Jenn&Matt

10 hours ago, Troy B said:

Sounds like you are saying they did not write/stamp a date on your i-551 stamp?

If that is the case, and you are interested in leaving the country before June 2021, you might want go back the airport and have then add the date (or a new stamp & date).  I would think that would be less stressful to do when you are in the country,  vs trying to come back here.

That's a great suggestion and very true about the hassles of getting back in when the documentation is incorrect. I will try to do that. I HOPE I will get to leave the US before June 2021, but with COVID it's hard to say!

Thank you for all your help!

Thank you guys @James120383 and @Troy B, hugely! Definitely have calmed my nerves with this whole thing.

15 minutes ago, Troy B said:

The date written on the stamp should be June 2021.   The date on the visa does not matter,  the visa was used upon 1st entry to the USA.

Ugh, my stamp says IR-1 (I was certain the custom's guard had no idea what he was doing.....). Will this be any issue? I am assuming, if they wanted, they can look my date of entry up in their system? 

Hi everyone,

With all I've been hearing about the delays of Green Card processing, I have started to get nervous about my own situation. Correct me if I'm wrong but the I-551g stamp (which on my passport looks like any other CBP stamp when you enter the US, except it is next to the temporary visa and has IR-1 written in it) is valid for 1 year from the time I enter the US? My concern is that the date of expiration on my temporary visa is Sept 11 2020. Does this expiration date mean anything after I got the stamp upon entry? I entered the US in June 2020, so I am hoping I can continue to work and have until June 2021 to wait for my Green Card? 

Thanks in advance!

7 minutes ago, jp178686 said:

Hi @Jenn&Matt I've been in 221g status since March, 2020. Montreal received my passport in March, but I have assumed because the consulate is shut down, they are not doing any processing. Are you saying that you have had correspondence with them regarding your case within the last few weeks? Thanks.

Hi @jp178686, Yes I did have correspondence with the Consulate this entire time. They ARE still working (although, with a skeleton crew). I had my interview and got my passport processed during the months of April to June. I would try emailing the Consulate and following-up.

As an aside, when I was on AP, I had the help of my state Senator's office support my case. My AP was apparently for bureaucratic reasons - my application was a spousal sponsored green card (which was not considered an expedited visa) rather than an employment based green card which would've been expedited - so after explaining my frustration to the my State representative, they helped "ping" the Consulate to ensure the Consulate (and visa office in Washington DC, where APs are apparently further processed) were reminded of my case. I'm not sure if that helped but it definitely made me feel better. 

GOOD LUCK, and know that they are not fully shut down!

9 hours ago, JacobP said:

From what I've heard, "Refused" is the normal terminology for AP these days. It's a really confusing and intimidating word to use. Your timeline said you did your interview a few weeks ago, did they just ask for your passport last week?

Hi @JacobP, Yes they did, and they finally received it (Canadapost has been so delayed!). 

Thanks for clarifying the "Refused" detail - it is very intimidating and disheartening terminology!

3 hours ago, Terribelle said:

My visa arrived February 4th.

Thanks, Terribelle. I'm glad you got your visa before right on time before COVID.

May I ask where you were seeing these updates while you are on AP? Is it the CEAC status check site? I have been on AP, and they asked my passport last week, but my status says "Refused".

On 5/18/2020 at 12:13 PM, :Sarah: said:

Yes, but it will have bunch of explanation underneath the status.

Thanks @:Sarah:. Mine doesn't have an explanation underneath but the interviewer did explain that because of COVID my visa category (IR-1) was not being processed at this time....

@rveenhof did you receive an email or some sort of contact before your case changed to "Issued"? And @Terribelle, is your visa complete by now too? 

I'm trying to get an idea of what normal processing times are since my AP seems to in un-chartered territory due to COVID affected closings...

Hi guys, just wondering, when you get the 221g, does your CEAC status say "Refused"? 😫

Hi everyone, I know this forum has been inactive for some time but it seems to be addressing the questions I have about finances and investments before moving to the US.

@Lakehouse thanks for your thorough review of this. It's really helpful. I too will be moving to MA, and hope to get my finances sorted before my departure, which I expect to be in a few weeks. 

I have a moderate amount of RRSPs, TFSAs and savings at a Canadian bank. I may use some of my savings for a downpayment for a house in the US - hopefully when the exchange is more favourable - but I do still hope to keep some money in my Canadian bank account for now especially given the current terrible exchange rate.

Just wondering a few things:

1. For your Exit Taxes, would keeping my investments in RRSPs ONLY be a safe way to avoid being taxed on my assets? Are any other forms of investments possible without taxation as we resettle in the US?

2. When we exit and declare our assets, would we have to continue reporting yearly - ie. if I decide to exchange CAD to USD over time, therefore causing my Canadian assets to decrease, would this be reported? Would there be any benefit or detriment of having more/less Canadian assets to report?

Trying to plan the most financially wise way of doing this! Thank you all.

Thank you @Lil bear and @ADW & JOP!

4 minutes ago, Lil bear said:

No red flags. Just make sure it is correctly reported as required on your tax return and by FBAR every year that it remains over $10000USD at any time during the previous year   Foreign  asset holding is common place now and there are security agreements in place to ensure the source of holdings is traceable. 

I'm just reviewing the FBAR details now. So, there aren't any concerns of amounts over $10,000 being taxed if we transfer it into our U.S. Accounts? (I mean, this amount has already been taxed in Canada....)

Thank you for sharing @Deric&Alicia!

It does sound like it was more of an interview than a normal border crossing but kudos to you guys for getting through it all. Congratulations!!!

Hi again! 

Just wondering your thoughts on whether there is any concern of having a large sum of money sitting in a Canadian banking institution after I move to the U.S.? I would like, like you @ADW & JOP, to exchange small amounts of currency at a time, which means I will have moved everything out of my TFSA and it will be sitting in my Savings account.

Do you think that would raise any flags? Or would there by any flags raised I bring money into my U.S. account (ie. concerns for these amounts being taxed??)

Sorry I have so many questions about this!

And @ADW & JOP, noticed your interview is coming up. GOOD LUCK!! 😃

4 minutes ago, ADW & JOP said:

The problem with foreign currency exchange is that it is not an exact science. It relies so much on investor sentiments. The Canadian currency is tied to its economic growth, which in turns relies so much on exporting oil (and oil prices) and the outlook of the global market. 

 

To be honest, in the short-term I expect the CAD to generally decline, especially if the fears of coronavirus in the US escalate. I imagine there will be many more cases coronavirus diagnosed once testing becomes more readily available in the next couple of weeks. In turn, I suspect this will continue to hurt global markets and oil prices, and in turn, the CAD.

 

In general, because foreign currency rates are so difficult to anticipate (and I have been following it closely for the past year), people generally advise to exchange money over a period of time as opposed to all at once. For example, I made my first major exchange in November. At the time, I anticipated that oil prices would continue to rise and held on to the rest of my money until around December when the dollar went up to 77 cents. I made another exchange but held onto some more money because I was anticipating it to go up more. There was no way I would have anticipated the issue with coronavirus and its impact globally. Alas, the CAD has not moved the way I expected, but at the very minimum, my foreign currency exchange is averaged between three major transfers (at 76.2). Had I held onto my money until today, I would be exchanging at 74.8.

 

The issue with me is that we are house hunting in San Diego and I need to come up with the cash for the downpayment, so my foreign currency exchange strategy relies so much on how I anticipate the short-term USD/CAD exchange. 

Very true about the CAD. Thanks for your insight @ADW & JOP - really helps me grasp the ever-changing tide of our situation!

We'll be house hunting in Boston (similar, expensive market as SD I am assuming), so I was hoping to have some funds in the US to seriously consider any prospective homes. Good luck with the rest of your currency exchanges!

1 hour ago, ADW & JOP said:

So I didn't use TD to convert as converting with a major bank can be pretty expensive. If you look at FXstreet for example, if you had $10000 CAD, the conversion in USD should be $7494. On TD's website, you get $7319. Of course, you may also get a better deal if you have a cross-border relationship with TD.

 

Depending on how much money you are planning to convert, there are different cost cutting methods you can consider.

 

Personally, I used a method called Norbert's Gambit with Questrade (https://www.moneysense.ca/magazine-archive/norberts-gambit-a-better-way-to-buy-u-s-dollars/). Using the same example now, based on the current numbers, you get closer to $7488 minus $60-70 in commission. Hypothetically, if you exchange say $100,000, the commission will be similar so the more you exchange, the better the conversion rate. The issue with this method is that it takes time to get used to it (I studied it for months before I started), you have to be aware of CRA superficial loss rules (in the case you are planning to make multiple exchanges), there is a delay and you will need to pay capital gain tax (particularly relevant in today's climate with the impact by the coronavirus) and Questrade (low fee brokerage) is not available to non-residents of Canada.

 

For a simpler method, you may consider something like TransferWise. From the above example, you will get $7438. What I would do in this case is to open a TD account, send it to TransferWise to convert, then send it back to a TD USD account, before wiring it to TD America. Personally, I have never used TransferWise before but from what I hear, they provide a decent service.

 

If you are planning to exchange a significant amount, and I would imagine you are if you are considering purchasing a condo, I would call and see what the exchange rate at TD, or any other major bank you plan to do business with, but also consider third-party options as well to see how you can get the best rate.

 

Just to provide you with my own personal experience. I have been with TD Canada for over 20 years. I created a USD account about 2 years ago and a TD America checking account about 1 year ago. Each of my accounts have enough money to meet the minimum balance to avoid any fees.

 

I then take money from my TD Canada account to Questrade to convert to USD and then have it transferred to my TD Canada USD account, then wire it to my TD America checking account. I find that this way, I drastically reduce my commission and wiring fees and saved approximately $3000-5000 in exchange fees.

 

By the way, the foreign exchange has been pretty bad for the CAD these days. When I made a big conversion in early January, I was getting 1 CAD for 0.77 USD. Unfortunately, the coronavirus has really impacted the CAD due to oil prices and impact on the global market. Last week, considering the current climate, I exchanged more at 1 CAD for .756 USD. Today, you are looking at 1 CAD to 0.7494 USD.

 

With the uncertainty of the coronavirus, global markets and the pipeline strikes, I project the CAD will continue to drop in the short-term but it's always hard to predict.

Thank you so much @ADW & JOP! You are such a wealth of knowledge.

Thanks for providing details of what you do - I can't believe you could $3-5K in just exchange fees alone by doing what you do. I currently don't use TD (I've been with BMO my whole life! Which, sadly, isn't very present in North-Eastern US) but I am thinking TD may be worth converting to for the ease of banking when I move.

Agreed with the CAD. I just keep my money parked in my Canadian bank accounts until things look a bit brighter. We'd be loosing out on soooo much with these extremely low exchange rates 😣

1 hour ago, ADW & JOP said:

First, is your money in USD or CAD?

 

Over the past few months, I have gradually converted CAD to USD.

 

I have a TD Canada US dollar account and a TD America Checking account. Depending on how much money you keep in the TD Canada USD account (minimum 1500) you get to wire up to $100,000 USD daily from TD Canada to TD America without incurring transaction or wiring fees.

My money would be in CAD and covering to USD (have to re-build all my finances in USD, sadly!)

Thanks for suggesting TD! There are actually lots of TDs by where I'll be living so that could be good. Did you find you ended up with decent currency conversion rates with TD? And are there any tax concerns when you exchange large amounts of money?  I am not looking forward converting with the poor Canadian Dollar 😩

ALSO, did you have any concern with having a larger amount of money in your Canadian Bank Accounts? I think I'll will have to move everything out of my TFSA to avoid taxes from the IRS. 

Hello, 

Just reviving this old thread and seeing who out there may offer some advice.

I am looking into how to move my money to US (I am in the last steps of my Green Card process and hope to move in April 2020). I'll have to move all my TFSA out and hope to move a large sum in preparation for purchasing a condo. Any advice on how best to do this? I had looked into Tangerine, which is partnered with Bank of America in the US, but I don't think they can do transfers. 

And would certain amounts trigger any sort of red flags from the IRS?

Thank you!

Thank you for sharing this. And yes it is definitely sad how long the wait times are. 
Good luck to everyone. As unfortunate as it is, I'm glad to hear we were not the only ones mislead by our attorney, who had told us that this entire process from I-130 submission until the end would be 6-8 months....it has been over a year since we applied and we still have not received an interview date. 

6 minutes ago, CycleSS said:

I have to admit I do not know who created/owns this doc but I found it in the threads.  It will give you the sad truth to set your expectations.  On a positive note, it does seem that the trend is getting better the last few months... 
https://docs.google.com/spreadsheets/d/1LvnDvX95_tfWtTvsJJM49PDPPvPKal0WG2rgdZHhsz0/htmlview#

Thank you for sharing this. And yes it is definitely sad how long the wait times are. 
Good luck to everyone. As unfortunate as it is, I'm glad to hear we were not the only ones mislead by our attorney, who had told us that this entire process from I-130 submission until the end would be 6-8 months....it has been over a year since we applied and we still have not received an interview date. 

Hi Everyone,

I am new to these forums. Can I be added to this group? Our CC was Nov 18 2019. Awaiting interview in Montreal for IR-1. Does anyone have an idea of current interview waittimes? Thank you!

Hello! May I be added to waiting for interview group? My CC was Nov 18 2019. 

Thanks!