becoming a Canadian citizen - pros and cons

QUESTION: My wife and I have become permanent residents of Canada.  We are U.S. citizens considering citizenship in Canada because it has become our home. 

What are tax benefits/drawbacks to becoming a Canada citizen?   IRS is inescapable as an American you are deemed American no matter where you reside.   So I guess question is:

What tax liabilities/benefits come with dual citizenship versus benefits/liabilities of U.S. citizen as permanent resident of Canada?  

Have had no luck finding answer online...so really appreciate your help. 
Cheers,

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david ingram replies:

There are no tax benefits or negatives to becoming a Canadian citizen that I can think of after 43 years in this business.   If you leave Canada as a citizen and return to the US or move to France or Australia , you  do not have to file a Canadian return any more to report your world income, although if you have investments here and a very low income, you may want to file a return under Section 217 to claim larger exemptions and reduce the non-resident withholding tax on dividends, interest and pensions. (these differ according to the country you go to by the way).
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There 'are' great benefits in that you can go back to the US without fear of losing your Canadian status because you are gone too long.

You can vote.

You qualify easier for the provincial medical plan if you leave and want to come back.

You can find my treatise on dual citizenship at www.centa.com - click on the Oct 93 Newsletter - in the top left hand box.

Then find out about what yo have to do as a US citizen to keep the IRS happy by clicking and reading the Oct 1995 newsletter.  Note that form 8891 is now in use for the RRSP reporting so I better make an amendment to that one.

Last, read the 'US Canada Taxation' section in the second box down on the right hand side. �


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CEN-TA Cross Border Services - Tax, Visas, Immigration
http://www.centa.com/article.php/20070516113831424