Dual citizen working in US (10 years) returning to Canada - implications?

[LadyJ]

I am a dual cIitizen who plans to return to Canada. I am trying to wrap my head around any big financial implications well in advance.

1. I plan to leave my 401K in a US firm (Vanguard) until I am required to receive payments (~10 years away). In your experience does this pose a problem for Canadian citizens living in Canada receiving US disbursements?

2. I am opening a CDN bank account in the city I plan to relocate to in Ontario - are there implications on the current USD to CDN dollar exchange (~25%) - i.e. will I need to claim this as 'income' this - even if I roll it over any 'income' generated (by the exchange rate difference) into a down payment for a mortgage in Canada?

2a. Are there limits to the USD funds I can transfer to my CDN bank account in a given time period? Basically I am populating the CDN bank account for a down payment for the mortgage in 2.

3. Because I will be leaving my US job to start my CDN job, will I only need to file taxes in both countries for the year of the transition? Or will I continue to file in the US - even with no employment 'income' - because of having my retirement savings / 401K in the US.

Thank you!

[nelsona]

1. You MUST check with Vanguard before leaving US to se if they will accept this, and you should get it in writing,

2. It could only trigger Cdn cap gains tax (and only depending on how long you held these US dollars and how much you 'paid' for them in Cdn $), but since you are not living in Canada, nothing to worry about,

2a. No

3, You will forever have to file US taxes, due to US citizenship.

[LadyJ]

Thank you!