Jimmy The Tulip

On 1/14/2019 at 11:10 AM, santoki said:

Would be interested in this too. Did you ever find out?

I would potentially need to bring north of $200K of savings to the US when we officially move there. I want to make sure there is no obligation to pay any tax on them. 

I have not. I have a few contacts that have done this move so I will know soon-my interview is end of Feb so I need to know soon. 

Check back with me in a few weeks. If you come across anything in the mean time let me know

8 hours ago, shammykay said:

When you finally emigrate to the US and are no longer a tax resident of Canada, beware of the TFSA.  It is not tax free in the US, even if they have the equivalent Roth.  Cash it out beforehand.

 

RRSP - Do "step up" in cost base before you depart.  Google that.  Basically buy/sell stocks inside RRSP to have higher tax base.

 

Investments outside of TFSA/RRSP - Well even if you don't sell, you will owe Canada what is commonly known as departure tax, which is paying tax on the value that an investment appreciated in capital until the day you departed.  I saved myself the trouble and liquidated my investments.  Ditto for investments inside TFSA.

 

Make sure you have a plan for your future FX conversion.  Open a US bank account in advance and set up a FX exchange service.  Do not transfer FX at the bank - they hose their customers.

So it seems like cashing out of my stocks is the easiest way. I can do that.

So now lets say I have 50k CAD or USD as a bank draft to bring with me. When I cross I will declare this amount. Are there any tax obligations on this from the IRS side? Be it at entry or in a year when I have to do my taxes? I want to know if the money I am bringing in will be taxable or not. Hoping not, but want to confirm.

3 minutes ago, Loren Y said:

The most efficient way is to bring it with you. Bring a cashiers check payable to you, but that will take a week to clear minimum when you get here. Bring it all in cash if you want, just declare it if over 10.000.00 US and fill out a simple 1 page form and in you come with as much as you want. I have traveled with amounts ranging from 20- 60 thousand US dollars with no issues. You have a valid reason to be bringing the money( You are moving here on a immigrant visa if F2-A is what you enter on), and they will understand your need to bring your money with you. That is the free way more or less. Or you come here and open a bank account then do an international wire transfer ( Cost 35.00 or so) and electronically transfer the money in. If it's millions of dollars, go for the wire transfer, under 100K just carry it in. Under 10k, you don't have to declare anything and just cross with money on your person.

 

This makes sense. thank you.

Are there any tax obligations on that money upon entry or a year later when I have to do my taxes? Lets say I bring in a cashiers cheque for 50k USD.

Where can I learn more about what to do with my finances? No mortgages or real estate-just cash and stocks in RRSP/TFSA/Savings.

What are tax obligations entering the US? Are there any tax obligations, outside of the norm, when leaving Canada? What is the most efficient way to transfer/bring that money to the US? I have more questions but hopefully someone can direct me to a resource I can sift through. Google searches arent giving me all the answers.

Thanks!

IL came today. They are still working, dont worry. Hang in there.

my CC is September 13 but my PD is not current yet...not sure where that puts me in the order of things at NVC

My CC is Sept 13 if memory serves, but my PD (Oct 20 2016) date is not current yet.

3 hours ago, SKB2017 said:

When you go to get yours, you need to request the Privacy Act Certificate and make sure they do not select Visa/Boarder crossing as the reason for the request.  This is important because if they put visa/border crossing as the reason for requesting it, your fingerprints and photo will appear on the certificate you get back and it will be the wrong one.   It usually takes about 10 days to receive it back if you do not have any kind of criminal record.  If you are expecting your NOA2 in December, you can get it done now no problem.  Might as well get a jump on getting all your documents now since you will be receiving your NOA2 soon.

Nice summary, was looking for something like this myself.

I got CC on Sept 17 2018 with the regular check at the local Police station. Waiting for PD to become current and then for MTL to schedule an appointment. Few questions if you dont mind;

1- Is it possible I might need this new Privacy act Certificate even though i got CC already, but after the Sept 10 date they posted this change?

2- Where would I go to get the Privacy Act Certificate and what WOULD be the reason they should note down? I am in Toronto area.

Thank you!

CC date is September 13 but F2A category is not current for my PD yet :(

Damn, looks I've been waiting quite a while compared to some of you here. My PD is OCT 2016 and I have not yet received a CC yet. Waiting for them to confirm my RFE-the scanner documents were orientated incorrectly...🙄

Seems like some people have been paying attention to the timelines in this thread- is there an estimate from CC to Interview date?

On 2/26/2018 at 2:06 PM, Jean Eustaquio said:

Hello All! I'm a newbie here! I just received an email from NVC that my documents are complete and they said to wait for an interview date that will be in Montreal. Anyone here had the same experience as me. Just wondering how long did you wait to get an interview date? Because i have a 10months old son waiting for me in the United States. I hope someone could answer my questions! Thanks and good day to all' 🙂

Wow looks like we have very similar journeys Jean.

I dont have a case complete yet, but should be done within a couple of weeks and then I am right beside you waiting for MTL interview. Cant say I know how long it will take for MTL to schedule, I've seen everythign from 90 days to 15 days posted here. If you find some concrete answers I'd love to know.

See you down there!

My I-130 package has been at NVC since end of June following a RFE. I called last week and agent said it hasnt been looked at and she will forward it directly to a supervisor. Told me to wait 6 more weeks. PD is Oct 2016.

Anyone got any insight on the timeline for an interview date?

1 minute ago, ruban said:

F2A.

My visa become available since May 2018. Case completed 27th December 2017

OK that makes sense, you've only really been waiting since May. They wouldnt have called you in before a visa was available for you. Hope you get interview soon!

Just now, ruban said:

I am calling them every Single day. They keep repeating same words " no interview spot available at Montreal consulate "

I know 2 other persons in same situation.

I don't know why they are doing this to us.

So depression, can't reunite with family.

What category are you in?

On 8/3/2018 at 5:37 PM, ruban said:

Yes i am still waiting for my interview to be scheduled. My case completed on 26th December 2017. F2A Category

Holy smokes, thats certainly unusual given the other timelines I've read in this thread and others on the site...

You might want to call in and see whats up.

Hey VJ,

MTL seems to be backed up about 100 days in giving out interview dates. If I receive my CC date before my priority date is current, when can I expect to be scheduled for an interview?

Hope this is clear, I’m a bit confused about the process at this point. 

We are so happy for the people finally receiving their interview dates; almost there guys!

Question about the timeline. Lets assume that my CC date is July 1st but my priority date is still not current. How does the timeline work in that case? Do I need to wait 100 days (or whatever current wait time is) after my priority date is current to have an interview scheduled?

On 3/25/2018 at 5:56 PM, arken said:

At least one good aspect is that now you don’t have to wait that long for NVC processing after NOA2.

Unfortunately not true right now; CSC approved me on February 8th and I still havent heard from them with a case number, despite calling them several times. They are also really backed up.

7 hours ago, Scandi said:

I know right? "Uhm, I'm married, but can I pretend I'm not when filing my taxes?", what the heck...?

Thanks for your input. I never once said or even suggested that I am trying to pretend or deceive the IRS when filing my taxes. My OP was a question based on advice I had gotten from professionals in the field, but having my doubts, I came here to ensure I am doing this correctly.

Please make sure you understand what you are reading before you make asinine statements.

10 minutes ago, Damara said:

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

 

Youd have to check the tax tables. MFS is often the same tax liability as Single.

Thank you, this is what I was looking for.

4 minutes ago, arken said:

Even if it goes up by a little for now by changing to MFS, she can amend the latest 3 married years tax return again from MFS to MFJ once you join her in the US and get whole lot of refund back, provided you don’t have worldwide income.

Really? Unfortunately I do have worldwide income for the years she will be filing MFS though I am working in a different country while waiting our Visa approval.

4 minutes ago, NuestraUnion said:

Depends on income. If you file married file jointly your income will be combined. But you may qualify for better tax breaks. If you file married filing separately then it will be based on each of your incomes.

 

But you do realize that the IRS can audit you at anytime in your life? So if you file single this year. Say, five years from now the IRS finds out you were supposed to file as married. If you were suppose to pay more because you were married instead of single, not only will you have to pay the difference, but you will also have penalties and interest that accumulated over the those years.

 

One thing about the IRS is they may be slow, but they have along memory.

LPR is not or has ever filed MFJ, so forget about that. For her married years, she erroneously filed Single. So the question is Single vs MFS and what carries a bigger tax obligation, generally speaking.

We will be amending our returns to change to MFS to avoid future audits, but since shes already paid her tax obligation for 2016 and 2017, I am wondering if the change from Single to MFS will require additional money to be paid in the form of taxes.

29 minutes ago, Our Journey said:

If your are married, He have to file taxes married.

 

24 minutes ago, NuestraUnion said:

You are married. You are supposed to file as married. 

You guys have any idea if tax obligations will go up or down (as in pay more or less tax), moving from single to MFS? Generally speaking of course, i know there are a lot of exemptions/deductions to take into account.

My LPR spouse needs to file taxes for 2017 but we are unsure of whether she should file "single" or "married filing separatly". Her accountant and our lawyer both say to do it "single" as thats what their prior clients in our situation have done,  but online the advice is to file MFS.

We are applying via I-130 for spouse of LPR. Any advice?

7 minutes ago, jt96 said:

I call them today and they received the potition today. And the lady told me to call back on Friday and see if the case# and invoice number is assigned. 

Thats awesome, I'm glad they got to your application! Its been about 30 days for me as well this week so I need to follow up with them too. What number did you call?

41 minutes ago, tash1111 said:

Hello All,

 

Our PD is May 19th 2016 / Canada ...any predictions on when PD might become current or when to expect letter with interview date? 

April Bulletin will probably be for sometime in April 2016 so your PD should come current in May or June at the latest based on current trends. The wait time for an interview date in Montreal is around 2 weeks. Only a couple of months left for you! Congrats!