When to inform the bank to change status to "non-reside

[xiaoice]

After moved to USA, should I
(1) inform CRA that I moved out of country and file request to be “non-resident"?

(2) change the address on banks, and ask them to change status to "non-resident"? or do I need to wait till CRA made a decision and agreed that I am non-resident before changing address with banks.

(3) departure tax should be file next year not now, right?

Thanks in advance!!

[nelsona]

1. No. This id done when you file your departure tax return as an Emigrant, with a departure date on page 1.
2, As soon as you leave, and establish an address in US. CRA does not have any say in this.

3. Correct. See #1.

[SM]

With regards to #1, as Nelsona pointed out, you will "officially" notify CRA that you moved when you file your departure return.

However, if you receiving any income tested benefits; such as the Child Tax Benefit, GST credit, Ontario Trillium Benefit, etc, you should notify CRA when you move. Generally speaking, as soon as you are a non-resident you are no longer eligible to receive these benefits and will have to pay back any payments you receive after you leave. To avoid having to pay them back later, it’s best to call them right away and have the payments stopped.

[xiaoice]

Thanks! I don't have those benefits. The only income after I left would be some interest from bank. From my understanding, I will need to report the interest accumulated after I moved to USA to IRS instead of CRA. If I change the address to USA address, then T5 form will only report the amount while my address is Canadian one. Any interest after I moved, should be calculated myself and report to IRS. Is my understanding correct?

[nelsona]

You would notify whichever sector these payments are being received from: Service Canada, etc.

[nelsona]

Banks typically issue only ONE slip per year, whether they know you moved or not, It will be a T slip or an NR slip. It is up to you to determine/track what was paid and when.

[xiaoice]

I see. Thanks!