My wife and I are dual US/Canadian citizens and are contemplating relocating back to Canada from the US after an 11 year absense. This relocation (to Ontario) could be either a complete relocation or a situation where we spend more than 6 months in the US but work in Canada the rest of the time. There are RRSP's, a US residence and business assets involved, and future income will come from our owned businesses regardless of whichever country we end up calling our residence. Does your firm provide confidential cross border tax advice in such situations, and how is that advice priced? There is also the issue of Social Security, US Medicare, CPP and OAS, and how they could be maximized given that as of now we would fully qualify for Social Security and CPP and we could start drawing on them in about 7-8 years. Does your firm also provide that kind of advice? Thank you, -----------------------------------------------
david ingram replies:
This was buried in some 2,000 questions I have received and NOT answered in the last month.
If you are dual citizens and spend most of the time in the USA, you will be taxed on your world income (all of it) in teh US and on any earnings in Canada as a factual resident. Interestingly, you have picked the only province that allows you to take out provincial medicare and keep it al;ive by spending 153 nights in Ontario. Every other province requires more than 183 days which means that you are also taxable in Canada on your world income at that point.
I deal with all of the items you mention. �
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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