Moved back to Canada - own property in US

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TrottingNew Member
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Posts: 1
Joined: 27 Apr 2009

Moved back to Canada - own property in US

Post Mon Apr 27, 2009 10:58 am

Quick background:

Ten years ago I moved to washignton DC, I went to college and worked on a TN for the entire time.
I bought a home in Washington DC.

I've just moved back to Canada and still own the home. I also have the majority of my money in a US bank. I may or may not return to the US in the future, as I have a H1B visa pending.

Questions:

1. I am working now in canada - should I be putting away more money to cover taxes on my US income - rental and interest?

2. I want to keep my US home, as it is an investment. Will I get the tax benefits on my US home (interest) when I file Canadian taxes?

3. I have almost no credit in Canada as I left very young. But, I have a great credit report in the US. Is there any way to portray this to Canadian authorities?
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StevenCanuckAbroad VIP
Posts: 3637
Topics: 2
Joined: 28 Sep 2007
Location: Calgary

Re: Moved back to Canada - own property in US

Post Tue May 05, 2009 9:34 am

1) If you're working in Canada, your tax home is now Canada as you now reside here, so you need to file dual-status for whatever year you moved and start filing a T1 as a resident, read IRS publication 519.

2) No, it's subject to Canadian capital gains tax if you sell it. However, you don't need to declare it on T1135 unless you rent it out. (or whatever form it is, I forget).

3) Maybe, it depends on who you deal with, sometimes they can access your credit report if you give them your SSN. The usual trick is to apply for a US credit card (Amex usually) they issue the card based on your US credit report and then you get the account transferred to Canada and that helps your credit report here.
Steve.
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