Hi,
I moved to USA from Canada on TN Visa in mid july of 2014. I am aware that I have to file Non-Resident tax in USA and Departure return in Canada for 2014. But my situation is a bit complex and I am unable to find suitable answers. I used to be the sole director of my corporation in Canada and have borrowed from my company towards director loan. I wanted to repay the loan as dividends. I have the following questions:
1) Should I ask my Canadian accountant to issue a T5 or something else. I read somewhere that since I have now become a Non-Resident of canada, this will not apply anymore.
2) My Canadian corporation bank account has less than 5000 $, should I be reporting this in my US tax filing once I start filing as US resident. The dividend that I wanted to offset my loan will be much more than that for the next year or so.
Moved to USA on TN Visa
Moderator: Mark T Serbinski CA CPA