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Canadian living in the US. Didn't tell my Canadian bank I moved and they sent me a T5. How do I declare it on my US taxes?

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athaca

New member
I'm in California. I lived in the USA all of 2018. I'm from Canada though and I made some money in my Canadian/RBC direct investing account from my stocks in dividends in 2018.

My Canadian bank has no idea I moved to the USA, so they sent me a T5 slip which is Canada's version of a 1099-DIV.

I think I have to only file in the USA since that's where I'm now a resident, and some how have to get RBC to fix it (can't go into a branch but I'm trying to call, I think they're busy on weekends) But I wanted to check here to see what you guys think I should do?

The dividends I made aren't a whole lot, maybe around 1,500 USD or so. Ironically most of it is from American stocks, which my Canadian bank might see as foreign income if they think I live in Canada still?
 


Taxing Matters

Overtaxed Member
But I wanted to check here to see what you guys think I should do?
Since you were present in the U.S. for all of 2018 you likely meet the substantial presence test and thus would be considered a U.S. resident for federal income tax purposes. The dividends you received would therefore be taxable income to you on your U.S. federal income tax return. That gets reported on Schedule B of Form 1040. Note that it's important that you report your ownership of foreign accounts at the bottom of that form. That Schedule is an attachment to the Form 1040, and the total dividends will carry over to line 3 of the Form 1040.

I don't know if the dividends are taxable in Canada. My understanding is that Canada does not tax its citizens on income they get from outside Canada once they have been resident outside Canada for some period of time, but I don't know how long you have to be outside of Canada for that. Note that if you do have to pay Canadian tax you can claim a foreign tax credit on your U.S. return for that.
 
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