Moving back to Canada next year - anything I should do this year?

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kcamp
Posts: 1
Joined: Thu Jul 28, 2022 12:35 pm

Moving back to Canada next year - anything I should do this year?

Post by kcamp »

I am a Canadian citizen currently working in the US (Washington) for the past 4 years, and I am thinking of moving back to Canada (BC) next year sometime.

My question is pretty generic, is there anything I should be thinking about doing before I move with respect to taxes, either this year or next year before I leave the US?
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moving back to Canada next year - anything I should do this year?

Post by nelsona »

Think aboy\ot moving any IRAs or 401(k) to Roths, paying the US tax now, and making that money tax-free forever.

Also, if you have RRSPs, think of collapsing them at 25% tax, before returning to canada.

Sell any losing US stocks just before leaving US.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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