Hi everyone.
we are dual citizens usa /cdn ...moving back to Canada next yr, still in the planning stages , i just want to be a bit more education on topics,
we will be meeting was a crossboarder accountant , but I would like to have some insight for my own self comfort.
I know we have file fed taxs for ever , and report our foreign accts with IRS and CRS ,
The FBAR is confusing to me I know its says if the amt is 10k usd or more than we report,
but just say we transfer 20k from our usa acct to our cdn acct for our daily living expenses for the whole yr, we pay bills, expenses etc
then we realize we have only have a few thousand $$ in our cdn acct and need more money to be transferred to pay for daily needs, so we transfers another 4k..............would we report 20k on the fbar or would we report 24k
I want to be as transparent as possible.
I think the first yr we will have to report form 8938 when we transfer the funds for our new home in Canada, looking at homes 450k cdn we will pay off the house in cash.
btw , is it best to transfer the money while we are still in usa or do we inform our bank to usa to transfer the money to Canada once we have found our new home ?????????
we have a home in USA which is paid for, we will sell this home before we move, and this money will pay for our new home in Canada.
sorry for rambling on and on, this is all very new to me, I just want to educate myself before we move, and can be very very intimating, for instance exporting then importing our cars at the boarder !!
I had no idea..after researching I have a contact already its not as scary as i first thought, also the whole moving process, again after extensive research I have 3 international movers in my contacts, the list is endless of things to do, but I know it will all be worth it when we move back home to Canada.
The to do list is growing, but I have a yr to go before we move, which may seem way ahead on planning but that is how I go about everything.
so please forgive if my FBAR question seems like I have no idea, like I said I am just trying to educate myself, I know the expensive crossborder we hire will know what to do, but its nice having a bit of knowledge.
I have learnt so much from this site, been following for many years, its one of the main reasons why we paid off the mortgage and own our home paid in full, maxing out 401ks IRAs roths ...therefore making our move back home possible...thank you so much !