From US To Canada
A lot of moving parts for US citizens considering a: "Move To Canada For Retirement Or Other Good Reasons" https://t.co/TSZ5QSPY2O
— Moving From The US To Canada (@FromUSToCanada) October 3, 2021
There is a huge increase in the number of US residents (mostly US citizens without Canadian citizenship) who wish to immigrate to Canada. (There is also a large number of Canadians living in the United States who are planning to move back to Canada. Those Canadians living in the United States on Green Card visas need to be careful to not trigger the 877A Expatriation Tax.) There are five stages in the journey for US citizen/residents to immigrate to Canada and eventually become Canadian citizens.
Citizenship Solutions is pleased to guide US citizens through as (Mitch Albom of “The Five People You Meet In Heaven” might say):
The Five Stages To Get You To Heaven:
Stage 1 – Immigration – Getting US Citizens To Canada
1. Seeking immigration status in Canada:
There are many different avenues. Not all options are available to all people. The goal is to help you achieve an immigration status that will lead to permanent residency. Permanent residency is a prerequisite to naturalizing as a Canadian citizen.
2. Resettlement Assistance:
Acquiring a house, credit cards, etc.
3. Seeking Canadian Accreditation For US Professional (example law) Licenses
Stage 2 – US Taxation In Canada And Dual Tax Residency
4. Understanding dual tax residency and what it will mean in your life:
US citizens are taxable on their worldwide income even if they live outside the United States. In addition, US citizens are actually subject to a separate and more punitive form of US taxation if they live outside the United States.
Canada also has a tax system that is based on worldwide income. You must understand “US Taxation Abroad” and how it will restrict your life opportunities.
5. Foreign Asset Reporting Requirements For Both The US and Canada. Both Canada and the US have extensive foreign asset reporting laws. All Canadian assets are foreign from a US perspective. US citizens who immigrate to Canada who leave assets in the United States will have reporting obligations in Canada.
Stage 3 – Investing, Financial Planning and Retirement Planning For US Citizens In Canada
6. Financial Planning For US Citizens Living As Tax Residents Of Canada
Stage 4 – The Final Step In Your Journey
7. Becoming A Canadian Citizen
Stage 5 – Relinquishing (Possibly) US Citizenship
8. There are both Immigration and US tax aspects (including the 877A Expatriation Tax) triggered by relinquishing US citizenship.