Stay a permanent resident or become a citizen?

quebecinmo · Post by **quebecinmo** » Tue Dec 16, 2014 6:57 pm

Hi, I've been living in the US for over 15 years. I work here (or there depending which side of the border you read this from), live here and I'm married to a US citizen.

I've worked for many years in Canada (Quebec) before the ultimate move. Now that I'm eligible for US citizenship (I've been for quite a while according to their requirements), I'm not quite sure what happens next with my Canadian retirement funds, my house in canada, my Canadian social security (that will hit in a few years).

I need help and advices. I'm established in the US and have full time employment. I pay my taxes and social security, have retirement plans, myself and with my spouse. I did my last Canadian tax return the last year that I had revenue in Canada, none since 2003 I think.

I got bits and pieces of information and now, I'm lost. I understand all the immigration side. It's the past money/belonging part I'm not sure of.

Any help or advice would be appreciated.

Personal consultation accepted :-D

Thank you :)

nelsona · Post by **nelsona** » Tue Dec 16, 2014 7:39 pm

Do you have kids. If so, then it is in your best interst to have the same citizenship as them and your spouse.

Nothing "happens" to all the things you mention that would be any different than if you didn't get citizenship.

quebecinmo · Post by **quebecinmo** » Fri Dec 26, 2014 12:04 pm

My question is do I have to liquidate all my Retirement funds in Canada and pay the taxes now? And transfer these funds to the US?

Or can I wait and take money out slowly at retirement?

Also, I have a house in Canada. I had it long before I moved to the US. It would be hard to sell and put my mother on the street!

My wife children are american. We are re-married and I don't have children of my own.

Thank you for your help and Happy holidays!

nelsona · Post by **nelsona** » Fri Dec 26, 2014 1:41 pm

That is a tax question for the other forum, but no, you do not have to liquidate anything.

As I said, nothing "happens", same as now.