I'm a canadian usa dual citizen (I have both passports, I was born in Canada and registered as an American born abroad)
I am deciding to stay in USA for an extended period. In other words, move. Its too bad that I can't declare two residences and two ctizenships, but cloning doesnt exist...(yet) and if it did, there'd likely be a tax on it...
I have about 350K$CDN in an RRSP and my principal residence to sell in Ontario... surprised (but not really) that it seems so complicated...
reading about my options. maybe i could get some advice here?
Dual Citizen with RRSP and property moving to USA
Moderator: Mark T Serbinski CA CPA
Quite frankly, the fact that you are already US citizen means that it will be much simpler fotr you living in US tax-wise, since you should have been filing returns in both countries (have you?) all along. AND you should have been reporting your RRSP to IRS all along (have you?).
The sale of the house has hardly any complications: it won't be taxable in either place, As long as you sell within the first year or two after you leave Canada. Couple of extra forms but that is it.
Now you won't have a cdn return to file. You should be looking over emigrant website at CRA.
You should already be familiar wih IRS. You would want to make sure that your last 6 tax returns are cklean, with all RRSp and foreign acount reporting taken care of.
The sale of the house has hardly any complications: it won't be taxable in either place, As long as you sell within the first year or two after you leave Canada. Couple of extra forms but that is it.
Now you won't have a cdn return to file. You should be looking over emigrant website at CRA.
You should already be familiar wih IRS. You would want to make sure that your last 6 tax returns are cklean, with all RRSp and foreign acount reporting taken care of.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
Thanks for your reply ! You may have assumed I have been in USA longer. My move down here occurred on April 1st 2007. So the IRS stuff will now be new to me this year. And I didn't have any canadian income from Jan->March.
Which CRA site specifically are you referring to?
RRSP: I could talk to a local accountant here or in Canada about what to do with my self-directed RRSP, I have read on the web to leave it intact in Canada. If that's the best tactic, I'd like to continue to trade/manage it, and now there are rules restricting my access, now that I am not a resident. Is there is a service to keep it there and trade in Canadian funds ?
Thanking you in advance for your advice....
Which CRA site specifically are you referring to?
RRSP: I could talk to a local accountant here or in Canada about what to do with my self-directed RRSP, I have read on the web to leave it intact in Canada. If that's the best tactic, I'd like to continue to trade/manage it, and now there are rules restricting my access, now that I am not a resident. Is there is a service to keep it there and trade in Canadian funds ?
Thanking you in advance for your advice....
Okay, I did read this: but I can't seem to get any good information on RRSP management for a non-resident.
http://www.cra-arc.gc.ca/tax/nonresiden ... ing-e.html
http://www.cra-arc.gc.ca/tax/nonresiden ... ing-e.html
Yiou seem to misundrstand: AS a US citizen you have ALWAYS needed to report your income to IRS! You need to get this fixed for past 6 years.
RRSP treatment is different for US citizens, reagrdlesss of where they live.
You need to read more on this site, about form 8891 and catching up on your late IRS returns.
RRSP treatment is different for US citizens, reagrdlesss of where they live.
You need to read more on this site, about form 8891 and catching up on your late IRS returns.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
I never received my passport and SSN until 2007. But technically I was a US Citizen the moment my birth was registered. Could that possibly mean that for my entire working life, a requirement existed to maintain 6 years running income records to IRS ? I've got all my records of canadian income back to 1985 .... yup, a canadian packrat.
A US citizen is a US citizen.
The fact that you are now in US *might* make the IRS wonder why you haven't filed before (you will of course file this year). It is sometimes better to file before they ask you to do so.
Your RRSP, for instance has ALWAYS been taxable in US, unless you took positive steps to exclude the income. Your world income was always reportable in US too, and while you may have been able to use various exclusions and credits to make your US tax ZERO, you have to file to get these credits, otherwise IRS can make you report you rincome but deny your deductions, which would be catastophic tax-wise.
Many Yanks living in Canada don't file their US taxes and get caught. Having moved to US makes it even more likley that you would not escape notice.
The fact that you are now in US *might* make the IRS wonder why you haven't filed before (you will of course file this year). It is sometimes better to file before they ask you to do so.
Your RRSP, for instance has ALWAYS been taxable in US, unless you took positive steps to exclude the income. Your world income was always reportable in US too, and while you may have been able to use various exclusions and credits to make your US tax ZERO, you have to file to get these credits, otherwise IRS can make you report you rincome but deny your deductions, which would be catastophic tax-wise.
Many Yanks living in Canada don't file their US taxes and get caught. Having moved to US makes it even more likley that you would not escape notice.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing