Canadian Citizen returning to Canada to retire

dohayes · Post by **dohayes** » Tue Jan 23, 2018 1:41 pm

I have been living & working in the US since 2002 & have a green card. I am planning for an early retirement & return to Canada residency after I turn 62 on 10-30-2018. I currently own a home & have 403B investments. I will qualify for SS & CPP. I am trying to find out accurate info as I plan as to how I properly extricate myself from the US residency taxation when I return to Canada.

nelsona · Post by **nelsona** » Tue Jan 23, 2018 2:31 pm

To avoid future US reporting requirements (you will always face US tax on your US income, like your 403) you will need to:
(a) move out of US
(b) formally renounce your GC with DHS
(c) advise IRS that you are giving up residency, by filing exit tax forms and a final tax return.

Until then, you are subject to US reporting requirements, including FBAR,FATCA, 3520, etc.

nelsona · Post by **nelsona** » Tue Jan 23, 2018 2:32 pm

There are several threads on this. Look for "expatriation"