My_question_is: Applicable to both US and Canada
Subject: Income Tax for TN Visa Holder in U.S.
Expert: taxman at centa.com
Date: Thursday January 25, 2007
Time: 12:04 PM -0500
QUESTION:
I will be moving to Maryland soon (within a week) via a TN
Visa.
I worked for the first two weeks of 2007 at my old job in
Canada.
Assuming that I will file only a Canadian income tax return
for 2006, I would like to know which returns/forms I will
have to fill out for 2007 and the future, assuming I
continue to live in the U.S. for longer than one year.
-----------------------------------------
david ingram replies:
Assuming you are renting there, you will file a Federal 1040 and a Maryland
502 plus city and county returns for wherever you are living.
This will require you to include the 2 weeks of Canadian income on the
return to get a full standard deduction.
You will file form 1116 to claim credit for the taxes, CPP and EI paid to
Canada.
If you do not report the Canadian income, you would file a Dual Status 1040
with no standard deduction PLUS a 1040NR Dual Status Statement.
For Canada, you will file a departing Canada return with your date of
departure on the front page and pro-rated exemption amounts. You must also
file Canadian forms 1161 plus 1243 and 1244 if you are leaving any assets
behind in Canada.
We, of course would be happy to handle them for you by fax, email (pdf
only), snail mail or courier.
------------------------------
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