Rainmaker

Hi,

I hope all are well.

I will soon be relocating temporarily to the US for work and require guidance with respect to my tax situation if anyone is able to help. In terms of assets, I have cash, non-dividend yielding stocks in a TFSA account (US stocks held in U$D), and, dare I say, a relatively small amount of crypto held in CAD. I have been in Canada year to date.

1) What tax implications are there for me?

2) Am I simply informing CRA that I will seize to be a resident? What forms are required to be completed?

Any guidance in this regard, and any extra points for consideration would be greatly appreciated.

Thank you as ever for your support.I cannot do much without this forum.

Gozit

How temporary is this relocation? As the answers to all your questions will vary based on that

bc2015

https://www.canada.ca/en/revenue-age...emigrants.html

Rainmaker

Thanks, Gozit.

Initially it will be for up to a three year period (H-1B visa), however, "temporary" may then become longer dependent on how things develop with work.

Pulaski

Your questions would probably be better asked in the US forum, as you will become tax resident for US IRS purposes plain and simple - there is nothing "temporary" about the rules for someone on an H-1B working in the US. You will be on the US payroll and paying taxes and SS contributions, and entitled to the any permissable deductions like everyone else working (legally) in the US.

Rete

But he will still be required to file a tax return with CRA IF he has income derived from Canadian sources. If he doesn't, then he is fine. Hubby didn't file anything advising CRA that he would be a non-resident but then he is a Canadian Citizen and I don't know if that makes a difference. He did have to continue filing income taxes in Canada first because of having income from a rental unit and later on his retirement Old Age Benefits and Military Pension. Still pays Canadian income taxes on his benefits and he is now 81.

Rainmaker

Thank you all for your input, greatly appreciated.

Would anyone recommend a tax specialist to speak to about Canada/US requirements and steps I must take when making the transition please?

Much obliged.