Moving from Canada to US (Tax advice re TFSA and Condo)
Hi everyone,
I’m moving from Toronto to New York in February for a new job and could use some advice on handling my finances before the move. Specifically:
- Condo Purchase and Rental:
- I’m considering buying a condo (I’ve found a great deal) and renting it to my brother until he leaves Canada.
- If I declare myself as a non-resident for tax purposes, I understand I’ll have to pay withholding tax on rental income.
- Are there any other tax implications I should be aware of (e.g., capital gains, reporting requirements)?
- TFSA:
- My plan is to transfer my Questrade TFSA holdings to a margin account and then transfer them in kind to a U.S. brokerage to avoid selling the stocks. Is this the right way of thinking about it?
- What should I keep in mind regarding taxes in the U.S. on these investments?
- RRSP:
- I’m unsure what the best course of action is for my RRSP. Should I leave it as is, or is there a better strategy for cross-border situations? I am planning to liquidate most of it for my condo purchase anyway.
I’ve tried reaching out to cross-border tax consultants, but most charge $300-$350 for a consultation. If anyone has gone through a similar situation or can recommend resources or a good tax accountant, I’d really appreciate your help. Thanks