I am a Canadian with an L -1 A inter-company transfer VISA and have sold everything and have moved to the USA. I have purchased a home in Texas where I am working/residing and my daughter attends school. I am being paid and taxed at source in US dollars. Intention is to stay permanently and obtain green card. In the meantime, will I have any tax obligations ?
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david ingram replies:
As described, you have no further tax obligations to Canada other than filing a final departing Canada return.
Your final Canadian return should show the date of departure and the exemption amounts on Schedule 1 and 428 should have the amounts pro-rated by the number of days you were physically in Canada. I.e number of days in Canada divided by 365 times the amount on line 300 as an example.
Everything you own is considered to have been sold at the time of departure and if there is a capital gains, there will be departure tax to pay or you will have to post security WITH THE CRA.
If you had left a summer cabin or stock portfolio or other assets worth more than $25,000 behind, you would need to file form 1116
http://www.cra-arc.gc.ca/E/pbg/tf/t1161/t1161-06e.pdf
