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Darryl

Canadians in USA - Tax question - RRSP sale

By Darryl in Moving to the US and Your New Life In America

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Darryl Explorer

Darryl   0

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Filed: IR-1/CR-1 Visa Country: Canada
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Posted

Hi all,

My wife (Canadian+US citizen) and myself (Canadian Green card holder) have been living in the USA for about 1.5 years now. Last year we filed both US and Canadian taxes because we had moved halfway through the year and had both Canadian and US income (from our jobs). This year we've both only got US income. So my question is this - at the beginning of 2008 I sold some RRSPs that I had from when we lived in Canada (to close out the Canadian account) When I did this I paid 25% right off the top as a 'non-resident tax'. So my questions...

1. Do I have to list that sale anywhere on my US return? If so, where?

2. Do I have to file a Canadian tax return reflecting that sale, and if so is there any tips on how to file that with no Canadian (job related) income (just US work income)?

I'm wondering if this is something I need to be really careful with or if I can just do the turbo tax straight return in the USA (we have nothing complicated other than this RRSP thing) not listing anything about the RRSPs as it was in Canada and than file a simple return in Canada just listing that RRSP sale - OR - if I need to go to a professional as this is super complicated?

If anyone can shed some light here I would appreciate it - I just don't want to get stuck paying some expensive accountant a ton of money if there is an easy way to do it on my own (if it's simple).

Thanks for you help (in advance).

08/26/2006 Wedding in Canada

09/05/2006 Filed I-130 petition at Toronto US Embassy

09/05/2006 I-130 approved at Embassy

09/29/2006 Packet 3 arrived with official approval letter

10/13/2006 Sent Packet 3 back to Montreal via registered mail

10/17/2006 Montreal rec'd Packet 3

11/01/2006 Called Montreal - said interview would be scheduled Jan/Feb

01/10/2007 Called Montreal - said interview would be scheduled in Feb

02/06/2007 Called Montreal - were told communication was coming

02/10/2007 Rec'd letter from Montreal re: Adam Walsh Act delays

03/13/2007 Rec'd letter from Montreal saying we're clear from Adam Walsh and back on track

03/15/2007 Rec'd email from Montreal saying interview would be scheduled in next 4-12 weeks

Unknown Finally had interview in Montreal - passed!

Unknown Got green card in the mail

unknown Applied for & rec'd SSN

08/20/2007 Moved to the USA

03/01/2009 Starting sending in my I-751 removal of green card conditions

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Flames9_RN Grand Master

Flames9_RN   358

Posted
Filed: IR-1/CR-1 Visa Country: Canada
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Posted

Head to the Canada forum, Zyggy has a cdn/Usa Tax post going

Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

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Kathryn41 Grand Master

Kathryn41   3,205

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Filed: Citizen (apr) Country: Canada
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Posted

As Flames said, this fits perfectly into the tax thread currently underway in the Canada Forum. Here is the direct link - you may wish to post your question there:

http://www.visajourney.com/forums/index.php?showtopic=173578

“...Isn't it splendid to think of all the things there are to find out about? It just makes me feel glad to be alive--it's such an interesting world. It wouldn't be half so interesting if we knew all about everything, would it? There'd be no scope for imagination then, would there?”

.― Lucy Maude Montgomery, Anne of Green Gables

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Another Member of the VJ Fluffy Kitty Posse!

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Darryl Explorer

Darryl   0

Posted
Filed: IR-1/CR-1 Visa Country: Canada
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Posted

great - thanks! I've posted in that thread as suggested

08/26/2006 Wedding in Canada

09/05/2006 Filed I-130 petition at Toronto US Embassy

09/05/2006 I-130 approved at Embassy

09/29/2006 Packet 3 arrived with official approval letter

10/13/2006 Sent Packet 3 back to Montreal via registered mail

10/17/2006 Montreal rec'd Packet 3

11/01/2006 Called Montreal - said interview would be scheduled Jan/Feb

01/10/2007 Called Montreal - said interview would be scheduled in Feb

02/06/2007 Called Montreal - were told communication was coming

02/10/2007 Rec'd letter from Montreal re: Adam Walsh Act delays

03/13/2007 Rec'd letter from Montreal saying we're clear from Adam Walsh and back on track

03/15/2007 Rec'd email from Montreal saying interview would be scheduled in next 4-12 weeks

Unknown Finally had interview in Montreal - passed!

Unknown Got green card in the mail

unknown Applied for & rec'd SSN

08/20/2007 Moved to the USA

03/01/2009 Starting sending in my I-751 removal of green card conditions

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