US Brokerage and Bank Account address after moving to Canada

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shallowcat
Posts: 1
Joined: Sat Apr 20, 2024 11:39 pm

US Brokerage and Bank Account address after moving to Canada

Post by shallowcat »

Hi I am new to this forum and hope this is a right place to ask such questions.
I recently moved from U.S. to Canada but I still maintain some bank accounts and brokerage accounts in U.S. with a U.S. address. In the last two years in U.S. I am Resident Alien for U.S. federal tax purpose and I belive for this year I will still be according to U.S. substantial-presence-test. https://www.irs.gov/individuals/interna ... sence-test

I know there will be some hassle of account closing or converting happen if I want to change my address to Canada for those banks or brokerages so I am still keeping them as is. But I am a little bit worrying about the tax situation. So the my asset in my U.S. banks and brokeages will probabaly only gnerate 1099-INT and 1099-DIV form since I don't plan to sell/buy Stocks when I stay in Canada. I only have Stock ETFs,Certificated Desposit and Cash in my U.S. accounts.

My question is:
1) Is there any risk regarding to tax if I don't change my address when the next year tax season comes?
2) I will be filing tax as residents of both country next year considering the U.S. substantial-presence-test, right?

Thank you
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