Moving to Canada

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

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jcyr
Posts: 10
Joined: Mon Nov 07, 2016 9:12 pm

Moving to Canada

Post by jcyr » Wed Jul 01, 2020 2:01 pm

My wife and I are solidifying plans to move back home to Canada. We'd be reneging our US citizenship in order to avoid double taxation. How would withdrawals from substantial US IRA savings be handled?

nelsona
Posts: 16452
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moving to Canada

Post by nelsona » Wed Jul 01, 2020 2:17 pm

They will still be taxed in US (assume 15%) and Canada (the rest). What you need to be concerned about is expatriation tax, on the wealth you have amassed when you give up citizenship.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

carlosdiaz29
Posts: 2
Joined: Mon Jul 06, 2020 5:06 pm

Re: Moving to Canada

Post by carlosdiaz29 » Mon Jul 06, 2020 5:13 pm

There is a way to pay all the amount to US and be clean when you move on to Canada? Because I don't know if even when you go to Canada, you have to pay taxes or something associated with it. If you've an answar for that I'll appreciate it man

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