Retirement To Canada

This forum deals with all aspects of immigration to Canada, landed immigrant status, work permits, etc.

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butlertl
Posts: 20
Joined: Sun Feb 12, 2006 9:01 pm

Retirement To Canada

Post by butlertl » Mon Mar 26, 2007 9:51 am

My wife is Canadian and living in the US with a Green Card. We are thinking about my retirement to Canada and moving to Canada in a couple of years. What are the Tax implications? Will my US Government Retirement check be taxed in the US with a Foreign Tax credit for Canada or Taxed in Canada with a Tax Credit in the US? Or, both? What about maintaining a Checking/Savings account in the US?

Any advice is appreciated.

Thanks
T Butler

nelsona
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Post by nelsona » Mon Mar 26, 2007 9:55 am

Your pension will be reported in both countries, taxed in US first, with credit given on your Cdn return. This might result in a little extra tax in Canada.

You can keep whatever ties you wish in US, except a US brokerage (non-retirement) account.

Assuming you are US citizen, I would suggest that your spouse persue US citizenship before she leaves US.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

jack02
Posts: 2
Joined: Thu Apr 26, 2007 4:42 am

Post by jack02 » Fri Apr 27, 2007 8:05 am

This answers a part of my question which was also playing in my minds except we are going to shift in the Netherlands. But please tell me I heard that there are some tax exemption benefits for the persons who are deemed to be the senior citizens and the age for that is 60 I suppose. So on the eve of retirement can i get some tax relief if I plan to migrate when am 60?
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parravan
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Joined: Wed Jan 09, 2008 9:24 pm

Post by parravan » Wed Jan 09, 2008 9:37 pm

[quote="nelsona"]Your pension will be reported in both countries, taxed in US first, with credit given on your Cdn return. This might result in a little extra tax in Canada.

You can keep whatever ties you wish in US, except a US brokerage (non-retirement) account.

Assuming you are US citizen, I would suggest that your spouse persue US citizenship before she leaves US.[/quote]


Hi
Why not a US brokerage account?
I'm thinking of moving to Canada but keeping US accts etc.
Thanks

parravan
Posts: 5
Joined: Wed Jan 09, 2008 9:24 pm

re:brokerage

Post by parravan » Wed Jan 09, 2008 10:05 pm

Found your reply to this in another post- thanks.

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