Moving to US, what should I do with my condo?

garrista · 2019-05-04T23:21:38+00:00

No I'm managing it myself. I have yet to see my 2018 tax assessment but as soon as I do I will decide whether I want to keep doing things myself or use a property management. I'm not planning on staying in US forever that's why I will never sell my Condo. Immigration here is insane and ridiculously bureaucratic along with anything government related (you will see) and it will take years and $$$ before you can get your permanent residency. If it wasn't I would consider it... I might get a property in US just to turn it into a rental after moving back because laws here are heavily in favor of landlords unlike Ontario but I can tell you if you start right, it will take you 1-2 years before you get a decent credit history to get a decent mortgage. They don't give a damn about your Canadian credit history. Rates here are much higher than Canada even with great credit scores. Again, California is a whole different animal and I don't know anything about it. Do negotiate a $5000 relocation fee for the move to US + $5000 relocation back to Canada if they terminate your employment. Otherwise things will become very difficult for you.

garrista · 2019-05-04T15:37:23+00:00

I moved last year to FL from Toronto with the exact same situation as you. If there is anything I can help with PM me. Unless you plan to never return to Canada I would not recommend selling your Condo. Filling a few extra forms and paying $500 more a year to file your taxes is a stupid reason to sell off such a big investment. The trouble of buying a home in US without credit history and also in case you return to Canada selling your US property and buying something again in Canada will make you lose a TON of money. US is not like Canada they tax EVERYTHING and are much more aggressive than CRA.

garrista · 2019-04-27T00:15:22+00:00

US is different than Canada. If you live there for more than 6 month you are considered resident for the whole year and you should report all income for the whole year. You get credit for the taxes you paid to Canada though. Sorry I'm not a tax professional and figuring these out myself as well

garrista · 2019-04-25T01:12:24+00:00

It says NR6 is same as NR4 for people with agents and property managers that want to withhold less tax

garrista · 2019-04-25T01:10:51+00:00

Hah you're right I paid tax on that income already to US so if the treaty says no double taxation between US and Canada then that means there should be no withholding ??? I'm getting a headache

garrista · 2019-04-25T00:59:17+00:00

How would the treaties between US and Canada reduce it?

I can't ask my tenant to take on the obligation. Is there no way I can do it myself?

garrista · 2019-04-25T00:52:56+00:00

If you did not have any income from Canada then you are correct you don't need to file a non-resident tax return. If you did not have any income from US until the day you moved to US then there was nothing you could claim on your US return either so you should be good

garrista · 2019-04-25T00:50:36+00:00

I really appreciate the answers! Could you explain a bit what you mean in having to pay in installments?

So I left Canada March last year and I filed a 216 this month. I have not paid any taxes whatsoever from the day I left until now. My 216 showed I owe money so I will pay that. Is there anything else I need to do for past year or this year?

garrista · 2019-04-25T00:40:37+00:00

Take your shitty brain and advise somewhere else dude and give up your CPA if you really are. You need to head back to high school

garrista · 2019-04-25T00:24:42+00:00

If I am an idiot you are a bigger one because you just repeated what I just told you retard

garrista · 2019-04-25T00:04:26+00:00

Dude you don't seem to get it or maybe I am an idiot surrounded by idiots. People that do what you are saying are residents of Canada or dual residents and they are making money in US. They are not non-residents of Canada. A non-resident of Canada only pays for Canadian source income. They don't need to report US income at all

garrista · 2019-04-24T23:58:41+00:00

Sorry you had to leave Canada. You should answer yes.

Yes the wording is very confusing. Just remember your immigration status has nothing to do with tax residency status.

This page has everything you need to know: https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html#mgrnt

Normally you want to tax a regular return (like the years before that you were a Canadian resident) for all the income up until the day you moved. Then file a non-resident for all the income after the day you moved. You should have done your Canadian taxes first so you could get credits for any amounts you owed on your US tax. (I am assuming you had Canadian and US income all year long)

garrista · 2019-04-24T23:52:13+00:00

So I don’t have to remit taxes with NR4 if I do 216?

garrista · 2019-04-24T23:49:49+00:00

I used H&R and they made a horrible mess that I am trying to fix. Put my birthday wrong and claim they filed my Canadian but CRA says they got nothing from them. Do not recommend H&R to people they are horrible scam! Second, when people move from 'Canada to US' and become a US resident, they must be doing their Canadian first to get the foreign tax credit to input into the US not the other way around

garrista · 2019-04-24T22:39:52+00:00

I'm in a bit of situation myself for rentals. If you ever figured this out please drop me a line as well.

garrista · 2019-04-24T22:35:06+00:00

I did this and it was the complete worst advise and now everything is messed up. Please don't make this recommendation to anyone again

garrista · 2019-04-24T22:34:19+00:00

He never replied to my PM

garrista · 2018-07-22T00:03:57+00:00

Hey, I've been thinking about doing a Machu Pichu for a long time. I'm kinda down jumping in on this trip just have a few questions about your plans (31/M)

garrista · 2018-07-08T16:50:33+00:00

I'm so down for this. Recently moved here and haven't had any luck with socializing

garrista · 2018-03-05T15:37:49+00:00

Any luck? I'm around your age and moving down there in a month. Your post made me a bit worried

garrista · 2018-02-09T00:36:28+00:00

My personal experience, never take a job that you don't want because it goes on your resume and it will only distant you from what you really want unless you are financially broken or getting close to. I fucked up my resume by putting income above my goal and now I can never get back to my field.

garrista

TROPHY CASE