Looking to live in the US

[simkessy]

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]

This is not the tax forum, please ask these good questions there.