centura. Now I can go online and transfer funds across the border when I need to top up my USA acct. I like to keep some funds there, as my mother lives there and I help her out from time to time. All i do is go online and ask Centura to send her a check. Easy!
I would recommend this to anyone moving across the border.
jo
Also, if moving US-to-Canada is anything like moving Canada-to-US, it's likely smart to hang on to that bank account and credit card. It tends to be handy to have these resources on the other side of the border. If you relinquish them, it's difficult or impossible to get them back if you're not living in the country.
As a Canadian living in the US, I find there's a small but steady trickle of incidentals for which my Canadian bank account or credit card is very useful.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I very much agree with your statement. When I moved to Canada from the US (US Citizen with Landed Immigrant Status in Canada), I kept my bank account and a US issued VISA card, so that I could handle things via internet banking since I was now in Canada. I had occasion to use these many times and very glad I chose to keep both.
I eventually closed my bank acct and moved the monies to Canada. However, since I bank with the Royal Bank in Canada, I then opened up an acct in the USA through their affiliate bank Royal Centura. Now I can go online and transfer funds across the border when I need to top up my USA acct. I like to keep some funds there, as my mother lives there and I help her out from time to time. All i do is go online and ask Centura to send her a check. Easy!
I would recommend this to anyone moving across the border.
jo