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I am a US citizen and have been a Landed Immigrant in Canada for 30 yrs. Now that I have retired, I am planning to re-establish my residency in the US. I have tried to contact CIC, but cannot find a way to talk with a human, as opposed to the "canned" messages on the telephone; their website did not help me either. When I physically went to Canada Customs and Revenue Agency, an agent there told me to stop filing Canadian taxes.
I am unclear as to how valid the above information is. Would you please clarify what do I need to do regarding Canadian taxes and immigration prior to moving?
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david ingram replies:
Whatever you do, do NOT return to the US before you take out Canadian Citizenship. You may well decide that you want to return to Canada in four or five years and it will be too late.
Canadian Citizenship first, then leave. Canadian citizenship information is at: http://www.cic.gc.ca/english/citizen/becoming-howto.html
AFTER you have your citizenship, you just go.
On your final tax return in Canada, you will put your departure date on the front of the return (pick up a T1 General at your local post office to see where) and pro-rate your personal exemption amounts by the number of days you were in Canada in that year.
Then you will have to file a T1161 which lists all your capital assets as you leave the country. You will also have to fill in form T1243 to calculate and deemed sales and departure tax and form T13244 to decide if you have to post security or pay tax or are exempt.
This is the T1161
http://www.ccra-adrc.gc.ca/E/pbg/tf/t1161/t1161-03e.pdf
This is the form to calculate the tax on the T1161
http://www.ccra-adrc.gc.ca/E/pbg/tf/t1243/t1243-03b.pdf
This is the form that defers tax on the deemed disposition
http://www.ccra-adrc.gc.ca/E/pbg/tf/t1244/t1244-03b.pdf
Once you are back in the states, your Canadian financial accounts become "foreign" accounts and require TD F-90 forms and special RRSP reporting on a form which has not been designed and released yet, even though it was announced back in December 2003.
Your Canadian Accounts require TD F-90 forms and your RRSP's require special reporting as well. We would start by filing an extension for the US return - form 4868.
The TD F-90 form can be found at:
http://www.irs.gov/pub/irs-fill/f9022-1.pdf
Glad to help you with your returns when you leave. You might also want to buy an hour of my time by phone consultation. Not until May now, please!
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