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Is there anywhere I can find credible reviews/recommendations for cross-border accounting? I'm going to have to file US & Canadian taxes next spring and don't think I can manage it myself. Google shows no shortage of options but most have either very few or hundreds of obviously fake reviews.
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Nov 5, 2023 17:17
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| # ¿ May 6, 2024 08:59 |
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Last time I checked, Canada says you can keep your TFSA but you will not accrue contribution room while out of the country. The US does not recognize TFSAs as tax sheltered accounts. I solved this problem by having gently caress all left when I first left Canada. I still sent the CRA a letter to help them determine that I was no longer a resident, which they took their sweet time doing. If you own property that you intend to keep vacant and return to this may complicate things. Presumably you'll be sponsored for an H-1B visa and pretty soon qualify as a US resident for tax purposes, but if you're still earning Canadian income from TFSAs or property you will have a complicated tax situation and likely need to pay someone competent to help you file with the IRS and CRA. Note that US law is incredibly stupid and you will likely be considered a nonresident alien for some amount of time after you arrive and therefore have to give a Canadian permanent address to certain agencies. If you were to move tomorrow, for example, you would likely not meet the substantial presence test for being a US resident for this calendar year. Move January-June and it's less of a problem. *I'm not an expert on any of these things. I started off on a different visa and was considered a nonresident alien for tax purposes for two tax years. This was very disadvantageous because you can't file a joint federal return as a married couple as a nonresident-for-tax-purposes. Precambrian Video Games fucked around with this message at 20:36 on Nov 26, 2023 |
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Nov 26, 2023 20:32
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I have had similar difficulties transferring USD to myself, which seems like it should be easy, but no, the entire North American banking system is stupid as hell. For example, I don't think you can transfer USD between Canadian Simplii and CIBC USD accounts even though they're the same drat bank. Some suggestions: - CIBC and TD have US banks. You may be able to open an account with them without an SSN, although maybe not without actually going to a US branch. Most US banks have no idea or can't be bothered to deal with nonresidents. - Give up on doing transfers between your accounts and instead get chequing accounts on both sides of the border and write yourself cheques. Most banks let you deposit with apps if you can't find a compliant ATM. - Alternatively, you might be able to just withdraw and deposit cash, for example some Citibank accounts have fee-free global withdrawals on some ATM networks (and possibly you can skip Wise altogether this way).
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Jan 4, 2024 00:13
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Hmm. I don't remember having ID problems with US banks but then I think my old G1 had not expired yet (lol). CIBC Canada demanded I show a second piece of photo ID beyond a passport and wouldn't accept a photo OHIP card or expired G1, but would take a laminated citizenship certificate which is absolutely idiotic considering those certificates have virtually no security features and aren't even issued anymore but those are apparently the rules.
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Jan 9, 2024 16:31
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I'm finally getting around to filing my taxes, having moved back late last year, and using Wealthsimple because gently caress TurboTax. Anyway, I'm getting a sizeable refund based off a lot of credits that aren't being prorated. Checking the CRA site, this seems to be correct:quote:You can claim the following federal non-refundable tax credits (if applicable to you) for the part of the year that you were a resident of Canada: The biggest one on the list is "Canada employment amount" of $1368. After that, it says: quote:In addition, you can claim the other remaining federal non-refundable tax credits (if applicable to you) based on the number of days you were a resident of Canada in the year. ... and it is pro-rating basic personal amounts correctly. Well, I'm not complaining since all of those credits are nearly halving my tax bill but that seems like an oddly generous oversight.
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Apr 22, 2024 03:51
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| # ¿ May 6, 2024 08:59 |
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Check some of the card aggregator sites like creditcardgenius or nerdwallet. It looks like you have a grand total of three choices for regular credit cards with no foreign exchange fees, and some prepaid options too (I've heard not-bad things about Wealthsimple but have no personal experience).
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Apr 25, 2024 04:15
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