Two years ago, I moved from Canada to the US on TN status, for work. Various people have advised me to close all of my bank accounts in Canada, but I elected to turn the bank accounts into non-resident accounts. I also filed a departure tax return in Canada.
I believe that I will pay US taxes on interest earned, and there is no need to file taxes in Canada.
Are there any reasons why I should not have bank accounts in Canada, particularly an account that I use when I visit Canada? Some people have said I should cut all residential ties with Canada, to avoid CRA deeming me a resident, but according to the CRA information for non-residents (which references 250(5) of the Income Tax Act), I can be a "deemed non-resident" because I am also a tax resident of the US (my only job and residence). Is this correct, or am I missing something?
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Keeping bank accounts in Canada after moving to the US
Moderator: Mark T Serbinski CA CPA
Absolutely NO reason to closde these, and you are correct as to the tax treatment.
bank accounts have never been a major residential tie, so there is no fear that you are keeping such. besides, you have estbalished sufficnt ties in US to be resident there, which ny treaty would make you resident ONLY in US.
bank accounts have never been a major residential tie, so there is no fear that you are keeping such. besides, you have estbalished sufficnt ties in US to be resident there, which ny treaty would make you resident ONLY in US.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best