601 plain-English guides on cross-border, each one ending in what to do next.
Page 25 of 26, newest first.
It 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. Covers key rules, filing requirements,.
Cross-BorderBoth tax it. Canada's gain runs from an acquisition date a complete rental conversion moves unless you elect out. Covers treaty provisions, foreign tax.
Cross-BorderUsually wind it up before you go. Usually, wind it up before you go, and the reason sits on the US side. Once you're a US person.
Cross-BorderForm NR6 moves that 25% onto what's left after expenses, but only once CRA approves the form in writing. taken before you see it.
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. Covers treaty provisions, foreign tax.
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. Covers treaty provisions, foreign tax.
Cross-BorderGiving up a green card triggers US exit tax only if you held it in 8 of the last 15 taxable years and you're a covered expatriate. I-407 timing can decide it.
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. Covers key rules, filing requirements,.
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.
Cross-BorderNo definitive answer. The IRS has never ruled on TFSAs specifically. There's no definitive answer, because the IRS has never ruled on TFSAs specifically.
Cross-BorderFor most people, the periodic route wins. Convert the RRSP to a RRIF and keep each year's withdrawals inside the treaty's periodic ceiling.
Cross-BorderMost Canadian streamlined files cost US$2,500 to $4,500 in preparer fees, and a typical employee file owes $0 US tax. Covers treaty provisions, foreign.
Cross-BorderA $1,200 TFSA quote usually means protective Form 3520 and 3520-A filings for every account. Here's what that work involves and when the number is fair.