Help Tax Planning on becoming a non-resident with Complications

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

nelsona
Posts: 18677
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Help Tax Planning on becoming a non-resident with Complications

Post by nelsona »

1. Because we are discussing the US, residency is determined by treaty, so mailing in Health card isn't a requirement, though a good practice, since the treaty doesn't ask this.
2. The earliest you need to report your departure is on your tax return the following spring. if you receive govt payments, then you need to advise them earlier though whatever agency is paying you.
3. The reason to get rid of TFSA has nothing to do with Cdn non-residency, but everthing to do with US taxation and reporting burden. Close TFSA before leaving.
4. You can have as many Cdn bank accounts as you wish, before or after becoming non-resident.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Post Reply