TN　Ｖｉｓï½￾，　ｔï½￾ｘ　ï½￾ｎｄ　ｄｉｒｅï

[sanipuga]

I started working in US on TN-visa since Nov 2008.

I heard that I need to move my tax home to US to avoid getting taxed by both sides　ｆï½￾ｒ　ｔｈｅ　ｎｅｘｔ　ｙｅï½￾ï½’.　I have some stock, mutual funds with my TD waterhouse direct trading account. I have also heard that I need to close all my bank and investment account in canada．
in order to move my tax home to US. Is it absolutely necessary that I need to close my direct trading account?
Does Is there a way I can transfer my investment to the one in US like TD ameritrade and then close the TD waterhouse account?
Thanks in advance

[nelsona]

You do not need to close all your accounts to be considered tax resident in US; all you need to do is move to US, which apparently you did in Nov 2008.

But, you cannpot trade in your Cdn investemnt account while in US, so you are better off moving these to a US broker, Mutual funds will have to be sold.

Remember, as you left canada, you were responsible to report your assets as sold on the day you left (deemed disposition) and comply with all departure requirements.

Yoiu should look at the emigrants guide from CRA, and amend your 2008 return to a departure return.

[sanipuga]

Thanks for the quick reply

"you were responsible to report your assets as sold on the day you left "

What does that mean?

Is that still considered to be OK if I sell my mutual funds June 1st 2009 but I declare I left in Nov 2008?

[nelsona]

Once you leave canad you are no longer taxed on investment income. Instead, you pay one final tax when you leave, Read the emigrants guide.

[nelsona]

afterthat date, your tax on investments is paid to US.

[nelsona]

and stop using funny characters, they are not always visible.