Hello,
I am maintaining Canadian residency while in the US on a TN visa. I would like to start contributing to my RRSPs (2011) and I have a TFSA. What are the repercussions of this when I claim my US taxes?
Any suggestions or links would be appreciated!
RRSPs with TN Visa
Moderator: Mark T Serbinski CA CPA
If you are maintining Cdn residency, then you can do as you were doing for RRSpo and TFSA, and since you will be filing a 1040NR in US, there will be no other reporting requirements.
Howevr, be aware that if you spend enough time in US, and less in canada, CRA can and will unilaterally decide that you are non-resident, and impose deprture process upon you.
In truth, only those who commute daily or weekly to US to work can really be considerd Cdn tax residents.
You may also have to take a treaty position with IRS stating that although you meet SPT, you are not US tax resident.
Howevr, be aware that if you spend enough time in US, and less in canada, CRA can and will unilaterally decide that you are non-resident, and impose deprture process upon you.
In truth, only those who commute daily or weekly to US to work can really be considerd Cdn tax residents.
You may also have to take a treaty position with IRS stating that although you meet SPT, you are not US tax resident.
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