I am 32 yo moving to the USA for medical residency this June and I have a few tax questions (I have searched for them already):
Background info:
I withdrew all of my RRSP's this year (2015) approx $11,500
I have approx $190,000 of tuition credits to carry forward
My salary will be approx $55,000 starting end of June
Have been in USA for past 2.5 years on B-1 visa as a student
Questions:
1) I will be gone for a minimum of 4 years to a max of 7 years. If I severe ties to Canada to be deemed a non-resident during this time will the $190,000 of tuition credits still be able to carry forward when I return to Canada in a number of years? Do the tuition tax credits ever expire?
2) I have US tuition receipts for the same amount; can I file back-dated returns for previous years in which I could deem myself a US resident based on "significant presence" for the past 2.5 years in order to receive the back-dated tuition credits on my US taxes?
3) Will I get my 10% withholding taxes paid on my RRSP withdrawal returned when I file my 'departure tax' based on redeeming some tuition tax credits at the same time? (In hindsight, I should have withdrawn my RRSP's during 2014 to get the withholding taxes back on my latest return)
I think that's all the Q's I have for now, thanks in advance!!
Moving to USA for medical residency. Tuition credit Q's
Moderator: Mark T Serbinski CA CPA