Planning on moving to the US in 2020

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sheri
Posts: 10
Joined: Thu Jun 10, 2010 9:53 am

Planning on moving to the US in 2020

Post by sheri » Tue Jul 02, 2019 10:29 am

Hello,
My family and I are moving to the US in a year (summer 2020) and we would like to start to plan early to ensure that we are making the right decisions when in comes to tax implications.

We are all Canadian citizens and own a principal residence and a rental property in Canada. We are not planning to dispose of these properties. We are planning on renting out the principal residence when we leave. We also have various bank accounts, TFSAs, RRSPs and RESPs (for our children).

Would anyone be able to provide some advice on how best to handle the properties and bank/investment accounts so that we limit our tax exposure?

thank you so much in advance.
S.

nelsona
Posts: 15951
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Planning on moving to the US in 2020

Post by nelsona » Mon Aug 19, 2019 4:28 pm

2 things to do would be to get rid of the TFSA in 2019, to avoid trust reporting issues (they aren't tax-free in US anyways), and transfer your RESPs to a grandparent in Canada, in 2019. These are not tax-free in US either.
Nelsona Non grata. Non pro. Search previous posts. Taking period between now and June off. Will only answer sporadically.

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