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Brendan M

Understanding the Tax Requirements for a Canadian K1 Visa Holder

By Brendan M in Canada

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Brendan M Newbie

Brendan M   0

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Filed: K-1 Visa Country: Canada
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Hi Everyone,

 

I am trying to get my ducks in a row for the upcoming 2024 tax season and was hoping someone could point me in the right direction on where to look and any other helpful resources. 

 

Background:

- I'm a Canadian Citizen who recently immigrated into the US on Oct 30, married on Nov 5 and filed for the AOS/Work Permit and SSN on Nov 8.

- I believe I will be considered as a non-resident alien as I don't meet the green card test nor the substantial presence test.

- I received my last paycheque from my Canadian employer on Oct 31

- I still have an RRSP with more than $10k in it (it has mainly Canadian but some US ETFs that occasionally pay out dividends), but I did liquidate my TFSA and Non registered accounts before moving to the USA.

- I didn't have any property or substantial assets that I had to sell before moving.

 

My Understanding of the process:

- My understanding is that I have to file my Canadian taxes first and let the CRA know that I am no longer a Canadian Tax Payer and have moved to the USA. My first question is does this still apply based on my Visa status. Secondly, how do I go about paying my departure tax/if the departure tax is relevant to me?

- Once I have my Taxes filed in Canada, I then move onto filing them in the USA with my partner. I know there are two options to file, Married jointly or Married but separately. The overall consensus is that it is generally better to file jointly, but depending on circumstances that may not always be the case. My yearly income was <$100,000 CAD, so I am wondering if there is a tool where I can see how to maximize our returns.

- Since I am a non-resident alien, I would not be required to file an FBAR.

 

Other Questions:

- Has anyone been in my shoes, and if so, was the filing process straight forward or am I better off hiring tax help?

- My fellow Canucks, which tax software did you use when filing and how did you go about navigating the departure tax?

- Would my investments that I liquidated count towards my income when I am filing in the USA? Even if they were in a tax protected account?

 

I am all ears and would love any help I could get!

 

Cheers!

 

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Crazy Cat Grand Master

Crazy Cat   41,821

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Filed: Citizen (apr) Country: Taiwan
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***Moved to the Canada regional forum***

"The US immigration process requires a great deal of knowledge, planning, time, patience, and a significant amount of money.  It is quite a journey!"

- Some old child of the 50's & 60's on his laptop 

 

Senior Master Sergeant, US Air Force- Retired (after 20+ years)- Missile Systems Maintenance & Titan 2 ICBM Launch Crew Duty (200+ Alert tours)

Registered Nurse- Retired- I practiced in the areas of Labor & Delivery, Home Health, Adolescent Psych, & Adult Psych.

IT Professional- Retired- Web Site Design, Hardware Maintenance, Compound Pharmacy Software Trainer, On-site go live support, Database Manager, App Designer.

______________________________________

In summary, it took 13 months for approval of the CR-1.  It took 44 months for approval of the I-751.  It took 4 months for approval of the N-400.   It took 172 days from N-400 application to Oath Ceremony.   It took 6 weeks for Passport, then 7 additional weeks for return of wife's Naturalization Certificate.. 
 

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