RRSP and RRIF Accounts:

RRSP and RRIF accounts maintain tax-deferred status in both countries when the appropriate treaty election is filed. Annual reporting obligations may still apply.

RESP, TFSA and FHSA Accounts:

These plans are not tax-sheltered for U.S. tax purposes. Income earned is taxable to the U.S. and may trigger additional foreign reporting requirements.

Principal Residence:

Canada generally provides a full exemption on the capital gain from the sale of a principal residence. By contrast, the U.S. allows an exclusion of up to US$250,000 for single filers or US$500,000 for married couples filing jointly, with any remaining gain potentially subject to U.S. tax.

Canadian Mutual Funds and ETF's:

When held in non-registered accounts or TFSAs, Canadian mutual funds and ETFs are often treated as PFICs (Passive Foreign Investment Companies) for U.S. tax purposes. PFIC rules can result in unfavorable tax treatment and require detailed, ongoing U.S. reporting.

U.S. Green Card Holders Living in Canada:What You Need to Know About Your Tax Obligations

U.S. Green Card Holders Living in Canada:
What You Need to Know About Your Tax Obligations