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QUESTION:
Hello,
My wife and I are Canadian citizens and have been living and working in the USA exclusively since Oct 1998 using TN and H1B visas. We are now moving back to Canada, and I would like to know what financial implications will there be. We both have 401ks and Roth IRAs (which we plan to keep until retirement -we are both 32), and we have sold our US house for a profit of about $90k which we plan to use as a down payment on a house in Canada.
Thank you
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david ingram replies
Your US house profit is tax free providing you lived in it for two years out of the last five.
Keeping your US 401K's and the IRA's in the US is likely a good idea. the US is an extremely strong economy although Canada is strong as well and I personally think Canada will outperform the US in the next couple of years.
However, do NOT run out and buy RRSP's when you get to Canada. Work on getting your mortgage deductible ASAP. Goto www.centa.com and read the Nov 2001 Newsletter. It gives four or five methods you can use.
Rather than an RRSP, consider a leveraged purchase of a portfolio and use the dividends to pay down your mortgage and then borrow the money on the new equity in your house to buy the dividend stock.
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