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Saving account in US after moved to Canada on PR

Johnparker

Full Member
Apr 1, 2016
23
1
Hi there,

I moved to canada on jan 2019 and this is my first year in canada. I lived in US for 10 yrs on H1B. I was saving for my home Down payment and that saving account is in US.

Do i need to declare saving money in canada during first time tax filing ?

Do i need to declare my retirement plan 401k and roth IRA during tax filing in canada for first time ?

Please share your experience , feedback

Thank you
 

subodhp

Hero Member
Jun 19, 2019
873
147
Toronto
Hi there,

I moved to canada on jan 2019 and this is my first year in canada. I lived in US for 10 yrs on H1B. I was saving for my home Down payment and that saving account is in US.

Do i need to declare saving money in canada during first time tax filing ?

Do i need to declare my retirement plan 401k and roth IRA during tax filing in canada for first time ?

Please share your experience , feedback

Thank you
Yes, you have to declare your global income to Canada and claim tax treaty benefits from other countries.
 

Hurlabrick

Champion Member
Sep 4, 2016
2,361
565
Ottawa, ON
Visa Office......
London
App. Filed.......
23-06-2016
AOR Received.
12-07-2016
File Transfer...
23-08-2016
Med's Done....
08-06-2016
Passport Req..
21-12-2016
VISA ISSUED...
24-12-2016
LANDED..........
11-04-2017
Hi there,

I moved to canada on jan 2019 and this is my first year in canada. I lived in US for 10 yrs on H1B. I was saving for my home Down payment and that saving account is in US.

Do i need to declare saving money in canada during first time tax filing ?

Do i need to declare my retirement plan 401k and roth IRA during tax filing in canada for first time ?

Please share your experience , feedback

Thank you
Yes. Declare it with CRA tax filing using form T1135.
 

Johnparker

Full Member
Apr 1, 2016
23
1
Yes. Declare it with CRA tax filing using form T1135.
Thank you for your feedback.
Those are my saving after tax in US. I have already paid taxes on those money .

Do I need to pay taxes on my saving in US if I declare it using T1135 ?

Thanks,
 

Johnparker

Full Member
Apr 1, 2016
23
1
Yes, you have to declare your global income to Canada and claim tax treaty benefits from other countries.
Thank you for your feedback.

I moved to canada this year in 2019. so my tax year will be 2020 when I will be paying income tax in canada.

So, Do i need to declare 401k/rothIRA/ Saving amount during tax filing or During middle of 2019 ?

Thanks,
 

Hurlabrick

Champion Member
Sep 4, 2016
2,361
565
Ottawa, ON
Visa Office......
London
App. Filed.......
23-06-2016
AOR Received.
12-07-2016
File Transfer...
23-08-2016
Med's Done....
08-06-2016
Passport Req..
21-12-2016
VISA ISSUED...
24-12-2016
LANDED..........
11-04-2017
Thank you for your feedback.

I moved to canada this year in 2019. so my tax year will be 2020 when I will be paying income tax in canada.

So, Do i need to declare 401k/rothIRA/ Saving amount during tax filing or During middle of 2019 ?

Thanks,
My tax adviser has declared my overseas investments / assets in my first FULL YEAR Canadian tax return. Canada tax year runs calendar years, I arrived in Nov 2017, did a partial year tax return for 2017, then declared my overseas assets on T1135 which was sent in with my first full year tax return for 2018 (actually sent in around eo Feb 2019)
 

Johnparker

Full Member
Apr 1, 2016
23
1
My tax adviser has declared my overseas investments / assets in my first FULL YEAR Canadian tax return. Canada tax year runs calendar years, I arrived in Nov 2017, did a partial year tax return for 2017, then declared my overseas assets on T1135 which was sent in with my first full year tax return for 2018 (actually sent in around eo Feb 2019)
Thank you for sharing your experience.

I moved to canada on Jna 2019 and My first full year canadian tax return will be before April 2020 . so i think during that time when i file my personal tax return , i need to declare assets/invenstment on T1135 . Am I right ?

I am also in-search for good accountant to do tax filing. would appreciate if you can share some good contacts ?
Thanks,
 

Hurlabrick

Champion Member
Sep 4, 2016
2,361
565
Ottawa, ON
Visa Office......
London
App. Filed.......
23-06-2016
AOR Received.
12-07-2016
File Transfer...
23-08-2016
Med's Done....
08-06-2016
Passport Req..
21-12-2016
VISA ISSUED...
24-12-2016
LANDED..........
11-04-2017
I moved to canada on Jna 2019 and My first full year canadian tax return will be before April 2020 . so i think during that time when i file my personal tax return , i need to declare assets/invenstment on T1135 . Am I right ?
Yes.

I cant recommend anyone specifically, just avoid basic tax fillers like HR Block and go for a proper tax accountant.
 

canuck_in_uk

VIP Member
May 4, 2012
31,515
7,000
Visa Office......
London
App. Filed.......
06/12
Thank you for sharing your experience.

I moved to canada on Jna 2019 and My first full year canadian tax return will be before April 2020 . so i think during that time when i file my personal tax return , i need to declare assets/invenstment on T1135 . Am I right ?

I am also in-search for good accountant to do tax filing. would appreciate if you can share some good contacts ?
Thanks,
New immigrants do not complete a T1135 for the tax year in which they establish residency, which is 2019 for you. You will start completing a T1135 when you file your 2020 tax return in 2021.

Also, individual tax years run Jan 1 to Dec 31. Your first full tax year is the first year in which you are a tax resident from Jan 1 to Dec 31, so 2020.
 

Johnparker

Full Member
Apr 1, 2016
23
1
New immigrants do not complete a T1135 for the tax year in which they establish residency, which is 2019 for you. You will start completing a T1135 when you file your 2020 tax return in 2021.

Also, individual tax years run Jan 1 to Dec 31. Your first full tax year is the first year in which you are a tax resident from Jan 1 to Dec 31, so 2020.
Thank you for your feedback.!!

1. My residential-tie in canada has been established in Jan 2019 when i moved. In Jan 2019, i got my SIN number, bank account in canada and health card. I was in US for 10 yrs on work-permit visa. so my question :
Isn't 2020 my full year tax filing year ( as I am doing job in canada during 2019 and paying taxes of Jan 1 2019 to Dec 31st 2019) before April 2020. ?

Do I need to wait till 2021 to file T1135 ?

Thanks!
 

canuck_in_uk

VIP Member
May 4, 2012
31,515
7,000
Visa Office......
London
App. Filed.......
06/12
Thank you for your feedback.!!

1. My residential-tie in canada has been established in Jan 2019 when i moved. In Jan 2019, i got my SIN number, bank account in canada and health card. I was in US for 10 yrs on work-permit visa. so my question :
Isn't 2020 my full year tax filing year ( as I am doing job in canada during 2019 and paying taxes of Jan 1 2019 to Dec 31st 2019) before April 2020. ?

Do I need to wait till 2021 to file T1135 ?

Thanks!
Again, the tax year runs Jan 1 to Dec 31. As you moved to Canada in Jan 2019, you will not be a resident for the entire 2019 tax year. You would have had to have moved in 2018 in order to have been considered a resident for the full tax year of 2019.

Your first full tax year will be 2020. You will file your 2020 return with a T1135 in 2021.
 

Johnparker

Full Member
Apr 1, 2016
23
1
Again, the tax year runs Jan 1 to Dec 31. As you moved to Canada in Jan 2019, you will not be a resident for the entire 2019 tax year. You would have had to have moved in 2018 in order to have been considered a resident for the full tax year of 2019.

Your first full tax year will be 2020. You will file your 2020 return with a T1135 in 2021.
Thank you again. !
 

Alex54321

Hero Member
Jul 28, 2017
366
85
USA
Category........
FAM
App. Filed.......
20-10-2017
AOR Received.
01-12-2017
Again, the tax year runs Jan 1 to Dec 31. As you moved to Canada in Jan 2019, you will not be a resident for the entire 2019 tax year. You would have had to have moved in 2018 in order to have been considered a resident for the full tax year of 2019.

Your first full tax year will be 2020. You will file your 2020 return with a T1135 in 2021.
You did not answer the original question about reporting and taxation of 401K and Roth IRA plans for 2019 tax year in 2020.

I know that 401K plan is retirement account and is not taxable in Canada by US/Canada treaty, but this is not a case with Roth IRA (as far as earning )....
 

canuck_in_uk

VIP Member
May 4, 2012
31,515
7,000
Visa Office......
London
App. Filed.......
06/12
You did not answer the original question about reporting and taxation of 401K and Roth IRA plans for 2019 tax year in 2020.

I know that 401K plan is retirement account and is not taxable in Canada by US/Canada treaty, but this is not a case with Roth IRA (as far as earning )....
Because I have no idea. Seek out an accountant experienced in cross-border accounting.