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It's pretty common. Some people do it for tax reasons, some for reasons of personal belief. I've thought about it myself, but don't like the idea because it means, regardless of whether I have a Canadian passport, I don't actually have the right to enter the U.S. any more, where I grew up and all my family still live.
 
Hmmm. I plan on keeping my U.S. citizenship. I mean, it's part of my identity.
 
sounion said:
why would you renounce your US citizenship upon gaining Canadian citizenship? That's not a requirement.
Nope, it's by no means any kind of requirement, but rather not get double taxed, prefer to have as much arm's length from the US government as possible, and with every passing law/executive order, the noose just gets tighter on Americans living abroad. It's both financial and moral reasons. I don't find any benefit of retaining US citizenship after I acquire Canadian citizenship. If being a stateless person wasn't such a hassle, I'd have already renounced.