I have a question about education in Canada [i]after[/i] becoming a US resident.
First, here's my scenario: I am moving to the US on the K1 visa (I'm a Cdn citizen), and will not only have Canadian student loan interest to claim for taxes for many years into the future, but also I will continue to pay Canadian tuition to my university as a distance studies student (for many years to come).
So, here are my questions:
1) Is it possible to claim Canadian [i]student loan interest [/i]on US taxes, or must I continue to file a Canadian tax return for every year I have this credit/deduction?
2) Is it possible to claim my Canadian [i]tuition[/i] on US taxes, or must I continue to file a Canadian tax return for every year I continue to pay Canadian tuition?
I have no other reason to elect to file Canadian taxes, but I'd like to be sure of any obligations to filing.
Thank you for your response.
Cdn or US taxes? new US resident paying Cdn tuition
Moderator: Mark T Serbinski CA CPA
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- Posts: 2
- Joined: Tue Dec 30, 2008 5:50 pm
1. Student loan interst is dedcutible on your US return, regardless if you keep filing in Canada or not (they remain dedcuctible on your Cdn return as wel should you file).
2. Cdn tuition can be claimed provided the University gives you the required paperwork proving that they are a qualified university. Most are, and most would be familiar with this process for their american students.
You can't 'choose' how to file in US or Canada. You are either a resident of one or the other, and you have to file in US, canada, or both, depending on (a) where you live and (b) where your income comes from.
2. Cdn tuition can be claimed provided the University gives you the required paperwork proving that they are a qualified university. Most are, and most would be familiar with this process for their american students.
You can't 'choose' how to file in US or Canada. You are either a resident of one or the other, and you have to file in US, canada, or both, depending on (a) where you live and (b) where your income comes from.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best