Moving savings from USA to Canada

[ku567]

Hi! I've got a few questions regarding moving my savings from Bank of America in USA to TD bank in Canada. I worked in USA on STEM OPT and landed in Canada as a Permanent Resident.

• Does anyone know if you need to report this transfer to IRS in USA?
• Can you transfer all the funds at once or is there a limit on the amount that can be transferred?
• Do we have to declare this transfer in Canada?
• Are there any third-party services that provide a good exchange rate for such transfers? I believe bank to bank won't be the ideal option.

 

[za_skrub]

1 / 3 - no. It's your funds so why?

2 / 4 - you can open a USD acct with a bank in Canada and just transfer your USD to that acct. I doubt direct deposit (ACH) is an option but the safest bet is thru wore transfer. BoA has a rather low limit per their online fine print for wire transfers through online banking, but I did a large sum wire transfer with no issue (BoA's fraud dept might try to contact you tho - make sure your phone roaming works.) Wire transfer fee is 45 dollars on the BoA end and your Canadian bank would also charge incoming wire xfer fees. OR you can write yourself a check and have your Canadian bank clear it (takes a month or so last time I checked; your personal check will expire after 6 mths) no idea about the fees as wire xfer is just faster.

 

[Ponga]

1. Depending on when you left the U.S., you may still be a tax resident for 2022. If so, you would likely have to report the interest generated from your savings account.

 

[ku567]

Thanks @Ponga and @za_skrub

I just got to know that F1 visa holders also have to fill out a departure tax return before leaving the US (I'm in Canada now). Anyone know if I can submit the form now and then file the annual ITR next year?

"Before leaving the United States, all aliens (with certain exceptions) must obtain a certificate of compliance. This document, also popularly known as the sailing permit or departure permit, must be secured from the IRS before leaving the U.S. You will receive a sailing or departure permit after filing a Form 1040-C, U.S. Departing Alien Income Tax Return, or Form 2063, U.S. Departing Alien Income Tax Statement."

 

[jadh]

Thanks @Ponga and @za_skrub

I just got to know that F1 visa holders also have to fill out a departure tax return before leaving the US (I'm in Canada now). Anyone know if I can submit the form now and then file the annual ITR next year?

"Before leaving the United States, all aliens (with certain exceptions) must obtain a certificate of compliance. This document, also popularly known as the sailing permit or departure permit, must be secured from the IRS before leaving the U.S. You will receive a sailing or departure permit after filing a Form 1040-C, U.S. Departing Alien Income Tax Return, or Form 2063, U.S. Departing Alien Income Tax Statement."

Did you figure out whether it can be done?