Moving to Canada
Moderator: Mark T Serbinski CA CPA
Moving to Canada
My wife and I are solidifying plans to move back home to Canada. We'd be reneging our US citizenship in order to avoid double taxation. How would withdrawals from substantial US IRA savings be handled?
Re: Moving to Canada
They will still be taxed in US (assume 15%) and Canada (the rest). What you need to be concerned about is expatriation tax, on the wealth you have amassed when you give up citizenship.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: Moving to Canada
There is a way to pay all the amount to US and be clean when you move on to Canada? Because I don't know if even when you go to Canada, you have to pay taxes or something associated with it. If you've an answar for that I'll appreciate it man