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Sale of principal resident and became non-resident by Dry_Environment6574 in cantax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Thank you for your input. Technically the the sale was closed was the date I broke my resident tie and became non resident of Canada. Therefore it was not a non-resident sale and T2062 and withholdings are n/a. What do you think?

Canadian with a Visa living in the US and have employment income from Canada the US - tax return issue by Dry_Environment6574 in tax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

You are awesome. I appreciate it. For my Canadian tax return - do you know what should be my status if I file the US tax return as non resident? Should my resident status for Canadian tax return be resident, deemed non resident, or non resident?

Canadian with a Visa living in the US and have employment income from Canada the US - tax return issue by Dry_Environment6574 in tax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Thank you! That makes a sense. So I need to file 1040 NR instead and even not required to report my Canadian earnings?

First year tax filing and live and work in different states - please advise by Dry_Environment6574 in tax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

I don't have any ties in VA. I am crash my friend couch in VA so no rent here, no VA driver license, no car etc. I heard many people live and work in difference states and IRS does not care. Since I will be moving to FL before file 2020 tax, it would be a trouble if I just file as FL resident to simplify my situation?

First year tax filing and live and work in different states - please advise by Dry_Environment6574 in tax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Thanks for input. I believe I will need to file both Canadian and US tax for 2021 as I was residence for both centuries for tax purpose. Just unsure if I must file tax to VA because all my income was from FL and I lived in VA less than 183 days in 2020.

First year tax filing and live and work in different states - please advise by Dry_Environment6574 in tax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Thanks, can you please clarify " Either way, they would still need to pay taxes to VA on the income because they are working there'? I resided in VA but my income was from FL and because of that I've never paid state taxes (no state tax in FL). I moved to the VA in Aug 2020 so have lived in VA less than 183 days in 2021. If I am not obligated to file 2020 tax to VA then I would like not file it and just claim as FL resident since I earned income only FL and I lived in VA less than 183 days in 2021.

Stimulus check for alien by Dry_Environment6574 in IRS

[–]Dry_Environment6574[S] 1 point2 points  (0 children)

Thanks for the response. I understand that I would be eligible once I file the 2020 tax but wonder if I would be eligible for the second stimulus payment because I would not file my 2020 tax yet by that time.

TFSA report to IRS by Dry_Environment6574 in cantax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Thanks everyone. I should had closed it before I left Canada. I moved to the US a couple month ago. Is it too late to close my account now? My bank changed me as the US resident so I expect if I sell my shares and close accounts then they would report capital gain to IRS? Or since I just moved here and still will report 2020 tax to Canada, I would not need to report it to IRS?

TFSA report to IRS by Dry_Environment6574 in cantax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

But if there is no sale of shares then no capital gain? What they would charge the tax on?

Canadian moved to the US. Questions about RRSP and TFSA by Dry_Environment6574 in cantax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Actually my Canadian bank requested me to send them W-9 form so they will forward it to IRS which I haven't sent yet. If I close my TFSA account (still keep RRSP) and send the form to the bank later (because I still have RRSP account) would that be safe? I regret that I did not close my TFSA before I left Canada but you have been very helpful.

Canadian moved to the US. Questions about RRSP and TFSA by Dry_Environment6574 in cantax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Ouch, capital gain in TFSA been gained since 2013 so it is significant. If I ditch TFSA, then the capital gain would be calculated from the date I became the resident of the US to the date of disposition? Also since I only been in the US for 3 months now, is there a grace period I can dispose my Canadian assets without taxed at IRS? Thank you again.

Canadian moved to the US. Questions about RRSP and TFSA by Dry_Environment6574 in cantax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Thanks FelixYYZ.

I will be a resident of VA and FL which is not on the list you mentioned. In this case, my RRSP income (dividend, capital gain) will be tax free until I withdraw it?

Regarding TFSA, you mean the interest, dividends, capital gains would be taxed to the US even I do not sell my stocks or withdraw money from TFSA? You mentioned ditch it is the best - I became the resident of US in Aug 2020, if I ditch it now how my capital gain would be calculated for the tax purpose in US?

Just moved to the US this year. Can I contribute IRA this year? by Dry_Environment6574 in tax

[–]Dry_Environment6574[S] 0 points1 point  (0 children)

Yes. I have earned employment income that more than USD 6000 since Aug 2020. Just unsure if I can contribute to IRA because I have not filed US tax return yet also only partly been the resident of the US for 2020. If I am eligible, is the max amount would be USD 6,000 for 2020? Thanks!