TN Visa & Avoiding TFSA Penalty

[Roberler]

Hello,

I am new to the forums, and would like to get a starting point for how I file taxes in Canada and US and what to do with my investments. I know I haven't researched enough, and plan to once I have a general direction how to file.

I am a Canadian citizen who moved around a bit in the past 2 years:

1. Jan. '14 - June '14 Living and working in Germany
2. June '14 - July '14 Returned to Canada between work contracts. Opened TFSA.
3. August '14 - July '15 Living and working in USA on TN Visa

I currently have savings accounts, a TFSA and GICs in Canada. I will need to claim I was a resident in Canada for the month between contracts to avoid paying a penalty on the TFSA.

I did not meet the substantial presence test in US for 2014. I will in 2015.

I understand that moving all investments / severing ties to Canada makes life easier for filing. I don't want to move all money until the USD/CAD exchange rate comes down a fair bit.

What would be my best plan of action for 2014 and 2015 taxes?

[nelsona]

If you live an work in US, there is no need to sever ties anymore than that.

How did ypu file for 2013?
Are you still in US, your post indicated "August '14 - July '15 Living and working in USA on TN Visa", implying that you have now left US, or is it "Aug '14 to present"?

I'm not sure what penalty you are talking about? If you had TFSA room from 2013, you could put it in 2014.