U.S. to Canada questions

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

By agreeing with you I was an #######.

Wow.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

I don't think we will need to worry about this guy anymore.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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Beetleman
Posts: 2
Joined: Mon Jan 17, 2011 7:50 pm

Retiring to Canada with US Retirement income

Post by Beetleman »

This may be early but I found this as I continue to plan for retirement which is still 5 years away. My spouse and I are planning to retire to Montreal in about five years. My spouse holds dual citizenship while I am American and so I'm planning on being sponsored and being a permanent resident. While we may also work (we'll still be younger at the time 55 & 49) our income will consist of my pension (est. $100K annually today) and withdrawals from our respective 401K and 403Bs. I assume that we would pay taxes first to the United States on this income and then Canada/Quebec on the difference. However, if I'm calculating correctly the taxes would be quite steep and possibly 50% or more including both the Canadian and Quebec taxes. I've also read that there are few deductions - mortgages, etc.

Are there some strategies to reduce some of the tax liability? Should our expectations be significantly more than they are here in California where we can deduct mortgage interest?
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