Need Clarification Regarding Canada/US Taxes :-(

[AmericanLady]

Hello,

I recently gained Canadian permanent residency and will be moving to Ontario in the beginning of October. I am also a US citizen as well.

My US employer wants me to stay on as an independent contractor, so I will be working remotely from Ontario.

Since my status is changing from full-time to independent contractor, I have some questions about how it will impact my tax situation:

1. For the year of 2016, I will be working for approximately 3 months (October-December) as an independent contractor for my US employer remotely from Ontario. So when I file my taxes for 2016, what income amount would I put for my Canadian taxes?

2. How would this impact my US taxes since I am changing status in the middle of the tax year (full-time to independent contractor and also relocating to Ontario)?

Any help would be greatly appreciated!

Thanks.

 

[paras1991]

Cross border taxes is a complex issue. You can contact this firm 905-669-4470. ..If you like you can give my reference >.paras.. as a Canadian resident you are taxed on world wide income. However as you will be filing US taxes too, you will get foreign tax credits...

 

[AmericanLady]

Thanks for the response Paras!

If anyone has gone through something similar, I would love to hear about your experiences as well.

Thanks in advance