TN visa in USA - Can I claim Canada losses?

[vansree]

Hi all,

I am on TN Visa for over two years and Tax resident of USA for both 2016 and 2017. I have not filed for both years. I received California state IRS letter saying that I have to file the taxes.

1. From Canada, I have Capital Gains and Losses
Year Inclusion rate Line 127
2007 50% $220.00

2. From Canada, I have Non-Capital Losses Year: $1,536.00

3. From Canada, I have Allowable Business Investment Losses, Gross: $40,000.00 and Deduction allowed $20,000.00

Can I use it in my USA Tax file return?

Also, I was told that I do not have to file TFSA income in USA. Is that true?

Please advice.
Regards
Sree

[nelsona]

You cannot claim any previous losses incurred in Canada on your US returns. You can use these when/if you return to Canada.

And you must report year-to-year income (cap gains/losses, dividends and interest) that occurs in your TFSA (and for California, in your RRSP), the advice that you do not need to report this was wrong.

You should also have filed a departure return for 2016.

[nelsona]

... a departure return for Canada, of course.

[vansree]

Thank you.