4 ms·
I'm not an accountant, but since the OP is moving at the beginning of this year then they'd have at least 9 more months before having to sever their residential
by otoburb 10y ago
I'm not an accountant, but since the OP is moving at the beginning of this year then they'd have at least 9 more months before having to sever their residential ties to Canada (i.e. selling their house). If the CRA believes that they're still a resident for tax purposes (even after having moved to the US), they may be on the hook for both Canadian and US taxes for the 2017 tax year. The tax treaty between Canada and the US for tax offsets may not apply because both countries may claim that the OP is resident in their respective jurisdictions.
Of course, I'm sure they're already consulting an accountant, but at least they have a window of opportunity to see how the new job works out before pulling the trigger on selling Canadian assets.
- mahyarm 10y agoWhen I did it many years ago, I was resident until my move out date and then I was a resident in the USA. You basically file 2 'partial' tax returns. I was a student with no assets although, so you will need to look into how Canada's departure tax effects you: http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/lvng-eng.html http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/lvng-eng.html Definitely talk to an accountant.