taxes, am I doing it right?

[fepmn]

Hi all,

I am re-posting here after being advised to do some on canuckabroad forum.

I relocated to the US on august 24th, 2012 (entered with a green card).
From January 2012 to August 24th 2012, I lived in Canada (canadian citizen).
From 25th August to end of year 2012, I lived in the US (a green card holder).
Rented in the US. No property owned in Canada anymore.

I am looking at doing my taxes in both countries and just would like confirmation that I approach it the right way. Can someone confirm or comment if something is wrong / missing in what I plan on considering :

Canada Taxes (only Canadian related since Canada is resident income) :
- declare canadian work income T4 + savings interests from canadian accounts + rent income
- declare RRSP contribution for 2012
- sold canadian rental property in July 2012 : declare necessary...
- kids daycare forms
- tax exit form (permanently moved to US)

US Taxes (us related + canadian related since US is worldwide income) :
- declare work income W2 + savings interests from US accounts
- declare 401K contribution for 2012 (shows on W2)
- Form 2555EZ to declare foreign income form (canadian income + savings interest + rent income)
- Form 8891 for declaring I own a canadian RRSP

Is that general correct? Is there something else missing?

PS: I collected Canadian CCTB/UCCB after August but repaid the amount received from August last month.

Thanks a lot,
Fep

[nelsona]

2555 applies ONLY to Cdn wages, not any other type of income, so for these others you will need form 1116.

Your 401(k) contribution is already deducted from your taxable wages, so you merely report this on your w-2, not on your tax return.

Use tax software to do both of these. I recommend Ufile in Canada, and taxact in US.

[nelsona]

... and you still report all your Cdn income on your 1040, wages, interest. THEN you exclude using 2555 and/or take a credit using 1116.