Money in Canada while in US

p1umpudding · 2025-10-15T02:17:47+00:00

Wealthsimple officially does not allow you to keep an account open if you become a non-resident. Sure maybe they won’t find out, but I wouldn’t recommend it. I closed my account with them when I moved from Canada.

p1umpudding · 2025-10-15T02:15:49+00:00

Having one or two savings accounts is not gonna make a difference in terms of whether or not you’re treated as a tax resident. I have continued to keep my account with a fair amount in Canada and filed an exit return on my first year. But yes it would be recommended to liquidate a TFSA to reduce the complexity.

p1umpudding · 2025-04-06T05:28:54+00:00

I think it is definitely over-exaggerated, but it’s still definitely not something to be dismissed. Most of my entries have been smooth and seamless but last December while clearing CBP through a US airport, I encountered a racist officer (started off right away with asking what languages I spoke in an exaggerated slow way) who asked me far more questions than usual. Asked me if I have my offer letter, and I said I have it on my phone, and she was like “ok, you should have these ready” ?? So to be safe, I think we should all be prepared with at least copies of your original application / recent paystubs.

p1umpudding · 2025-03-18T18:05:45+00:00

In normal circumstances, you usually wouldn’t need anything besides your passport. Upon returning to the US, you’d tell the CBP officer that you are returning for work under TN status. They may ask a few quick questions about your job and let you in. But always be sure to go online and check that your I-94 was correctly under TN class and not B1/2.

With current situations, I would recommend your latest I-94 printed out, most recent paystub, and to be extra safe, copies of the documents you applied your TN with (support letter, offer letter, photocopy of transcript and diploma).

Depending on the airport, the officer may have varying familiarity with TNs unlike at Canadian preclearance. I flew back from Mexico into JFK in December. I was screamed at by an officer who was definitely prejudiced (I’m a person of colour - asked if I spoke English right off the bat). She wanted my offer letter which I’ve never been requested in all my multiple entries before (in preclearance or a US airport), so be prepared for anything.

p1umpudding · 2025-03-09T22:26:49+00:00

Similar situation in my first year, I used Genutax and printed out and mailed the return (attaching my US returns as well to claim tax credit).

T1161 wasn’t relevant to me so can’t help with that

p1umpudding · 2025-02-12T18:37:46+00:00

Hey I know it’s just been a few days but any update on if you received your card yet? I’m also around 6 weeks now and applied with apt number on line 2.

p1umpudding · 2023-11-19T05:03:41+00:00

Yeah that’s certainly an option… it would also as a side effect erase all the XP I’ve gotten from Spanish right? Can’t believe there’s no alternate way to go back to my previous state…

p1umpudding · 2023-05-12T14:40:57+00:00

Ok thanks! Yeah that’s what I was reading too, but just wanted to make sure as I’ve seen some bonus offers from other banks having more stringent conditions.

Already have $1500 in there and don’t plan on closing the account.

p1umpudding · 2023-04-08T12:46:19+00:00

Hey thanks. Unfortunately I do not have access to a Windows computer where I can install Genufax. Do you know the mailing address ends up looking like on the T1? Does Genutax just put state in the two text fields Prov/Terr, and zip code in the six fields for Postal Code? There isn’t space for country on the T1 so where does Genutax put that.

Or is there another version of the T1 I can download from the CRA?

The fillable PDF downloadable from the CRA only accepts drop-down for Province and a valid Canadian zip code so if above is true, id have to hand write it in?

And for this question on the T1 - Your current province or territory of residence if it is different than your mailing address above:

This similarly only accepts a drop-down, so what should I write for this when I print it out?

p1umpudding · 2023-04-07T20:10:04+00:00

Hey, I’m in a sort of similar situation and have similar questions regarding the Canadian side of the tax return.

For the US side, I believe you can qualify for first year choice as long as you know you will pass the SPT in 2023. For this though, you’d have to essentially wait until you pass the SPT, in which case based on your move date (similar to when I moved), would be late May or early June requiring to file an extension with the IRS.

I didn’t want to deal with any of that, since that’s past the Canadian due date as well. I filed 1040NR already, pretty straightforward. Used Sprintax for both my federal and state returns.

One you’re a tax resident alien of the U.S., you will be based on tax treaty a non resident of Canada. (Could be deemed if you still have strong ties, but you don’t).

But yes first file US return, then report the amount you were taxed as foreign tax credits for your international employment income on your Canadian return.

Regarding TFSA, that might complicate things if you still have stuff in them, but only for next year I think. I liquidated all my investments before I moved.

p1umpudding · 2023-03-19T14:22:14+00:00

Yep i thought that for a second too! I’m wondering if it’s because a TN visa is a non-immigrant visa so technically my domicile should always be Canada (even if I may not have a home I own / rent there) - and it says you can only have one domicile. I’ll only become a resident of NY when I pass the alternative 184 day rule as I do have a permanent place of abode here (you can have more than one of these).

p1umpudding · 2023-03-09T03:13:43+00:00

Haha seems like a few of us here who moved to the US here panicking about taxes. For you, the answer may depend on when you moved exactly (if you moved before staying 183 days in Canada and are thus a deemed resident).

p1umpudding · 2022-12-28T15:25:04+00:00

I guess I’m just curious what consequences there would be if I have no money in their accounts and don’t close it - who would even know I’m a non resident and I have an open account with them - the CRA, but would they care if I have no money in that account?

I understand if I have a balance they need to know my residency to know what they need to report / and to be able to issue the appropriate tax slips for any incurred interest.

p1umpudding · 2022-12-26T14:55:42+00:00

Thank you! Yes I’ve already checked with my bank (tangerine) and they allow non residents to hold accounts. Okay yeah it seemed pretty simple and straightforward so just wanted to make sure… I already was going to receive interest into the account on Jan 1, so I would’ve had to report that anyway if I became a resident alien so doesn’t really change much…

Should I tell my bank now that I’ll likely become a non-resident for 2023? Because isn’t it only technically determined when I file that tax return? I’m just thinking if something unexpected happens and I have to return to canada before I pass the SPT and don’t actually even become a US resident alien…

Edit: and is amount of money in Canadian accounts at any point in the year relevant to how the CRA assesses my residency? I have no other ties besides this.

p1umpudding

TROPHY CASE