H1B

[bankisky]

My company has just downsized and I am currently interviewing for a new job. My present H1B is good till Aug. '04. I have been told I have two options:
i, Get a new job and return to Canada for a new TN.
ii, Get a new job, give my present H1B to the new employer and have them extend it.

Does anyone have a similar experience?

[immihelp]

If you are leaving your current job, you can not extend H1 with another employer. Extension is same employer always.

You can apply for new H1 through your new employer, which will be considered transfer of H1