Looking to live in the US

This forum deals with all aspects of immigration to the United States, including visa types, general immigration issues, and U.S. immigration topics.

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simkessy
Posts: 6
Joined: Thu May 03, 2018 12:58 pm

Looking to live in the US

Post by simkessy » Thu May 03, 2018 1:07 pm

Hi!

I'm talking with a friend about working for his company in California, I am based in Ottawa. I would apply for a TN Visa and move down there, ideally.

The problem I'm facing is that I have a TFSA account which is maxed out and has a current value of 110K+. I've read that I NEED to liquidate this account before moving but my TFSA is half MJ Stocks, an industry and expect to grow significantly in the next couple years. I don't believe liquidating is in my best interest given how much Id be saving on the potential gains in the coming years.

Additionally I have an RRSP valued at 12k which some US stocks, which I do not mind liquidating.


I need some advice on what I should do. I've read that if I live in the US for 182+ days, I'm considered a resident and my TFSA will be deemed a Foreign Investment Trust and automatically be charged 35% and subsequently charged on the gains.

I'm having a hard time understand the nuances, for example, am I charged if I realize gains or simply for having these assets / accounts.

Any advice would be greatly appreciated because I really would like to move to San Francisco but the tax implications seem incredibly unfair and burdensome.

nelsona
Posts: 15817
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Thu May 03, 2018 9:17 pm

This is not the tax forum, please ask these good questions there.
Nelsona Non grata. Non pro. Search previous posts. Taking period between now and June off. Will only answer sporadically.

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