I'm from Toronto and going to be working in Seattle. Just curious in your experience as a Canadian who went to US under TN Visa or H1-B, did you change your status in Canada to non-resident so you don't have to pay the more taxes to Canada?
Canada US tax treaty - if you spend more than half the year in the US you are a US tax resident and deemed a Canadian non resident. Strongly encourage you to speak to a tax specialist, and ditch any TFSAs and RESPs before you move.
Don’t ditch rrsp. They are covered by tax treaty. If you ever plan to move back to Canada I would hold some things. When you do move back you can sell us stocks tax free
Yeah, specifically didn’t mention RRSP’s as they’re covered under the tax treaty (though once you move you won’t be allowed to buy any mutual funds or ETFs). Any additional investments will need to be sold as well (those outside an RRSP), as Canadian brokerages and the like can’t provide investment advice to US residents.
For tax purposes, close all bank account in canada and maybe (sell all assets, house? Car?) This is what I heard so far
Why would you need to sell your house in Canada if you want to declare non-residency?
I have no idea. That's why maybe, I heard people selling there car, or moving there car registration to US.