Search results

Thanks. What he is saying in that post is the ability to trade i.e. you can continue to trade and/or retain the brokerage account, IRA and 401k. For IRA, my question is about contribution to the IRA (not trading). So e.g. if I'm a Canadian tax resident for year 2021 and 2022 but work in the US...

Thanks, I'm assuming you mean to say we can continue to maintain 401k in the US despite being a canadian tax resident. Correct? Any idea about Roth IRA question

I don't think being physically out of Canada prior to applying for Citizenship will be an issue so long as: 1. You maintain ties with Canada 2. Meet the 1095 day requirement 3. Meet all other requirements e.g. tax filing, continuing to be a PR etc. for eligibility for citizenship

Can those who are Canadian residents for tax purposes but employed in the US contribute to Roth IRA? I read online suggestions to stop contributing to Roth IRA after becoming Canadian resident (the article did not state whether they were referring to Canadian resident for tax purposes or...

Yeah, I believe tax residency is different from permanent residency. Immigration department does not care (unless for each year your tax has been as a non-resident which would then raise a flag for more deeper look into your application) about taxes per se. Their expectation is compliance with...

Thanks

I do not believe that your friend will need to wait to file for citizenship application. Filing of taxation, if required, is the requirement. Typically they'd like to see you file for each of the 3 years (out of 5), but if you did not have to file a tax return for 3 out of the 5 years, there is...

I believe this assertion is not entirely correct. Here is the wording directly from Govt. of Canada's website: You may need to file taxes in Canada for at least 3 years during the 5 years right before the date you apply.

Hello - why did you say "remaining 120 days". You only need 95 more if you've completed 1000. Also, what do you mean 3 year tax filing requirement? I've looked at Citizenship eligibility requirements and I don't see anywhere where it says you must have 3 years of taxes filed. Thanks for...

How early can someone apply for PR card renewal? Anyone able to provide some insight?

Are there folks here who've worked remotely from within Canada and have not commuted back and forth across the border due to Covid restrictions? How are you planning to prepare your taxes for 2021 year? I've read suggestions on filing US taxes first, then Canadian. But does that sequence or the...

If you move to Canada, do you have to close out or do something special for 401k or Roth IRA or brokerage? I'm aware that you're unable to trade in your brokerage account if your primary residence is in Canada, but what about 401k and Roth IRA, as well as the existing investments in the...

What do you mean? : Due to my PR residency obligations, I can't travel out of Canada. You can always travel out of Canada to any country that you are legally allowed to enter. Canadian PR does not stop you from traveling

I have a couple of questions if anyone can help answer 1. Do you have to get an ITIN number? 2. Can you get the ITIN on your own or must you get it from a broker? 3. Can a car dealer from whom you've bought your car get you the ITIN instead of a random broker? Thanks

Thanks all - very helpful perspectives. I'll have to think this through and make a decision. Sounds like the best bet to avoid any unnecessary headaches is to move to Canada for a few years.

thanks - good to know that.

Correct - its where I'm trying to make a decision because overall it will be too much of a pressure to manage everything. I just noticed your signature, and it looks like even after meeting the citizenship criteria, the citizenship approval process is more than a year. So easily 4-6 years have...

Not sure if I understand this. I'm not looking at tax evasion, and am very happy to pay whatever tax is owed. Its more to do with figuring out whether Citizenship requires/expects that I must have resided (i.e. rented/owned a property and stayed in that property for the 1095 days) versus...

Thanks - appreciate your thoughts and inputs!

Sure, but from the surface it seems like they'd check with CRA on the tax filing status, and a non-resident tax filing for all the years leading up to citizenship will likely raise the question of why the person did not file as a resident. Which will lead them to, more likely than not, conclude...