If I become a PR midway thru this year, where do I file 2010 taxes???

bonacker

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If I become a PR midway thru this year, where do I file 2010 taxes???

« on: April 03, 2010, 11:42:31 am »

Hi gang,

So I'm a U.S. citizen. But I'm fairly confident that my Canadian permanent residency will be approved sometime in the next couple of months.

I'm trying to figure out where I will be filing taxes for 2010.

Anyone know how this works?

THANKS SO MUCH!


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PMM

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Re: If I become a PR midway thru this year, where do I file 2010 taxes???

« Reply #1 on: April 03, 2010, 12:05:00 pm »

Quote from: bonacker on April 03, 2010, 11:42:31 am

1. US citizen have to file taxes where ever they live. Canadian PRs also have to file taxes where ever they live. You will not be subject to double taxation as any taxes paid in the US will be a credit on your Canadian taxes. You wouldn't have to file Canadian taxes until April of 2011.


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PMM

bonacker

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Re: If I become a PR midway thru this year, where do I file 2010 taxes???

« Reply #2 on: April 03, 2010, 12:07:50 pm »

super-helpful! thanks!

(i as imagining having to pay twice.... heh heh. so this is a big relief.)


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AllisonVSC

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Re: If I become a PR midway thru this year, where do I file 2010 taxes???

« Reply #3 on: April 04, 2010, 09:18:56 am »

PMM,

Quick question on this topic related to my situation. I became a PR in November 2009. I've earned no money in Canada and so planned only to file my taxes in the US. Do I need to file in Canada as well for 2009?
Thanks, Allison


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PMM

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Re: If I become a PR midway thru this year, where do I file 2010 taxes???

« Reply #4 on: April 04, 2010, 12:32:24 pm »

Quote from: AllisonVSC on April 04, 2010, 09:18:56 am

1. I would, as you will probably get a HST/GST tax credit.


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PMM

toby

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Re: If I become a PR midway thru this year, where do I file 2010 taxes???

« Reply #5 on: April 04, 2010, 07:43:31 pm »

Also, remember that in your Canadian tax return you report only income earned from the day you land.

If you have any investments (houses, stocks, bonds etc,) establish a value for them on the day you land in Canada. That value becomes your ACB (adjusted cost base) and only increases over that ACB are taxable(when the gains are realized by selling). All this is probably not new to you, but in the excitement of preparing to come to Canada, some people forget to establish the ACB.


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