Retirement To Canada

[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

[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.

[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?

[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]

Found your reply to this in another post- thanks.