FBAR/TFSA/Student Loan and other general concerns

[theminute232]

Hello,

I am a Canadian citizen that moved last year July 2021 to the states for work. I do no have any major attachments to Canada (thus, non-resident of Canada) and have passed significant presence in the states.

1) I have a TFSA with ~$7000USD (sold all my gains before coming and only have unrealized losses). And a Canadian bank account with ~$500CAD. Apparently, I have to file an FBAR and it only asks for the max value of these accounts. For 2 days only, my CAD account had ~$42000CAD because I got a loan from my parents to pay off my student debts. Do I report max value as $42000?
2) How will the IRS tax me on these accounts? I only have unrealized losses, and my bank account is basically almost empty except for the time I had the money to pay off my student debt.
3) Are there any special forms I need to do for departing Canada or arriving into the states?
4) Do I report the full year for both tax returns, or do I only report numbers for Jan-Jul for Canada, and Jul-Dec for US return?

I'm very confused and there doesn't seem to be any resources to explain this. I would appreciate any advice!! Thank you!

[theminute232]

Also, if I do have to report the full year, how do I avoid getting double taxed?

[nelsona]

1, Yes. It doesn't matter
2. IRS taxes INCOME. Not the mere existance of an account.
3. No, Just the fianl tax returbn in canada with a departure date on page 1.
4. IRS will credit you any Cdn tax you paid on Cdn income.