Retiring in Canada
Moderator: Mark T Serbinski CA CPA
Retiring in Canada
My husband, daughter (14 yo), and I would like to move from California to Victoria, BC this summer. My mother was born in Canada so I believe I am eligible for citizenship via descent, although I haven't submitted the documents yet. We are retired with income from Social Security and a pension (~$100K USD, annually). As we will be paying taxes in Canada, how does the tax system view income from different sources (SS vs. pension)? In other words, will we be taxed at the same rate regardless of income source? Are there tax breaks for families with underage children or adults over 70 yo (my husband)? What percent will we pay (approximately)?
Too variable to say. There are online rate calculators that you can use. All te income will be treated the same, except for 15% of your SS which would be tax-free.
Children are generally not tax breaks in Canada. You will essentially pay the Cdn tax rate on all your income. Some will be paid in US, most in Canada.
Your family would need to officially immigrate (you would need to sponsor them) to move.
Children are generally not tax breaks in Canada. You will essentially pay the Cdn tax rate on all your income. Some will be paid in US, most in Canada.
Your family would need to officially immigrate (you would need to sponsor them) to move.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 