Since FACTA has been in the news all day, it has reopened my question about whether I should renounce US citizenship, as I do not picture myself working outside of Canada in the future.
Presently, all my US returns are up to date, and I would not be covered under the exit tax. As my earning have recently increased , this will not likely be the case for more than another year. My partner is a Canadian citizen only. If, in the future I were to decide to renounce, is there any strategy to transfer assets temporarily into his name to avoid the exit tax?
Also, from what I can understand RRSPs would be taxed fairly heavily in the exit tax plan. Should I factor this into my future investment strategies?
I was leaning towards keeping dual citizenship, but getting cold feet and am wondering if I'm at a now or never moment in terms of renouncing....
question about US exit tax, dual citizen living in Canada
Moderator: Mark T Serbinski CA CPA