Taxes and property

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marensigneNew Member
Topic author
Posts: 3
Joined: 9 Dec 2009

Taxes and property

Post Wed Dec 09, 2009 6:03 pm

Can someone direct me to resources to find out more about tax implications of CDN citizen possibly moving to US (likely L-1B or H1 visa)
1) to my CDN RSPs - do they transfer or do I withdraw and get taxed?
2) the $ I've invested in EI, OAS etc- is this simply gone?

I also own a home and would sell it, preferably, before a move. Would I get taxed on this if I didn't re-invest in a new home in Canada? Should I consider renting my property here while residing in the US- and what are the tax implications of that?
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agnelsonCanuckAbroad VIP
Posts: 2866
Topics: 1
Joined: 26 Aug 2009

Re: Taxes and property

Post Wed Dec 09, 2009 11:29 pm

forums.serbinski.com

As to EI, yes, if you keep working, EI is gone just like for any other worker, its insurance; you don't need it, you lose it.. OAS is not something you paid into, but you may still get some. CPP is unaffected, you'll get what you have earned.
This site is a travel site and not best source for these topics:
TN and TD info: http://forums.immigration.com/forumdisp ... -TN-Status
For US/Cdn taxes and SS/CPP:forums.serbinski.com/index.php
US Marriage-based Immigration: visajourney.com
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marensigneNew Member
Topic author
Posts: 3
Joined: 9 Dec 2009

Re: Taxes and property

Post Fri Dec 11, 2009 6:48 pm

Thank you for your reply, that helps.

Do you have any advice, or do others, about selling or renting my home in Canada?
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agnelsonCanuckAbroad VIP
Posts: 2866
Topics: 1
Joined: 26 Aug 2009

Re: Taxes and property

Post Fri Dec 11, 2009 7:12 pm

You won't be subject either US or Cdn tax if you sell your home within one year of moving to US. It doesn't matter what you do with the proceeds.

If you rent out your Cdn house, the tenant must remit 25% of each months rent to CRA, and then you must file a special tax return in canada at year end. And of course report the incoem in US too. And you are then making a portion of your home's gain taxable eventually.
This site is a travel site and not best source for these topics:
TN and TD info: http://forums.immigration.com/forumdisp ... -TN-Status
For US/Cdn taxes and SS/CPP:forums.serbinski.com/index.php
US Marriage-based Immigration: visajourney.com
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ticat900New Member
Posts: 1
Joined: 13 Dec 2009

Re: Taxes and property

Post Sun Dec 13, 2009 8:02 pm

If I rented a house out in canada while i was elsewhere I certainly would not have my renters send 25% to those theives at CRA.and I certainly would not claim it on my US tax return.
The rents cash and if the renters want elsewise they rent somewhere else
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agnelsonCanuckAbroad VIP
Posts: 2866
Topics: 1
Joined: 26 Aug 2009

Re: Taxes and property

Post Mon Dec 14, 2009 7:51 am

Great advice, this will get you in trouble with both CRA and IRS.
You joined this forum just to burp this response?!

Don't drive in your condition. :smt030
This site is a travel site and not best source for these topics:
TN and TD info: http://forums.immigration.com/forumdisp ... -TN-Status
For US/Cdn taxes and SS/CPP:forums.serbinski.com/index.php
US Marriage-based Immigration: visajourney.com
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