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 »

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

Post by 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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
jack02
Posts: 2
Joined: Thu Apr 26, 2007 4:42 am

Post by jack02 »

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

Post by parravan »

[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 »

Found your reply to this in another post- thanks.
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