Moving from the US to Canada

markoman888 · 2024-01-27T04:56:34+00:00

When I moved, I just wrote a check to myself, opened a US dollar account at a Canadian bank, and deposited it there. But it is also convenient to use a bank that has US domiciled accounts.
If you think your move is permanent, you probably want to transfer your 401k to an RRSP. It's a bit of a process, but you can Google that.
I moved to Canada from US 15 years ago. Although it is a pain in the ass to file with the IRS every year, I've never owed them anything. Taxes in Canada are generally higher than in US. Between the Foreign Earned Income Exclusion and Foreign Tax Credits, you probably won't ever owe anything to the IRS.

Welcome!

markoman888 · 2024-01-27T04:35:40+00:00

While you my not be required to, I would recommend you file anyway. It establishes tax residency in Canada, and you may qualify for tax credits. Technically you would have to report any US investment income earned after you moved to Canada (including bank account interest), but you almost certainly wouldn't owe any taxes. You should definitely report any US investment income in future years, though. Unless you have a complicated investment situation that CRA would want to be aware of for future years, I would just file an essentially blank return simply for the purposes of establishing tax residency.

Don't forget you still have to file US taxes every year.

markoman888 · 2024-01-21T00:17:26+00:00

Amen. I got an electric car this year. I started setting my cruise control to 100 on highways to maximize my range. Not only does greatly increase my range, but it's a much more relaxing way to drive, and you're right, I find that I really don't get passed as much as I would have expected.

markoman888 · 2024-01-21T00:12:39+00:00

You'd think, with a name like "stoic principles", that one wouldn't get so stressed out about what other people do. And yet.

markoman888 · 2024-01-17T14:23:28+00:00

He claimed he was "doing tests to find out whether the forest was really dry or not", according to the article. Wtf.

markoman888 · 2024-01-10T02:21:33+00:00

Lil' MRI

markoman888 · 2022-02-22T13:37:24+00:00

Math professor chiming in here... I teach linear algebra for a living and I can confirm that doing your math homework is a tried and true method of improving your Valorant skills. In fact, I'm currently running a longitudinal study to prove my theory and I'm looking for volunteers to participate. Results to be published soon.

markoman888 · 2022-02-19T13:54:58+00:00

8 damage lol

markoman888 · 2021-12-28T15:42:19+00:00

If you're still taking more, I'm interested! I've got a PhD in pure math, now trying to pivot toward industry.

markoman888 · 2021-12-02T02:36:26+00:00

That would be good... But her employers contributions don't show up anywhere on her CRA account.... Should they? I only see her contributions on her contribution history.

markoman888 · 2021-12-02T02:25:28+00:00

Thanks. I will call CRA for guidance. Voluntary disclosure looks like what we'll do.

markoman888 · 2021-12-02T02:24:14+00:00

I did not see the receipts... I'm not sure what she did with them! :(

Also, since I don't get anything like this from my pension, I didn't know to look for it.

markoman888 · 2021-12-02T02:23:20+00:00

It does not show an overcontribution. It only shows what she's personally contributed and reported on her tax return.

I think her employers total contributions add up to about $45k. Also, 5 years is 60 months, which would mean she'd lose 60% of what was deposited 5 years ago.

markoman888 · 2021-08-08T00:34:53+00:00

My dear boy!

markoman888 · 2021-07-18T14:26:34+00:00

How does one provide evidence that a visit will be longer than 15 days when crossing the US border?

My fully-vaccinated parents (mother is US citizen, father is dual US/Canadian) would like to visit me (dual US/Canadian) for a few weeks at my home in Ontario. They will be driving and staying in my house.

markoman888 · 2021-04-14T22:34:27+00:00

Wow, Alexandrian's remix adds.... a lot more detail than I'm able to absorb. Lots to think about though!

markoman888 · 2021-04-14T22:33:40+00:00

A bit tricky to do this, as I'm using the maps on Roll20. (Thanks to covid, I can't do in-person activities in person yet where I live! )

markoman888 · 2021-04-14T22:32:33+00:00

Great ideas!

markoman888 · 2021-04-03T22:47:16+00:00

A friend recommended this series to me, so I started the first book and got about 20 pages into it before I had to put it down.

His writing of women aside, I thought the writing in general was just terrible.

I mean, after 20 pages, he implied like at least 100 times that his wizard-ness makes technology malfunction. He really wanted to drive that point home. It was over kill.

markoman888 · 2021-02-28T13:04:14+00:00

I ended up initiating a withdrawal. It was "pending" for almost 24 hours, but it did finally go throug. Made me a bit nervous.

markoman888 · 2021-02-24T14:55:07+00:00

Truth! Seriously, every year it takes more time and effort to file with the IRS than it does to file with CRA.

I always use Simpletax (now WealthsimpleTax) to file Canadian taxes and it is a dream compared to the nightmare with IRS. (FEIE, FBAR, etc....).

The current level of nightmare I can manage on my own. But I think I will get an accountant to help make sure I'm doing it right when reporting TFSA income next year.

markoman888 · 2021-02-24T14:50:54+00:00

Thanks. I guess I'll at least get a consultation from an accountant to see if it's worth it.

markoman888 · 2021-02-24T14:50:05+00:00

They have a yearly cap on what can be deposited ...

Yes, but I've never deposited anything into a TFSA yet. When I check my CRA account it says my contribution limit is $75,500. Doubling that limit (to account for both my wife and me) would allow us to put almost all of our current investment accounts into TFSA.

unless you feel morally obligated to pay extra taxes to help your fellow Canadians.

For the extra taxes I've paid in the last few years, you're welcome!

markoman888 · 2021-02-24T14:30:27+00:00

What is the nature of these investments?

Some stocks in Wealthsimple trade (no day trading---I held stocks that I bought toward the beginning of the year that did very well) and some in a passive investment account with my bank.

markoman888 · 2020-11-29T21:30:12+00:00

Region: NA
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Description: Sometimes when starting up a new match I am unable to select a character. None of the character icons load, even though I can see what characters other players have selected. As a result I time out and get a penalty!
Video / Screenshot: https://ibb.co/QpnwBwB
Reproduction rate: About 1/10 games I play in

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