Whether you are a Canadian returning to Canada to live permanently or a US citizen being transferred to Canada for employment you will need a plan in place to help you manage the myriad of tasks required and to ensure you get the best return for your time, effort and expenses. Contrary to common perception planning for a move north across the US – Canadian border is not necessarily the reverse of a move south. Some of the broader issues are similar, but the procedures and solutions often differ.
Common issues are:
- Should I consider giving up my US citizenship or green card?
- What are the tax implications of keeping my investments in the US?
- How will my US investments be taxed in Canada?
- What strategies should I employ regarding the liquidation of any US investments?
- Will I still be eligible for US Social Security? How will these benefits be taxed?
- How will my US pension benefits, stock options, or deferred compensation arrangement be affected by my move?
- Would it be advantageous for me to set up a pre-entry trust before leaving the US?
- What forms do I need to file with the IRS prior to departure?
Immigration, Cash Management, Insurance, Retirement Planning, Investment and Estate Planning issues all need to be addressed in a good cross-border plan. KeatsConnelly has been helping clients do this successfully since 1990.