Sat Jun 27, 2009 9:44 am
Sat Jun 27, 2009 3:11 pm
Sat Jun 27, 2009 3:37 pm
Tue Jun 30, 2009 10:45 am
movinghome76 wrote:I have tossed around the idea of one of us (my DH) of becoming a citizen. But it is unclear as to how strict the US is in making your 'denounce' your citizenship to the other country.
You seem to be very knowledgable, do you know how 401k works? My DH can't take it out of his company and if he leaves the company it can only roll into a new 401k. Not sure how leaving the country will impact that. He seems to think he may be able to put it in an IRA. Could we then bring that money to Canada and put it in an RRSP?
We would be over the current $87,600 tax limit. I do not work (although I may in Canada) and he will most certainly be making more than that. How should that affect our decision on citizenship?
Thu Jul 02, 2009 4:18 am
You definitely will not lose Canadian citizenship by becoming a US citizen. This is well established and common.
Bear in mind if you've lived in the US for more than eight years as an LPR and then leave you are subject to expatriation tax anyway and must file a 1040 and 8854 for the next ten years. Expatriation tax is a specific tax on US-source income.
Thu Jul 02, 2009 9:34 am
movinghome76 wrote:Who would be the best person to contact about this info? A tax lawyer? An accountant? In one country? In both?
movinghome76 wrote:Everything I could find on this says that is it common place to keep both, as Canada allows Dual. BUT - when you make the oath down here, do you not rennounce your citizenship to all other countries?
Fri Jul 03, 2009 10:46 am
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