I am US Citizen and my wife is Canadian and now a US Citizen. She is going to sponser me for Canadian Citizenship.......
For tax purposes...is it better to remain a US Citizen only and then have a summer home in Canadian? Or, If I become a Canadian Citizen are we subject to the higher tax rate in Canada? We will be retiring in a year or two.
Thanks
Canada or US
Moderator: Mark T Serbinski CA CPA
She can't really sponsor you for Cdn citizenship. She can sponsor you to become a Cdn permanent resident, and then you can become citizen after a qualifying period., a good part of which must be spent in canada.
http://www.cic.gc.ca/EnGLish/citizenshi ... bility.asp
But, hypothetically, if you would ever get Cdn citizenship, and then no longer lived in canada, you would not be taxable in canada on anything but Cdn-source income.
Cdn taxation is based on residence, unlike US, which is based on citizenship or residence.
http://www.cic.gc.ca/EnGLish/citizenshi ... bility.asp
But, hypothetically, if you would ever get Cdn citizenship, and then no longer lived in canada, you would not be taxable in canada on anything but Cdn-source income.
Cdn taxation is based on residence, unlike US, which is based on citizenship or residence.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing