US Expropriation Tax Question

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mtbbkr120
Posts: 2
Joined: Wed Apr 08, 2020 5:13 pm

US Expropriation Tax Question

Post by mtbbkr120 »

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
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: US Expatriation Tax Question

Post by nelsona »

Expatriation tax.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
mtbbkr120
Posts: 2
Joined: Wed Apr 08, 2020 5:13 pm

Re: US Expatriation Tax Question

Post by mtbbkr120 »

Apologies for the spelling mistake. Yes, I meant Expatriation tax.
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