Hello,
My wife and I are CAN citizens holding US green cards. We are considering moving back to Canada and had a few questions on the expropriation tax.
1) We've been in the US for 10 years (3 on L visa and 7 on Green Card), so 10 yrs of tax filing. Are we subject to file an 8854? Are we considered long term residents?
If we had a net worth of over 2 million.
1) Is that 2mil individual or per couple or each? Am I able to put some into my child's name who is under 18?
2) For a non-registered investment account, that was mostly cash (already paid capital gains). Will the cash be taxed again?
Basically, for cash US accounts that have already paid capital gains/ employment income tax. Will there be any fees/tax transferring it to the Canadian accounts (not including exchange), or can we just move the money freely between the them? Even if the dollar amount is high (+200k for example).
Thanks
US Expropriation Tax Question
Moderator: Mark T Serbinski CA CPA
Re: US Expatriation Tax Question
Expatriation tax.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: US Expatriation Tax Question
Apologies for the spelling mistake. Yes, I meant Expatriation tax.