Tax consequences of joint investments

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themiddle
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Joined:Tue Dec 29, 2020 1:52 am
Tax consequences of joint investments

Post by themiddle » Tue Dec 29, 2020 2:12 am

I am a Canadian citizen and I have a job offer to work in the US by way of TN Visa. For 2021, I expect to work out of the US for less than 183 days and therefore would not pass the "Substantial Presence Test". For 2022, I do expect to be in the US for more than 183 days.

1. For 2021, being in the US for less than 183 days, is it safe to assume that I will be a "tax resident" of Canada? If this is the case, would I only file US income with the IRS (and file US + Canadian income with the CRA)?

2. I have a shared principal residence (jointly-owned with my father) in Canada. Given that it is a shared residence, is this sufficient to qualify as a "strong-tie" to Canada?

3. I have other investments in Canada, some of which are co-owned with my father (e.g., condo). How should I think about the tax consequences of these shared investments to both myself (eventual "tax resident" of the USA) and my father (resident of Canada)? I am particularly concerned about my father having to pay additional taxes and/or have to file both US and Canadian taxes on these joint investments.

Thanks!

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