Posted on: 02-08-07 15:06:27
I have an offer from US on TN.
can anybody provide some guidance on the queries listed,
-what are the formalities to be done in canada before leaving?
i.e. do i need to give up the driver license, health card etc. Can I keep the bank accounts active. I dont ahve any other investments but is it required that the bank accounts should also be closed.
-any other tax forms that should be fille din and the cra should be informed?
- How to file caanada and US return for the first year when I go on TN?
After that is it required to file the Canada's tax every year? OR only US would suffice?
Thanks!!!
We came to US last year on same VISA, you do not need to change anything. I still have my canadian Drivers licence and our bank accounts are still active. We do online banking and if needed we went to closest Canadian Branch.
You have to file taxes at both places. You will get lot of reduction in your first year of settlement in USA... I mean less taxes... You'll file taxes in USA and then you show that on your canadian Tax return. For 2nd year I know we have to pay more taxes in USA but how much we don't know yet.
If you have kids than bring some kind of report from their school so that they can get admission here and Dr.s report regarding the injections they got.
We kept our old address for all our mail that might be coming from Government like licence office or Ohip or CCRA. TN is only for one year so atleast for 1 year you do not have to do that. For bank statements and credit card statements we gave our USA address. Just tell them it's not a permanent move. they understand that.
What else....? let me know if you have more questions.
one more thing..... to be under coverage .. you need to change your Auto Policy if you are bringing your car with you. You would not be covered after few months ... that's a good thing ... for us Car insurance was much cheaper than Toronto area. Well.. we moved from toronto to Seattle... we saved a lot on car insurance.
I am currently in a rented apartment so not sure if I can keep the same address for license,ohip etc. Is it possible that I can give my friend's/relative's address for such letters?
also I have heard that its required to declare yourself as non-resident of Canada for tax related purposes. Is it correct?
Is it relatively simple to file taxes of both countries yourself OR you would suggest to get it done by some professional accountant?
Thanks a lot for all the info.
I do not know about rules and regulations but we did not tell anybody. I do not know where you are moving to but we have been to Vancouver so many times that we do not consider ourselves as non-residents.
My personal opinion is just come to US without worrying too much about informing and when you join the company you'll get in touch with so many other people in the same boat. That would help you. there is nothing that cannot be done over phone or internet.
Regarding filing taxes, we always use a professional. Even when we were in Canada we used to get it done through a professional. $25 -$75 can save you few hundreds of dollars. (we did ourselves in the beginning it was not correct)
Yes, you can give your friends address. My suggestion.... when you call someone just say I want to change my mailing address... no need to get into details of Whys and Whens and whats.
rest is up to you. that's what we did. Now after one year as we are planning not to go back to Canada (also depends on our VISA renewal), we are thinking about wraping things up in Canada like converting Car ownership from Canada to USA. also thinking about changing drivers licence etc. but initially we did not do anything like that. I have seen lot of people get fired after 2-3 months. (I do not wish that it would happen to you) all I am saying is getting TN VISA does not gurantee 1 year stay.
So just go as if you are going for vaccation. You will meet other people like you difinately.
Quote:
Originally posted by noname
I have an offer from US on TN.
can anybody provide some guidance on the queries listed,
-what are the formalities to be done in canada before leaving?
i.e. do i need to give up the driver license, health card etc. Can I keep the bank accounts active. I dont ahve any other investments but is it required that the bank accounts should also be closed.
-any other tax forms that should be fille din and the cra should be informed?
- How to file caanada and US return for the first year when I go on TN?
After that is it required to file the Canada's tax every year? OR only US would suffice?
Thanks!!!
The tax issues will be there, depending upon so many things, like the number of days you were present in Canada, your cdn ties etc. Do not worry about those even before getting your TN.
But what I would advise is (if you do not have ties with Canada), file as a cdn NR for the year you move out. The cdn ties means the major ties like having family in Canada or a house ownership. Cdn DL/bank account are not major ties, so having them open is okay.
This way, you will save money (by not paying cdn tax on your worldwide income). You do not have to notify the CRA, just write your departure date at the time of filing your return. In case you come back to Canada in the future, you can resume your residency by writing the arrival date on your return.
Hi apsingla,
1. Before converting your car ownership from Canada to USA, how did you get the Car insurance in US?
2. How did you move your car from Toronto to Seattle?
Thanks.
