TN Visa - Tax Filing in US & Canada - Gross or Net Incom

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.

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snar80
Posts: 1
Joined: Tue Apr 24, 2018 4:14 pm

TN Visa - Tax Filing in US & Canada - Gross or Net Incom

Post by snar80 »

I am a Canadian Citizen, working in the USA on TN visa since March this year. My wife and kids live with me in the USA. I do not have any property/home in Canada except few bank accounts, Line of Credit and Credit Cards. I haven’t closed any of them as TN status is a temporary one and one day I will have to go back to Canada. I have simply changed the addresses to my friend whom I visit whenever I go to Canada. I have filed the FACTA compliance forms with the Canadian banks as well.
I have few questions based on the above:
1) When I declare the foreign income (USA) to CRA, should I declare the Gross Income or the Taxable Income that is listed on the W2/IRS Return Slips? Because, the gross income includes the Social Security Tax, Medicare Tax, Health Insurance Premiums etc., Should I only declare what I get to my hand that is reflected in W2?
2) As what I heard from few other folks is, I can file taxes in US and then in Canada and declare the taxes I have paid in USA to CRA and get exemption for that. Is that right?
3) We are planning to send out a letter to CRA to stop the Child Tax Credit which we have been receiving. Not sure, we are still eligible to get it as we will file the taxes and pay the difference to CRA?
Appreciate if someone could shed some light on this.
nelsona
Posts: 18359
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

1. you won't report any US income
2. You are a departing resident, since, march. Emigrant, Do not file a full-year Cdn return
3. This should have stopped in March, so you neeed to send the manoy back, separate from your return.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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