Hi All and thanks Nelsona for helping 2years back when we went to US and came back due to family reasons- learned a lot about taxes during that time.
This time, I have another offer to join Dec 1st and evaluating how to take care of following.
1. Spouse will be ON Mat leave so will be getting EI - Should she not take TD visa and join as visitor initially?
2. Have two rental Condos - Any advantage of selling one and then paying of other and transferring that to Parents - who have zero income here in Canada.
3. Both Wife and I have TFSA accounts - I understand we need to close that, but any issues of keeping the funds in CND/bank?
4. My current employer wants me to work remotely 3months and keep my salary running to CND account. Its easy work and I can do it. Any huge cons of that? Any other issues with CRA (or IRS) seeing I make income in parallel from US.
Decision Time- move on TN or not
Moderator: Mark T Serbinski CA CPA
1. mat leave is perfectly acceptable while living in US.
2. Duuno. But if you were to do any of thise do it BEFORE leaving, or you could get into gift tax issues.
3. Close TFSA. Put money wherever you want, but realize you are getting no interest and C$ will continue to be low or even fall. No reporting or tax issues though.
4. No issue, although he should be paying you as a contractor rather than an employee once you move, but short-term isn't an issue. Realize that you will be paying Cdn fed/prov/IRS/state tax on this income, with credit given for Cdn taxes on you IRS return.
2. Duuno. But if you were to do any of thise do it BEFORE leaving, or you could get into gift tax issues.
3. Close TFSA. Put money wherever you want, but realize you are getting no interest and C$ will continue to be low or even fall. No reporting or tax issues though.
4. No issue, although he should be paying you as a contractor rather than an employee once you move, but short-term isn't an issue. Realize that you will be paying Cdn fed/prov/IRS/state tax on this income, with credit given for Cdn taxes on you IRS return.
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
1. Read what I said: "mat leave is perfectly acceptable while living in US." She is not looking for work. To live in US she needs TD status. So TD and paid mat leave from Canada are perfectly fine. She will need to advise them as she leaves, so that her EI can be withheld the required 25% instead of graduated rate for Cdns.
2. Again, read what I said: "but short-term isn't an issue." does that sound like being a contractor is a solid requirement. You are in transition.
2. Again, read what I said: "but short-term isn't an issue." does that sound like being a contractor is a solid requirement. You are in transition.
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