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My
question is: US-specific
QUESTION: I am a Canadian citizen, however, for the past 4 years I have been living and working overseas. I would now like to return to North America and am contemplating a job offer in washington state. The problem is that if I accept the offer I would like to buy a home and live there for many years, but does this mean that all the savings I have will be taxed (some are in Canadian RRSPs)? If so, what can be done ---------------------------------------------------------------------------
1. Canada loves taxing people who return after four or
five or seven supposedly tax-free years in places like the middle east.
Your going to live in Washington State will almost
guarantee that you will not be attacked by the CCRA.
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However, once, you move to the USA, you are taxable on
your world income including any bank accounts in Malta, rental condos in Cabo
San Lucas and RRSP accounts in Canada.
The rental Condo and Malta
bank accounts are taxable with no exceptions. However, the internal
earnings of the Canadian RRSP accounts can be exempted until withdrawal under
Article XXIX.5 of the US / CANADA Income Tax Treaty (1980) with its amending
protocols.
Our office looks after both US Visas and prepares the US or
Canada or US/Canada income tax returns which result.
david ingram
the CEN-TA Group
US / CANADA Tax And Immigration Matters
(604) 913-9133 Fax (604) 913-9123
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