Wondering if anyone here has experience with filing taxes in Canada after moving mid-year on H1-B status. Yes, I could pay a tax consultant potentially, but finding one who knows the details and doesn’t charge an arm and a leg seems tricky.
Would love to know what your considerations when filing taxes were - It looks like the easiest would be to file Canadian taxes first, and then subsequently use the foreign tax credit as a tax credit on the US return, since that is easier than the foreign earned income exclusion which requires filing an extension since you need to meet the 330 days of foreign (non US) presence in a 12 month period. In addition, it also looks like the CRA would also like a form to mention anything prior Roth IRA balances, to ensure that it stays tax exempt in Canada as well. ( Don’t see any such equivalent for a 401k, but this seems to make sense since your withdrawals on the 401k will get taxed anyway ). The one other thing that’s slightly unclear is how taxation works on stock that has been acquired in the US on H1-B, but hasn’t yet been sold.
Anything fundamental that I’m missing here?