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K1visaHopeful

K1 Transferring savings from Canada to US

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Hi there! 

Has anyone come across any useful info on transferring funds from your foreign (Canadian) bank account to your new account in the US? What are the pros and cons of closing your foreign accounts and transferring the lot to the US? Or should I keep my only tie to Canada? Will that helpe with dual citizenship later?

 

I understand the necessity to report foreign bank accounts to the IRS if over $10000 but WHEN does that begin for the individual? When one gets LPR/Greencard? I have my SSN but have yet to apply for AOS so I'm not employed so I have no income. Am I correct in thinking that the IRS will only tax the interest accrued on my foreign bank account? 

I'm at a loss as for what to Google even or where to start? 

Does anyone have any advice on what I should be looking into? Or is there a topic on here relating to Canadian K1s and finances that would be helpful?

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Before moving I set up an account with RBC Canada and USA so I can easily move money between my US and Canadian accounts.  Bank of Montreal now offers something similar as does TD.  Do you have a Canadian account with any of those? Currently the Canadian dollar isnt very strong so your USD amount will be less.  You can also use wire transfers.  10k starts anytime anyone cross the US border. Technically you became a non-resident of Canada the day that you activated your Visa. 


You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.  - Dr. Seuss

 

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