My wife and I (Canadian citizens), have recently moved back to Canada after a 6 year stint in the US. During our time in the US, we received our permanent resident status and cards (Greencards).
We have no intention of moving back to the US.
I/we still have US credit card(s) and bank accounts, although we have revised our contact info with each of these to reflect our Canadian address. I find it easier to use my US credit card when I travel in the US, and pay it in US funds rather than go through all that currency conversion stuff and fees.
Is it necesarry or advisable to close all of these accounts in the U.S. to reduce any confusion about our residency from IRS or Revenue Canada perspective?
Severing ties in the US
Moderator: Mark T Serbinski CA CPA
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Mark T Serbinski CA CPA
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As a green card holder, you continue to be subject to U.S. income tax rules, and must continue to file a return, no matter where you actually live.
Since you have expressed an intent not to require your green card, and have no intention of ever living in the U.S. again, then you should surrender your green cards to U.S. immigration (at any consulate, border crossing, or airport).
This action, however, should not be taken lightly, since you will then lose your green card status, and will need to begin again if you ever want to move back to the U.S. An alternative is to obtain a returning resident permit, which allows you up to two years to decide if you want to move back.... after which time your green card becomes invalid.
Regards,
Mark T. Serbinski, CA, CPA
Since you have expressed an intent not to require your green card, and have no intention of ever living in the U.S. again, then you should surrender your green cards to U.S. immigration (at any consulate, border crossing, or airport).
This action, however, should not be taken lightly, since you will then lose your green card status, and will need to begin again if you ever want to move back to the U.S. An alternative is to obtain a returning resident permit, which allows you up to two years to decide if you want to move back.... after which time your green card becomes invalid.
Regards,
Mark T. Serbinski, CA, CPA