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David, have you ever discussed the issue of US citizens retiring in Canada in any email/article. Basically if it would be a smart move financially from taxation/cost of living perspective if the person was looking at living of interest income only.
Thanks for your time
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david ingram replies:
US citizens cannot retire to Canada. There is no method if they are not taking a job. With our point system, I do not qualify to retire to Canada at age 61 and neither does our Premier Gordon Campbell.
Likewise, Canadians can not retire to the US.
However, Dual citizens can return. They ALWAYS pay more tax to Canada because we will tax their US social security and the US does not usually tax them (depending upon their income).
I have several older couples where one is the citizen and they are keeping themselves at the border and trying to spend enough time in the US to avoid being Canadian Residents for tax purposes.
Ask me again in July. I have over 300 unanswered current questions that I can't get at.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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