581 plain-English guides on cross-border, each one ending in what to do next.
Page 24 of 25, newest first.
Not necessarily. Each country runs its own inclusion rule and taxes its share of the vesting period.
Cross-BorderYes, in most cases. A Roth IRA held by a Canadian resident stays tax-free in most cases, and that outcome rests on three separate things rather than one.
Cross-BorderNo CRA description of Form NR73 we could locate makes it mandatory, and what it gives back is an opinion that doesn't bind the CRA.
Cross-BorderA spouse who stays in Canada is usually a significant residential tie, which can push your Canadian departure date past your own flight.
Cross-BorderIt turns on your residential ties, and the tests run in a set order. Factual residence comes first: if you kept a home, a spouse or partner.
Cross-BorderFor a Canadian resident who isn't a US citizen or green-card holder, 15% applies only where the payment is periodic; a pre-tax lump sum stays at 30%.
Cross-BorderThe US then treats them as if they were US Social Security, so at most 85% of the total lands in your US income.
Cross-BorderBoth tax it. Canada's gain runs from an acquisition date a complete rental conversion moves unless you elect out.
Cross-BorderUsually wind it up before you go. Usually, wind it up before you go, and the reason sits on the US side.
Cross-BorderForm NR6 moves that 25% onto what's left after expenses, but only once CRA approves the form in writing.
Cross-BorderIf income was reported, file the late FBARs through FinCEN with a reasonable-cause explanation. No penalty in that scenario.
Cross-BorderIt stays Canadian but loses CCPC status the day you leave. What changes is status, on two dates rather than one.
Cross-BorderUsually yes, because the two countries disagree about what your LLC is. The IRS ignores it and taxes you personally as the profit is earned.
Cross-BorderForm 8621 is the information return a US taxpayer files for each passive foreign investment company they hold (Form 8621 instructions).
Cross-BorderNot automatically. You need the Article XIII(7) treaty election on your first US return after the move, or both countries tax the same gain twice.
Cross-BorderYes, you're required to file. And no, finding out late doesn't put you in the category the forum threads are describing.
Cross-BorderYou can keep the RESP, but contributions and the CESG stop when your child leaves Canada. The CCB ends too, and the IRS side turns on Rev. Proc. 2020-17.
Cross-BorderYes, your TN days count toward the substantial presence test. Arrive by mid-year and you'll likely file a dual-status return.
Cross-BorderMost E-2 movers become US tax residents the year they land and file a final Canadian return with a departure date.
Cross-BorderOnly if you're both a long-term resident (green card in 8 of the last 15 taxable years) and a covered expatriate. Plenty of people are neither.
Cross-BorderSix steps: sever ties, inventory assets, file T1161 and T1243, settle RRSP and TFSA, check CPP/OAS, and shut down CRA benefits.
Cross-BorderCanada's departure tax skips both: RRSPs and TFSAs are excluded from the deemed sale that hits most other property.
Cross-BorderWithout a section 116 certificate, the buyer holds back 25% of the full sale price. File T2062 before closing. On a rented building the holdback is 50%.
Cross-BorderThe tax bill is only half the departure story. The unfiled T1161 and the unhandled US side of that gain are where people.