US Bank accounts ?

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njdude26

Registered Users (C)
I will be moving to Canada in October after 8 years here in the US. What do I do with all the bank accounts/IRA/Stks in the US? I know the IRA should be fine because i dont have to file any taxes for that. Stks of course if i dont trade any then i dont file any taxes. But what about bank accounts some of them may earn interest even if i leave a very low amt here still i can incur taxes. right ? then if im canada for 3 years do i just continue to file for taxes from there ??!!

Anyone in the same situation ?
 
njdude26 said:
I will be moving to Canada in October after 8 years here in the US. What do I do with all the bank accounts/IRA/Stks in the US? I know the IRA should be fine because i dont have to file any taxes for that. Stks of course if i dont trade any then i dont file any taxes. But what about bank accounts some of them may earn interest even if i leave a very low amt here still i can incur taxes. right ? then if im canada for 3 years do i just continue to file for taxes from there ??!!

Anyone in the same situation ?
Click to expand...

Did u miss the answer I gave u or r u shopping around for any different answer? (regarding tax filing rule for the US tax return)...
 
no i did not miss it. This is a different case because im on a H1. Although i can keep the money here im not sure if i need to file my bank interest taxes as a NR. Just want to see if someone in a similiar situation and has closed all the bank accounts ?
 
Although i can keep the money here im not sure if i need to file my bank interest taxes as a NR. [/QUOTE]

I have answered this question too.

Anyways..I know that you feel more comfortable when u hear from more than 1 person.
 
Sorry

bigboy00 said:
Although i can keep the money here im not sure if i need to file my bank interest taxes as a NR.
Click to expand...


I have answered this question too.

Anyways..I know that you feel more comfortable when u hear from more than 1 person.[/QUOTE]

I have been posting too many Qs here and there so got confused. Now I went back to the thread you are referring to and yes you have answered my question
So I understand that you are suggesting that i should close my acounts. but if i keep it open in 2007 for the whole year if im a canadian resident I just file cdn taxes and claim it there and not wory about US taxes. correct ?
 
So I understand that you are suggesting that i should close my acounts. but if i keep it open in 2007 for the whole year if im a canadian resident I just file cdn taxes and claim it there and not wory about US taxes. correct?

Yes, that's right. I will check if I still have the link to that IRS doc - if I do, I will post it here so that you will know this rule for sure..
 
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