American Taxes Even While PR in Canada?

[spacedog30]

Hi, all..

I'm hoping someone here that has been in Canada for a bit as a permanent resident can help me. My wife (Canadian) just sent me some information that states that I may still have to pay American taxes once I permanently reside in Canada. That I will have to submit tax documents to both countries, even if I maintain dual citizenship or renounce my American citizenship and become a Canadian citizen.

Is any of that true, and if so..what will I be taxed on in the US? If I live and work in Canada, and am paying taxes there, what in the world would they be making me pay?

Thank you in advance..

 

[PMM]

Hi

Hi, all..

I'm hoping someone here that has been in Canada for a bit as a permanent resident can help me. My wife (Canadian) just sent me some information that states that I may still have to pay American taxes once I permanently reside in Canada. That I will have to submit tax documents to both countries, even if I maintain dual citizenship or renounce my American citizenship and become a Canadian citizen.

Is any of that true, and if so..what will I be taxed on in the US? If I live and work in Canada, and am paying taxes there, what in the world would they be making me pay?

Thank you in advance..

1. US citizens are taxed on their world wide income, but you don't pay double taxation. You get a credit on your US taxes on the the taxes you paid in Canada. It is a pain, but you have to do it.

 

[spacedog30]

Hi


1. US citizens are taxed on their world wide income, but you don't pay double taxation. You get a credit on your US taxes on the the taxes you paid in Canada. It is a pain, but you have to do it.

Thank you..
I've been reading about it, and understand it a bit better now.

Yay America.
:/

 

[Bargeld]

Hi, all..

I'm hoping someone here that has been in Canada for a bit as a permanent resident can help me. My wife (Canadian) just sent me some information that states that I may still have to pay American taxes once I permanently reside in Canada. That I will have to submit tax documents to both countries, even if I maintain dual citizenship or renounce my American citizenship and become a Canadian citizen.

Is any of that true, and if so..what will I be taxed on in the US? If I live and work in Canada, and am paying taxes there, what in the world would they be making me pay?

Thank you in advance..

You would not be obligated to pay taxes henceforth if you renounce citizenship. Non-citizens cannot be forced to file FBARs.

Nonetheless, making any reasonable amount of money makes you taxable. This is why I've heavily considered renouncing US citizenship upon receiving Canadian citizenship.

 

[2_of_5]

Same here, once I receive a second citizenship (either Canadian through immigration, or German through recognition of ancestry) I am scheduling an appointment at the US Consulate to renounce my citizenship.

If you haven't already, google "FATCA" and read up on all the torment it is starting to put overseas Americans through. Bank accounts are being closed, mortgages are being called in, and forget about owning an RRSP or TFSA.

http://isaacbrocksociety.ca/ has a lot of info. I recommend checking it out.

 

[Bargeld]

Same here, once I receive a second citizenship (either Canadian through immigration, or German through recognition of ancestry) I am scheduling an appointment at the US Consulate to renounce my citizenship.

If you haven't already, google "FATCA" and read up on all the torment it is starting to put overseas Americans through. Bank accounts are being closed, mortgages are being called in, and forget about owning an RRSP or TFSA.

http://isaacbrocksociety.ca/ has a lot of info. I recommend checking it out.

This is why our bank account had to be in my (Canadian) wife's name, and we waited until I had my SIN and PR card so I would not even need to provide a SSN, then added myself later. It's really sad when we have to go to such lengths to avoid the US government from sticking it's nose (and putting it's hands) where it doesn't belong.