Moving back to Canada next year - anything I should do this year?

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kcamp
Posts: 1
Joined: Thu Jul 28, 2022 12:35 pm

Moving back to Canada next year - anything I should do this year?

Post by kcamp »

I am a Canadian citizen currently working in the US (Washington) for the past 4 years, and I am thinking of moving back to Canada (BC) next year sometime.

My question is pretty generic, is there anything I should be thinking about doing before I move with respect to taxes, either this year or next year before I leave the US?
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moving back to Canada next year - anything I should do this year?

Post by nelsona »

Think aboy\ot moving any IRAs or 401(k) to Roths, paying the US tax now, and making that money tax-free forever.

Also, if you have RRSPs, think of collapsing them at 25% tax, before returning to canada.

Sell any losing US stocks just before leaving US.
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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