Canadian moved to US - taxes

Amazon lingading
Mar 31, 2018 12 Comments

Anybody know of good resources to file taxes? Deloitte did it for me when I moved here but I have to do them myself this year. I was going to download TurboTax and use the discount from Robinhood.

I have the following:
- Amazon income
- Amazon stock vest
- Robinhood, Betterment, Crypto, Wisebanyan gains/losses
- Foreign investment in Fixed Deposits

By the way, I also sold stocks in Canada at a loss in 2017. I was not a resident for tax purposes in 2017 in Canada - do I still have to file taxes there?

Single guy, no dependents or anything. No house, no car, pay rent.

Will Turbotax suffice or do I need to take it to some tax accountant?

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TOP 12 Comments
  • Apple poop-emoji
    Should be easy if you do don’t have TFSA, make sure to file fbar though
    Mar 31, 2018 1
    • Amazon lingading
      OP
      No tfsa, but will keep fbar in mind. Thanks!
      Mar 31, 2018
  • Adobe kHBO88
    Did you officially exit Canada and pay the departure tax? Until then your paying the highest taxes between Canada and the US.

    https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html

    When you leave Canada, you are considered to have sold certain types of property (even if you have not sold them) at their fair market value (FMV) and to have immediately reacquired them for the same amount. This is called a deemed disposition and you may have to report a capital gain (also known as departure tax).

    Your property could include the following: shares, jewelry, paintings or a collection.
    Mar 31, 2018 2
    • Amazon soda club
      Before I left Canada I used all my assets to pay off my mortgage and make a huge RRSP contribution leaving nothing much else.

      You get an exception from that departure tax for your primary residence and RRSP isn't taxed. So I paid zero departure tax.
      Mar 31, 2018
    • Amazon lingading
      OP
      I had nothing. I still have social and financial ties.
      Mar 31, 2018
  • New / Eng yGae12
    Get an accountant. Also fuck Intuit, they’re part of the reason our tax code is so incomprehensible.
    Mar 31, 2018 2
    • Amazon lingading
      OP
      Recommendations? Is this like going to h&r block?
      Mar 31, 2018
    • New / Eng yGae12
      It depends on the area you’re in — ask some folks on your team or your mentor in the area.
      Apr 1, 2018
  • Amazon soda club
    So the way Canadian taxes work, any penalty on failure to file is calculated as a percentage of the amount you owe. So if you owe zero then there is never any penalty because anything times zero is still zero.

    I mention it because you say you have a loss in Canada. You have to report that on your US tax obviously, but even if you had to file a Canadian return it's pretty safe not to since you won't owe any tax anyway.

    However if you own real estate in Canada and particularly if you earn rental income then there's a whole different set of rules so definitely consult an accountant in that case, but that doesn't seem to apply to you. Also if you still have significant assets in Canada, like more stocks, then you should double check if you need to file a non resident return.

    Otherwise I think it's safe for you to ignore Canadian tax since even if you later got a demand to file you are effectively immune from any penalty if you didn't owe any tax.
    Apr 1, 2018 1
    • Amazon lingading
      OP
      Thanks for the details. All I have is an rrsp with $8k and $20k cash in a checking account.
      Apr 1, 2018
  • Adobe kHBO88
    Also, just get a cross border tax accountant. Saved me a ton of money, mistakes, and pain.
    Mar 31, 2018 1
    • Amazon lingading
      OP
      Got recommendations and how much they charge?
      Mar 31, 2018

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