US tax forms

[Navid]

Hello, This is a great forum and I have learned a lot from it but I need some help to see if I am right in my US tax forms.
I am a Canadian Citizen, and US resident. I came to US in January 2011 on TN visa and passed SPT in mid 2011. I plan to file US resident and Canadian non-resident if possible. My questions are regarding my US tax return.

My profile in Canada:

- no employment income (Zero)
- no investment income (Zero)
- No RRSP , No RRIF
- No home or Asset in Canada
- 200,000 line of credit: which I owe around 90,000 CND . I need to say that I transferred around 60,000 from it to US .
- aggregate value of all my account excluding line of credit (should I include it ?) is around 60,000 to 70,000 CDN

My profile in US:

- +130,000 USD employment income
- Married with non-Canadian resident , Dual-status US resident (Plan to make a choice to file as US resident (due to be married to a US resident ) and joint to me under IRC Sec. 6013 (h))

My question are regarding US tax forms needed, please let me know if I MISS any form that I need to file or this is all I need to file.

- 1040 US resident joint
- Form TD F 90-22.1 needed: because I transferred 60,000 CDN money from my line of credit through a Canadian checking account to US and I need to report that checking account.
- No form 8891 needed
- No need for form 8938 (because my dual-status spouse will be treated as resident and file joint with me so the aggregate amount of account is less than 100,000. It is around 60000-70000 CDN excluding line of credit)

My questions:

1- Is there any form that I have missed for US tax ?
2- Am I correct in my assumption that I don't need to report my line of credit on Form TD F 90-22.1 ?
3- Is there any form that I need to report my line of credit on it ? Is line of credit considered Specified Foreign Financial Assets for form 8938 ?
4- Is there any US tax form to file when plan to become nonresident for Canada or it is all Canadian issue?

Thank you very much for your time. I know that this is a long post but I tried to put it in bullet form so it takes less time. You will be a great help if you share your insight about this with this. I have become anxious over this.

[Navid]

I understand that this post is long. I try to make it short. So please if possible, just answer the following question:

Is line of credit considered Specified Foreign Financial Assets for form 8938 ? or Is there any form that I need to report my line of credit on it ?

I will be grateful to you Nelsona if you asnwer me. Thanks.

[JGCA]

Form 8938 requires you to file if the aggregate MFJ assets are over $ 100K as of Dec 31 and if over $150K during the year in Canada, based on the numbers you quoted you are not over this threshold at year end. The loans you take out are not an asset they are a liability these do not count as money on hand unless the money is sitting in a bank in Canada. If in Canada at anytime in the year you had more than $150K USD then you have to report the money on form 8938, note this is in addition to FBAR reporting and this form 8938 is due April 17 not June 30th.