Canadian Recently Moved to US
Moderator: Mark T Serbinski CA CPA
Canadian Recently Moved to US
I am a Canadian who moved to the US about 5 months ago for work. I liquidated my TFSA (about $50k CAD) after I moved but before declaring non-residency to the CRA. I earned maybe $500 in my TFSA from the beginning of 2018 until selling, leaving me with a savings account earning interest and no other Canadian assets. I know I have to file a Canadian tax return for the first 6 months of the year I was in Canada, during which I was a student and had no income so I am not expecting to pay anything to the CRA. However, I am a bit unsure of what to report to on my US tax return, besides my USD income from my job. Will I need to report the $500 earned in my TFSA even though I sold it while I was technically still a tax resident of Canada? I assume I will also have to report the interest earned on my savings account?
Re: Canadian Recently Moved to US
If you file a full year 1040, you would need to report the income..
If you file a dual-status 1040NR/1040, then you would not.
If you do not exceed 183 days in US, you can choose to file a 1040NR for entire year.
These "first year choices" have been covered here may times, happy browsing.
If you file a dual-status 1040NR/1040, then you would not.
If you do not exceed 183 days in US, you can choose to file a 1040NR for entire year.
These "first year choices" have been covered here may times, happy browsing.
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