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Dear Sir,
What are the requirements for a dual citizen to move back to Canada after 30 years of employment in the United States?
Sincerely,
E H
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david ingram replies
There are no restrictions. As a Canadian citizen, you may return to Canada anytime you desire. Just make a big list of all your possessions, call the moving company and show up at the border.
AFTER you arrive in Canada, you will have to apply for a Provincial Driver's licence and the Provincial medical plan.
When it comes to income tax, as a US citizen you will hae to continue to file a US return while living in Canada. You will pay the US 15% on any company pensions or monthly annuity payments, 10% on any interst and 15% on any dividends.
Canada will then give you full credit for the taxes paid to the US.
To adjust the taxes to the 10 and 15% level mentioned above, one must file a form 1116 and check off the box which refers to the "adjusted by tax treaty" category.
It is unlikely that you can figure this out yourself (It took me fifteen years to figure it out). Send the paperwork to us and we can look after it for you.
Interestingly, it is not unusual for us to get back $10 or 15,000 in refunds for US citizens who receive large corporate pensions from teh US and are paying the US 23 or 28% tax and only getting a 15% credit from Canada. We can go back three years.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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