Tax return for Canadian on TN Visa

[monsterhunter]

I'm a Canadian citizen that started working in US from July 2015. :)

I have a broker account in Canada and I have been actively trading. However, I have a net loss for my broker account in 2015.

I'm wondering if I should file tax return in Both Canada and US ? If yes, what residential status am I in Canada? A non-resident or factual resident ?

Another question is how can I file my stock loss in order to get tax deduction or credit ?


Thanks a lot !!

[nelsona]

First, you are considered an EMIGRANT for Cdn tax purposes, filinga return for your last province of residence, with a departure date, and paying whatever departure taxes you owe.

Second, as a US resident, it is illegal for your Cdn broker to actively deal with you: you need to transfer your assets to a US broker, and sell the mutual funds that you cannot transfer. You obviously have not told them that you live in US, as they would have dumped you on the spot.

[agrisiva]

thx Nelsona. Just curious - how about other way around. Can a new immigrant to Canada from the US continue to trade stocks in the US within his taxable account even after becoming a non-resident of the US?

[nelsona]

Same rules. Non-retirement accounts can be traded by non-residents.