Becoming a Canadian resident with US ties: what happens to a 401(k), IRA, HSA, and 529 plan, the step-up on arrival, US property you keep, and the filings a US citizen still owes.
21 guides, each written by a CPA licensed in the US and Canada.
Canada does not recognize a 529 plan's tax-free status. The 529 keeps its US tax-free status after you move. Canada ignores that status entirely.
Cross-BorderAmericans can buy Canadian property, but a federal ban on foreign residential purchases runs through January 2027. Covers key rules, filing requirements,.
Cross-BorderYou can keep your US brokerage and IRA, but most brokerages restrict nonresident accounts once you move to Canada. Covers key rules, filing requirements,.
Cross-BorderThe deduction matches the amount contributed to the RRSP, offsetting the income inclusion from the distribution. Covers key rules, filing requirements,.
Cross-BorderUnlike a Canadian returning home, you have no departure tax problem (that is a Canadian tax concept for people leaving Canada, not entering it).
Cross-BorderThe decision turns on the US side (basis doesn't move) and one Canadian filing that switches on unless the place is personal-use.
Cross-BorderYes, the ESPP discount stays US-taxable. IRC 423(c) treats it as compensation sourced to where you worked, not where you live when you sell.
Cross-BorderYou keep your HSA when you move to Canada, but Canada taxes the growth annually, you cannot contribute without a US HDHP, and the treaty does not cover it.
Cross-BorderCanadian tax starts again on the day you establish residential ties here, which is a facts question rather than a border formality.
Cross-BorderWhen you leave Canada, ITA 128.1(4) deems you to have disposed of most of your property at fair market value, triggering capital gains tax.
Cross-BorderThe year you move from the US to Canada creates a split-year for Canadian tax purposes and may trigger deemed acquisition rules.
Cross-BorderYou become a Canadian taxpayer the day you settle, Canada resets your cost base to that day's value, and a US citizen keeps filing a US return for life.
Cross-BorderCanada has no retirement visa, so you need permanent residence or a family connection. Social Security follows you, and so does the US tax return.
Cross-BorderA Roth conversion before moving to Canada triggers US tax now but can avoid Canadian tax on withdrawals later.
Cross-BorderForm NR74 produces a non-binding CRA opinion on your residency status when entering Canada. Usually not worth filing, for the same reason NR73 is risky.
Cross-BorderA US citizen (or green card holder) who incorporates a business in Canada creates a cross-border tax structure from inception.
Cross-BorderThere is no Canadian tax triggered by the purchase itself (no transfer tax beyond the provincial land transfer tax that applies to all buyers.
Cross-BorderA US citizen who moves to Canada continues to file US tax returns for life (citizenship-based taxation) and adds Canadian filing obligations as a new.
Cross-BorderTen steps: sell Canadian-listed funds, settle retirement accounts, document arrival, file the Roth election, skip the TFSA, log the FBAR.
Cross-BorderUsually yes for a 401(k), though CRA has never confirmed it: ITA 60(j) gives a deduction if five conditions hold and you fund the RRSP in time.
Cross-BorderYour 401(k) stays in the US when you move to Canada. You can leave it, take distributions, or roll it into an RRSP. Covers key rules, filing requirements,.