Just moved from US to Canada -- can I do anything tax advantaged this year?

[FLBiker]

We are US citizens and Canadian Permanent Residents who just (3 weeks ago) moved from Florida to Nova Scotia.  We have ~$120,000 in proceeds from our US house sale, and I'm not sure what to do with them.

Originally, I was thinking I'd max my 403b and 457 contribution (I still work for my US employer) but I've since learned that I'd effectively be double taxed, as Canada wouldn't recognize it as non-taxable this year, and I'd also be taxed on the withdrawal (since they're both pre-tax accounts).  And I know I can't do any Roth IRA contributions post-move.  Would a Traditional IRA contribution make sense, or is it the same as the 403b / 457?  Finally, I understand that I won't have any space in my RRSP until January 1.

Am I missing anything, or is there nothing tax advantaged for us to do until January?  Thanks!

[FIRE Artist]

None of your existing assets are taxable in Canada, only earnings from the day you move to Canada forward, sale of a previously owned property would not be taxed here unless you held onto it long enough to appreciate in value after you moved.

[FLBiker]

Thanks, that was my understanding as well.  I'm just not sure what to do with the proceeds on the house sale -- I'd like to put them somewhere tax advantaged (either US or Canada) but, since we've already moved, it seems I risk double taxation in a US vehicle, and I don't have space in any Canadian vehicles yet.  Owell.

[Goldielocks]

Your challenge is that the US won't recognize TFSA's or RESP's as tax sheltered trusts, so even if you can set those up, you may hit a US tax return nightmare scenario.  (RESP's are possible for US / Cdn citizens, but the trust paperwork to file for the USA is on the heavy side and not usually worth paying someone to fill and file it if you can't do it yourself).  A pension and RRSP's are recognized by the US as tax shelters, but won't give you room until next year. 


Those two accounts (RESP / TFSA) would be two good places to start if you renounced the US citizenship or won't file US tax returns in future.
OR
 
You can open an RRSP and over contribute up to $2k into it, although you won't build up more room until next year.

OR

Another consideration is to buy something with capital gains, that won't incur taxes until the year you choose to sell.  Buy it in a taxable account.  If you then choose to sell in a low income year, it works out. 
Or
You put the gains into the future RRSP and shelter them from tax that year.  This buys you time until you have RRSP room.

[FLBiker]

Thanks!  I think I'm just going to buy some US domiciled ETFs in a taxable account and not worry about it.  I might keep some in cash to use it for the RRSP next year.