Top 5 Tax Issues for Canadians Moving to the U.S.
Moving to another country is the most significant tax event is most people’s lifetime. There are wins to be taken advantage of and traps to be avoided. Canadians often view the U.S. as a tax opportunity. In many ways that is true, but you may be able to increase the wins and avoid the traps with Andersen whose team is made up of specialists in cross-border tax.
From years of experience assisting clients with cross-border moves, we have identified five tax issues that consistently come up for individuals moving from Canada to the United States. These issues are:
1. Tax Residency
2. Canadian Departure Tax
3. Maximizing Tax Efficiency with Foreign Tax Credits
4. Canada Pension Plan vs. U.S. Social Security
5. Investments in Canadian Corporations
Taking the time to consider whether these issues apply to your situation may create significant tax opportunities and alert you to the need to take measures to minimize adverse tax consequences. To help you understand these issues, why they matter, when they might arise, and possible solutions you can download our guide:
The commentary in the guide is intended to highlight some relevant issues and does not constitute tax advice. Please contact Andersen to discuss your facts and circumstances if you are planning a move to the U.S.