Canadian with Green Card. Should I get dual citizenship?

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jonliscdn
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Joined: Thu Aug 31, 2017 8:44 pm

Canadian with Green Card. Should I get dual citizenship?

Post by jonliscdn »

I'm a Canadian and a US green card holder. I've been living in the US for 17 years. I'm married to an American and I have two young American children. I own nothing in Canada but I will be receiving an inheritance from Canadian relatives of $100,000. Are there any tax implications if I decide to become a dual citizen?
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stewak2
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Joined: Mon Sep 18, 2006 2:47 pm

Post by stewak2 »

If you plan to live in US forever, probably not. If you ever move back to Canada as a US Citizen, you are stuck filing US taxes forevermore. Makes it impractical or difficult for things like RESP, TFSA.
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nelsona
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Location: Nowhere, man

Post by nelsona »

Since your spouse is already US citizen, there is little advantage to remaining on GC. Get your US citizenship, and you can always revoke it later. Cheaper than renewing GC every 10 years.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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Mark T Serbinski CA CPA
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Post by Mark T Serbinski CA CPA »

One further advantage of US citizenship is that tax free transfers between spouses on death are only available if both spouses are U.S. citizens.
Mark
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