US IRA, Roth IRA and Social Security taxation in Canada

[mauserfan]

Good morning and Merry Christmas to all. I have read a lot of posts to gain some clarification on my potential situation but could not attain it, so here it is: I have an offer to move myself, and my family(Wife & 3 children) to Canada to work for a Canadian company. I plan to apply for & attain Canadian Citizenship for us all and retire in Canada - all within 6 to 10 years.

1) How will my US IRA & ROTH IRA be taxed?
2) How will my US Social Security be taxed?
3) Taxation wise, would it be more beneficial to simply move back to the US after retiring, and NOT become Citizens of Canada?

Thank you all in advance for your help. Have a great New Year......Mauser

 

[mauserfan]

I hope someone can give us some direction. Thank you very much.

 

[Charlamag]

I guess the first question you need to ask yourself is above and beyond taxes, what is Canadian citizenship worth to you?

The USA is one of the only countries on the planet that tax you on worldwide income simply because you are a citizen so you will forever have to file taxes to the USA.

That being said, Canada and the USA have treaty agreements on tax and pension issues such as social security, so there are exemptions that mean you won't necessarily pay taxes in both countries.

If you do some online searching for ex-pats living in different countries, you are sure to come up with some opinions/stories/advice on taxes while living out of the country.

 

[rhcohen2014]

Good morning and Merry Christmas to all. I have read a lot of posts to gain some clarification on my potential situation but could not attain it, so here it is: I have an offer to move myself, and my family(Wife & 3 children) to Canada to work for a Canadian company. I plan to apply for & attain Canadian Citizenship for us all and retire in Canada - all within 6 to 10 years.

1) How will my US IRA & ROTH IRA be taxed?
2) How will my US Social Security be taxed?
3) Taxation wise, would it be more beneficial to simply move back to the US after retiring, and NOT become Citizens of Canada?

Thank you all in advance for your help. Have a great New Year......Mauser

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