Filling requirement for Canadaian with GC

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: 18679
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

I think you have found your answer. Reporting requirements and the figuring of tax clearly have different meanings.
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
rfitty55
Posts: 5
Joined: Fri Mar 12, 2010 5:13 pm

Post by rfitty55 »

I am in the same situation. I got my greencard in August 2008 but have never lived or worked in the US. I have not filed any US taxes but I am always diligent with my Canadian taxes. I now just found out that I need to file my US taxes as well as many other fun forms. I plan to abandon my GC next month as well as my family ( wife and 2 kids - students) got GC the same time as me. We have substantial savings, RRSP, GICs, Mutual funds as well as RESP in our portfolio. If I am reading it correctly I should file 1040 NR + 8833 + FBAR + 8891 + 3250 . Is RESP taxable for the IRS.
Any advise and guidance is greatly appreciated.
If we backfile 2008 and then file 2009 and later 2010 what are our chances .
We certainly want to comply with all the laws of the US even though we do not intend to live there.
rfitty55
Posts: 5
Joined: Fri Mar 12, 2010 5:13 pm

Post by rfitty55 »

Nelsona is just great with all his responses. Thanks.
If I file 1040NR and take the treaty position 8833
Do I still need to file form 3520, 8891 and TD F 9-22.1 as I have RRSP, GIC, RESP , TFSA and Mutual funds in Canada. I have nothing in US.
nelsona
Posts: 18679
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Yes. The 8833 only affects 1040NR. You cannot get out of all othr requirements.
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
rfitty55
Posts: 5
Joined: Fri Mar 12, 2010 5:13 pm

Post by rfitty55 »

I will be filing 1040NR and 8833 as I will be giving up my GC soon.
I am still confused as to if I need to file FBAR or not. The general consensus is 50 /50. The latest announcements from the IRS in March 2010
( announcement 2010-16 and Notice 2010-23) seems to point in the direction that Non resident do not need to file. I hold a Greencard but am filing my taxes as a non resident + treaty exemption as I have never lived in the states. Please clarify if I need to file FBAR or not. I want to be in full compliance and yet do not want to file FBAR if not needed.
Thanks Nelsona for all your responses.
Post Reply