Do I need to report TFSA to IRS ?

[xiaoice]

My husband worked in USA since 2016. I quit my job and moved to USA in April 2017. I understand that I will need to file tax to both CRA and IRA, and so does my husband as (because I am his tie to Canada). I did close my TFSA and other investment before I moved to USA. I don't have much income in US. My husband is thinking to file jointly. My questions are:

1) If we file jointly to IRA, that means I would be considered US resident for the whole year (from Jan 2017), then I will have to report TFSA and other investment ? small amount of money, but seems a lot of research and paperwork....
2) If we file jointly, how much foreign tax credit should my husband report to CRA? The joint tax return should be a sum of credit for both of us, right?
3) I saw other posts mentioned that a 2555 form can be used to exclude Canada employment income. But 2555 requires 330 days outside of USA. Do I still qualify for this?

Thanks!!

[nelsona]

How has your husband filed for 2016. if he was never back in Canda after he moved for job, he could have filed as a departing resident, and he would be non-resident for 2017.

You will file a departure return for Canada.

You will need to decide if you file jointly or not, but not filing jointly will end up costing your spouse a lot more in taxes on his US income.

[xiaoice]

In 2016, he filed normal tax to CRA (after filing to IRS). he did not do departure tax because I am still in Canada, we thought that is his tie to Canada and he was deemed resident for tax purpose. Last time he was in Canada is Dec 30, 2017... Can he change his 2016 to departure tax now?

[xiaoice]

If I am not qualifying for employment income example (2555), it may not worth to file jointly as I do have a relative large amount of bonus in 2017. I am in USA since April 2017, less than 330 days, am I eligible to use 2555 form?

[nelsona]

The priod of eligibility would be from April 2016 to April 2017.