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Giving up US citizenship tax question -

If I currently have dual citizenship, and I move back to Canada
giving up my US citizenship, is it correct that I will never have
to pay anyone tax on the gains that have built in my investment
account while in the US and will get a step up in basis as of the
date I enter Canada?
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david ingram replies:
If your client gives up their US citizenship, they are
immediately liable for a departure tax on their worldwide
holdings.
When your client comes to Canada, there is a step up in the value
of their world wide holdings.
And, if your client gives up US citizenship for tax reasons, they
are forever banned from visiting the US in the future for any
reason other than their own funeral - i.e. dead.
---------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
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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
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duties are expressly denied. All readers should obtain formal
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