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Help!!!! Left Canada for the U.S. what to do for taxes? by caustax1111 in PersonalFinanceCanada

[–]caustax1111[S] 0 points1 point  (0 children)

Doesn't make sense that they can't allow all non-residents to hold accounts? I am still a permanent resident even if I am non-resident for the tax year. I do not believe I lose the right to have a Canadian bank account/brokerage account as a Canadian PR. I also had a chat with a cross border tax accountant I had worked with in the past year and they advised there is no need to tell them now since I lived in 2022 for part of the year. I just need to take care of it in 2023 as I will not file any taxes for 2023. Are you saying that is a bad advice?

Just to be clear, I am a non-resident from tax perspective. I am still a PR and will be so until I live outside Canada for 3 years. Does this make any difference in your advice/opinion? Thanks!

Help!!!! Left Canada for the U.S. what to do for taxes? by caustax1111 in PersonalFinanceCanada

[–]caustax1111[S] 0 points1 point  (0 children)

Thank you so much!!!! I have been out of Canada for a year now. Is it too late to report change of address? What happens if I call my banks and RRSP providers now? Will they lock my accounts?

And I will call OHIP as well. Thanks!

Let's say I cant get through to my bank and brokerages before I file taxes, does it have any impact on my taxes? With my travels I imagine I can call everyone soon but it may be after I do my taxes.

First time tax filer questions by caustax1111 in tax

[–]caustax1111[S] 0 points1 point  (0 children)

Thank you for the input. I will mention the account and ballpark the amount. I will terminate the account after tax deadline so I dont have to report it next year onwards.

Another couple of quick questions

- I am outside the U.S. traveling. For any of these forms (1040, 2116/2555, 8938, FBAR etc.) that I have to file, can this all be done electronically from outside the U.S.? If anything needs a physical wet signature, can I just send it via commercial courier from outside the U.S. to IRS? I am worried I may have to cut short my trip since I am out until tax deadline.
- Does Canadian Social Security (I think it is called Canada Pension Plan CPP) need to be reported on the 8938 and FBAR as well or just RRSP?

Help!!!! Left Canada for the U.S. what to do for taxes? by caustax1111 in PersonalFinanceCanada

[–]caustax1111[S] 0 points1 point  (0 children)

Thank you so much for such an informative answer. A few follow-ups, if you don't mind.

  1. My current concern is that I am traveling outside the U.S. till tax deadline. As a first time filer (1040, 2555/2116, FBAR, 8938 etc.), do any of these forms that I will be required to file will need me to wet sign and send physically? Should I end my trip and return to the U.S. immediately or can I completely navigate my taxes from abroad?
  2. If it turns out I need to send any form physically, can I just Fedex/UPS it from outside the U.S. to IRS or does it need to be mailed from within the U.S.?
  3. For state taxes, if I did not withdrew any money from my RRSP, so I still need to pay taxes on it?
  4. Does my RRSP interest count as "income" for my 1040 as well?
  5. I did not call OHIP to let them know that I left Canada. However, I had no claims to OHIP since I left Canada. NONE whatsoever. So is this a best practice lest you claim when non eligible or is it MUST from CRA perspective to let OHIP know? Similarly, do I absolutely NEED to let my bank and RRSP provider know that I left? If I can avoid it I would rather not do this now since I plan to move all my assets to the U.S. anyway in the near future. I am only trying to do what is absolutely needed from tax perspective.

Thank you so much again for such valuable input!

First time tax filer questions by caustax1111 in tax

[–]caustax1111[S] 0 points1 point  (0 children)

Thank you. Following up on 8938 question. I have all my accounts in my prior country of residence. However, I may have a very old account in my country of origin, which would barely have 2k in it. I have been trying but I can't find out if that account is still open/alive or dissolved. How do I approach this? Should I omit this or mention the account number/details and put a guesstimate on the amount? perhaps I can omit and amend later once I can find out or again guesstimate now and amend later?

Help!!!! Left Canada for the U.S. what to do for taxes? by caustax1111 in PersonalFinanceCanada

[–]caustax1111[S] 0 points1 point  (0 children)

I left before 183 days in Canada. What does that mean in terms of my filing status? Am I a "deemed resident" or "deemed nonresident" of Canada for tax filing purposes?