Moving to the US...Need help with severing ties with Canada from a taxation perspective.

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apkesh

Registered Users (C)
Hello,
My family and I are moving to the US in a year (summer 2020) and we would like to start to plan early to ensure that we are making the right decisions when in comes to tax implications.

We are all Canadian citizens and own a principal residence and a rental property in Canada. We are not planning to dispose of these properties. We are planning on renting out the principal residence when we leave either under our names or under a company (still haven't figured out the best approach). We also have various bank accounts, TFSAs, RRSPs and RESPs (for our children) which I believe needs to be moved to the USA side to be considered tax exempt by Canada.

Would anyone who has gone through this process be able to provide some advice on how best to handle the properties and bank/investment accounts so that we limit our tax exposure?

thank you so much in advance.
 
You’re best bet is to talk to an accountant that is versed in both Canadians and US tax law.
When I lived in California I found someone that was from Toronto living there, who did both tax returns for my ex husband and I.
He declared the US our ‘tax home’ to save us on the taxes in Canada. We sold our home before leaving, so I’m not sure if that’s an option. But worth asking about.
 
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