Author Topic: Calculating financial impact of moving to Canada from United States?  (Read 1705 times)

Cottonswab

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I am currently considering moving to Canada (specifically Alberta), while remaining a United States citizen.  However, I am struggling with estimating the financial consequences of the move.  If you know of any resources that will help with will help with calculating the financial impact, please reference them in this thread.

My main issue is with taxation.  I am struggling to find good references on the main tax considerations.  Most of my assets are in 401ks or taxable US brokerage accounts, and it is not clear to me how these will be taxed, when I am a Canadian resident.  It is also not clear how Canadian retirement savings accounts will be taxed by the US.

I have also heard that Canadian residents that leave Canada after 5 years must pay a tax on their net worth, when leaving Canada.  However, I cannot find any mention of this when I google "Canadian Departure Tax".

ak907

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Re: Calculating financial impact of moving to Canada from United States?
« Reply #1 on: December 10, 2014, 11:37:32 AM »
This is a very interesting question, and something I have frequently wondered about. I am afraid I don't have any useful input for you.

HopefulMustachian

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Re: Calculating financial impact of moving to Canada from United States?
« Reply #2 on: December 10, 2014, 12:48:01 PM »
I am also looking for very similar advice! My boyfriend and I are planning on moving to Toronto from NYC. He is an American citizen (I sponsored him for permanent residency in Canada) and I am Canadian. We have the same questions regarding moving our 401Ks, assets, etc. Please help!

EfficiencyNerd

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