Moving to the US - next steps?

[msmariam 4]

Hi everyone,

 

I received an approval for my IR-1 green card end of November. I plan on moving to the states December 29th. 

 

I am a bit confused about cross border taxes and tax implications of moving. I will be a hiring a tax specialist in the US but thought I’d post here in the meantime.

 

People moving to the US - are you closing your Canadian bank account and moving over to a US account? I’m assuming this has to be done prior to entry? 

 

I know now if you have foreign account totaling over 10K USD they has to be reported. I am wondering if I should keep my accounts open here and report it or move everything over prior to arrival. 

 

Any my advice would be appreciated. 

[NikLR 13,227]

Everyone does things a little different.  I have an RBC Canada account tied to an RBC USA account for easy moving of money (like when i was receiving EI.) Bit otherwise I closed everything. However i didnt have an RRSPs etc....

[debbiedoo 2,339]

paul still has a BMO account but nothing in it. occasionally he will transfer money to it to send to family for whatever reason and when he had to pay alimony (ex wife remarried this month- merry xmas to us! LOL) . but generally the balance in it is well under $100

Edited December 20, 2019 by debbiedoo

[databit 328]

If you moved after January 1st you could avoid any taxation issues for 2019.

[Crazy Cat 41,918]

1 hour ago, msmariam said:

Hi everyone,

 

I received an approval for my IR-1 green card end of November. I plan on moving to the states December 29th. 

 

I am a bit confused about cross border taxes and tax implications of moving. I will be a hiring a tax specialist in the US but thought I’d post here in the meantime.

 

People moving to the US - are you closing your Canadian bank account and moving over to a US account? I’m assuming this has to be done prior to entry? 

 

I know now if you have foreign account totaling over 10K USD they has to be reported. I am wondering if I should keep my accounts open here and report it or move everything over prior to arrival. 

 

Any my advice would be appreciated. 

Don't confuse taxable income with foreign bank account and asset reporting requirements......I recommend all new immigrants with foreign income to see the help of a competent US tax expert the first year at least......good luck.