canadian working in US, time line of things i must do?

hyperbling · Post by **hyperbling** » Tue Apr 26, 2011 11:01 pm

i'll keep it short and sweet.

- worked in canada from jan 1 to feb 13.
- flew into US under TN, started working feb 14
- common law up until last weekend, married now
- wife is still back in canada, will move to US in july
- have TFSA/RRSPs

the part i'm unclear is the time line of things i need to do. i'm assuming that anything i need to send into the CRA or IRS will occur next spring of 2012, correct?

for departure date, do i use feb 14th, or the day my wife arrives?

is it breaking the rules if i perform trades to liquidate/close my brokerage accounts after my departure date?

when do i notify my banks i'm non-resident? immediately, or on the declared departure date?

thanks!

nelsona · Post by **nelsona** » Wed Apr 27, 2011 9:46 am

You cannot make trades from a Cdn broker when physically in US.

As long as you kept your visits to canada to very few, you should be able to claim your Cdn departure date as feb 14.

You need to inform your banks now, wind down your TFSA now, and move your RRSP to a US-compliant brokerage.

hyperbling · Post by **hyperbling** » Thu Apr 28, 2011 12:15 am

thanks for the reply!

[quote="nelsona"]You cannot make trades from a Cdn broker when physically in US.[/quote]
i only have 2 open ETF positions....what are the penalties? are brokers in the US allowed to transfer my positions in kind across the virtual border?

nelsona · Post by **nelsona** » Thu Apr 28, 2011 12:32 am

It's not a virtual border. It's a border.

You can of course transfer ETFs to any brokerage licensed to deal with you in your state of residence.