Questions about Canadian Tax

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suryau
Member since: Nov 03

Posts: 67
Location: Etobicoke
Post ID: #PID

Posted on: 12-03-06 00:01:13

I moved to US on a TN on January 1st of 2006. My questions are about 2005 taxes. Can some one please advice?

1. For the year of 2005, I will pay Canada taxes as resident of Canada. Right?

2. I still have a bank account, personal insurence and a credit card in Canada. No apartmetn lease or address. I submitted my Canadian driver's licence to get a US driver's licence. So, I am a secondary resident. What does it mean when I am paying taxes for 2006? I have to claim the foreign tax ?

3. Should I close the Canadian bank account, insurence policy? Will it help me any way while filing taxes for 2006?

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Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 12-03-06 16:58:35

1. For the year of 2005, I will pay Canada taxes as resident of Canada. Right?

-- Yes

2. I still have a bank account, personal insurence and a credit card in Canada. No apartmetn lease or address. I submitted my Canadian driver's licence to get a US driver's licence. So, I am a secondary resident. What does it mean when I am paying taxes for 2006? I have to claim the foreign tax ?

Nope - You will report all your US income and exempt it on line 256 of your T1 return .IN othet words you will report your US income but expempt it and not pay taxes on it

3. Should I close the Canadian bank account, insurence policy? Will it help me any way while filing taxes for 2006?

--Nope

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