Thread for Returning Back to USA- after Canadian Citizenship

[palak.pandya]

Following this. Mainly want to understand how RRSP/TFSA will work if we move back to US. I still have a valid H1B and am continuing job with my H1b employer. Can i transfer my RRSP to my 401K?

 

[Rawhide]

Following this. Mainly want to understand how RRSP/TFSA will work if we move back to US. I still have a valid H1B and am continuing job with my H1b employer. Can i transfer my RRSP to my 401K?

The way I understand is you will have to withdraw from RRSP first which leads to : -

• withholding tax: The withholding tax varies depending on the amount withdrawn and your province of residence.
• income tax: Your withdrawals must be reported on your tax return as income. If your current income is higher than your retirement income, you’ll pay more taxes now.

RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. The current rate of RRSP withholding tax is 10% for withdrawals up to $5000, 20% for withdrawals between $5000 and $15000, and 30% for withdrawals over $15000.


Money cant be moved to 401 K as per my understanding. Essentially this becomes post-tax money.

 

[palak.pandya]

The way I understand is you will have to withdraw from RRSP first which leads to : -

• withholding tax: The withholding tax varies depending on the amount withdrawn and your province of residence.
• income tax: Your withdrawals must be reported on your tax return as income. If your current income is higher than your retirement income, you’ll pay more taxes now.

RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. The current rate of RRSP withholding tax is 10% for withdrawals up to $5000, 20% for withdrawals between $5000 and $15000, and 30% for withdrawals over $15000.


Money cant be moved to 401 K as per my understanding. Essentially this becomes post-tax money.

Thanks. However, if i am living in US and not Canada, i am not required to file a return in Canada. Does that mean, i will have to declare that as a income in my US return?

 

[Rawhide]

Thanks. However, if i am living in US and not Canada, i am not required to file a return in Canada. Does that mean, i will have to declare that as a income in my US return?

Depends on residency in that specific tax year. One more thing - you can't withdraw from RRSP as a nontax resident. It has to happen during your year of tax residency. The day you become tax non resident RRSP gets locked up - no contributions, withdrawls or changes.

 

[Tara]

Keep in mind that even if you dont have to file foreign income tax return, you still have to declare any foreign income on your US return. US Tax on worldwide income. If you have more than 10k USD equivalent in foreign accounts at any point during that tax year, you need to file something called FBAR aka FinCEN Form 114 alongwith return.

Depends on residency in that specific tax year. One more thing - you can't withdraw from RRSP as a nontax resident. It has to happen during your year of tax residency. The day you become tax non resident RRSP gets locked up - no contributions, withdrawls or changes.

 

[tfox72]

What do people think about doing a soft landing into the US on H1B? Can we cross the border to activate H1B before payroll has transferred? I dont want to sell my house and load stuff into a truck only to then face some issue at the border (since there is no stamping).

 

[harirajmohan]

What do people think about doing a soft landing into the US on H1B? Can we cross the border to activate H1B before payroll has transferred? I dont want to sell my house and load stuff into a truck only to then face some issue at the border (since there is no stamping).

Yes just soft land like how 1000z are doing first(doesnt matter if one is from US or not). Use the other threads to read about it.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/soft-landing-moving-to-canada.730891/page-16
https://www.canadavisa.com/canada-immigration-discussion-board/threads/automatic-visa-revalidation-avr-to-enter-usa.604996/page-28

Surely payroll or something else shouldnt be a problem for landing as its nothing to do with landing. Principal applicant should land first(if family members are landing separately).

Go back and settle things in US and move back.
Also you dont need to sell anything from US immediately - of course its based on your plan but one should assess if really need to sell. If you dont have anyone to maintain the house or cant afford multiple mortgage payments or cant rent then yes sell it.

 

[tfox72]

Yes just soft land like how 1000z are doing first(doesnt matter if one is from US or not). Use the other threads to read about it.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/soft-landing-moving-to-canada.730891/page-16
https://www.canadavisa.com/canada-immigration-discussion-board/threads/automatic-visa-revalidation-avr-to-enter-usa.604996/page-28

Surely payroll or something else shouldnt be a problem for landing as its nothing to do with landing. Principal applicant should land first(if family members are landing separately).

Go back and settle things in US and move back.
Also you dont need to sell anything from US immediately - of course its based on your plan but one should assess if really need to sell. If you dont have anyone to maintain the house or cant afford multiple mortgage payments or cant rent then yes sell it.

You didnt read my post. I am a Canadian citizen who wants to soft land into the US. I am moving from Canada to the US.

 

[harirajmohan]

You didnt read my post. I am a Canadian citizen who wants to soft land into the US. I am moving from Canada to the US.

Sorry, yes people first hit the border and get I94 before moving. You can explain that at the border that you want to get admitted today but will be moving after few days.
We never called softlanding on this side hence got confused.

 

[tfox72]

Sorry, yes people first hit the border and get I94 before moving. You can explain that at the border that you want to get admitted today but will be moving after few days.
We never called softlanding on this side hence got confused.

No worries, thanks! This is an uncommon scenario, but as more ex US folks get Canadian citizenship, this will become more common.

 

[harirajmohan]

No worries, thanks! This is an uncommon scenario, but as more ex US folks get Canadian citizenship, this will become more common.

Right. We too got I94 2 days before moving in. So it should not be a problem.

 

[myat]

Hi All seniors,

I am a Canadian citizen, senior electrical engineer, Master degree holder, TN visa holders. My wife and daughter are TD holders.

My Canada head office transfer me to Houston office under TN visa.
1) I have my US bank account
2) my office is going to move under my pay from canada to US bank
3) I just receive my Social Security Number (SSN)
4) my Canada office will transfer health insurance from canada office to US office.

other than above requirements, what doI still need or do I miss out something?

Questions
Q:1) What is the fastest way to apply green card? Under H1B: there are some quota for this category
OR
My office apply EAD card first then
labour market certificate--->I140 petition under EB2(employment base category 2) ---> I485? Which is better? (When I apply green card, I understand that my TN visa will effect as it is not dual intent visa). For this reason, I am looking for the best route.
Q:2) How can I get senior electrical engineer job in Houston? (I am a PE from Texas and P.Eng from BC, Canada, and I got the good job offer from Tacoma and Dallas but not from Houston). Any recommendations?

TIA

 

[harirajmohan]

Questions
Q:1) What is the fastest way to apply green card? Under H1B: there are some quota for this category
OR
My office apply EAD card first then
labour market certificate--->I140 petition under EB2(employment base category 2) ---> I485? Which is better? (When I apply green card, I understand that my TN visa will effect as it is not dual intent visa). For this reason, I am looking for the best route.
Q:2) How can I get senior electrical engineer job in Houston? (I am a PE from Texas and P.Eng from BC, Canada, and I got the good job offer from Tacoma and Dallas but not from Houston). Any recommendations?

Immigration is not fast (unless one marries the citizen).
Important is: Are you/spouse born not in India or not? Speed will be depending on it, if you/spouse not born in India/China
GC quota allocation is based on birth country, not based on your citizenship.

From H to gc would be easier but from TN to GC can be done with slowing speed. All these options are going to be done through your company. So you wont have choice and they will suggest on how and what way they will do. So first check with them.

https://travel.state.gov/content/travel/en/legal/visa-law0/visa-bulletin/2022/visa-bulletin-for-june-2022.html

 

[joeskc]

I am still way off to be eligible for Canadian citizenship but was just curious about this -
I had H1B and left US with 2 years remaining out of 6. My US company withdrew my H1B. Can I still utilize those 2 yrs? Is there a time limit till when it will be preserved?

 

[harirajmohan]

I am still way off to be eligible for Canadian citizenship but was just curious about this -
I had H1B and left US with 2 years remaining out of 6. My US company withdrew my H1B. Can I still utilize those 2 yrs? Is there a time limit till when it will be preserved?

H1 remaining period from those 6 years can be requested for sure. it doesnt matter whether you had it used or not(and doesnt matter if H1 is withdrawn).
"6 years minus Exact number of your days stayed in US" can be requested to get it approved from uscis whenever your new employer files petition.