Leaving the US upon expiration of temporary work visa

[JJDD]

Hi,

I will be moving out of the US when my TN work visa expires a few months from now.

I would appreciate any guidance on what the US rules are in regards to my 'departure' once the work visa has expired, ie.:
- how soon after my work visa expiration I am expected to move out of the US ?
- does the US impose any obligations on my employers in regards to helping with my move after the work visa expires ?
- I will want to move my bank accounts and my investment accounts out of the US., would it be better to move these only AFTER my work visa has expired ? or is it better to do it BEFORE my work visa has expired ? or does the tiiming make any difference at all in terms of the IRS documentation required to move these accounts ?

Any advice will be greatly appreciated.

JJDD

[nelsona]

Little in your question has any tax implication, other than making sure (assuming you are NOT a Cdn tax resident) that you take any US INCOME (that would be wages, severance, pension collapse, etc) before you return to Canada.

Any investments that have grown should NOT be cashed before leaving US, only losers should.

And if you have pension/401(K), you need to either convert to Roth, or move to a new broker BEFORE leaving US, as it can be problematic to do so afterwards.

To your questions:
1. You are out-of-status as soon as you stop working. If you wish to stay in US longer you need to file an I-539 to switch to B2 on your last day. Otherwise you should be making quick steps to wrap up your US affairs and leave. 10 days would be a good rule of thumb.
2. No. They owe you nothing. Only what your employer/employee benefits are that are spelled out in your HR documents or your contract.
3. There is no IRS documentation associted with transferring your investments. You can move cash to a Cdn bank tomorow if you wish, it just doesn't matter. If you hold mutual funds, they will have to be sold, not transferred, so apply the rule I mentionned above. For stocks, you transfer them soon after you move back.

[JJDD]

Thank you Nelsona.
I am surprised by the short time I will have to depart the US after my work status 'expires'; I was thinking that I had more leeway. Your information is very valuable for my planning.

[nelsona]

That is the nature of temporary work permits. In fact though, if this is coming at the end of your TN validity, your exact date of departure was known from the outset. But, the same would be true if they laid you off tomorrow.