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Aloha, I have an opportunity to take a position in London, Ontario. As an American citizen with residency in Hawaii, I will need to relocate my family. Generally, would I come out better financially if our family lived and worked in London or if we lived in Michigan and I commuted everyday to London? Mahalo,
XXXXXXXXXX
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david ingram replies:
If your sole income is from Canada, you will absolutely be better of living in Canada.
If your wife was to work in the US (as opposed to Canada) and / or, you had large investment income, you would be better off living in Michigan and commuting to Canada tax wise.
The extra cost of medical insurance for Michigan could skew the differences. To be sure, you should do pro-forma returns to determine the difference.
Add the cost of commuting and wear and tear on your car and psyche and the extra medical insurance ($5,000 a year US) to stay even.
I would be glad to do this (for a fee of course) if you should decide to go ahead.
Depending upon the age of your children and the time you intend to stay in Canada, their education will be much less expensive and in general terms, the University of Western Ontario and their MBA program in particular is one of the major universities anywhere.
Living in Canada will also give you the chance to apply for Canadian citizenship which is an economic advantage for anyone in terms of access to work.
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