Moving Back to Canada Questions

[Arioch]

I've been living in the USA for 20 years now and am thinking of moving back to Canada. Is that a bad idea or good idea?

Will I be taxed on 20 yrs of income in the States (I have had zero financial ties to Canada during the 20 yrs)?

Should I keep my money in a US account? (Revenue Canada was legendary in the 80's for ripping people off).

Will I have culture shock? Will my US Wife and our daughter be culture shocked?

I grew up in Vancouver, but moved to the US in the late 80's and am concerned about a bunch of stuff. Any insight is appreciated.

Thx.

[oohmercyme]

Move home!

I lived in the states for 9 years (age 18-27). I didn't realize until I moved back home just how much I missed it and how influenced I had been by the American agenda.

It was difficult moving home as I had no credit history and few contacts, although it was easier for me as a single person than I imagine it would be for a family.

I left money in my US account for a year (though it wasn't much!) and after a year and a half had cut off all those types of ties in the states.

Curious why you picked such a terrible place to live! From Vancouver to Las Vegas- ewww

Just MHO, but I'd rather live in Canada than the states anyday (she says from London, England were she has resided for nearly two years!)I'd say quality of life, quality of education, and general atmosphere are better in Canada.

Good luck!

[BermudaBum]

Correct me if I'm wrong but I believe RevCan can only tax you on foreign income if you were gone for less than 2 years.
I think you're pretty safe at 20.
Not sure if you have to look into RRSP's or somewhere to hide your money though.

That weighs heavily on my mind here. (As he sits sipping his Corona in a beach hammock . pssst can I get a 2nd lime slice please?)

Arioch, swap your Jack in the Boxes for Tim Hortons & enjoy the ride . . . welcome home.

[CanuckAbroad]

Yeah yeah, rub it in BermudaBum.

You shouldn't have any worries with taxes in Canada. You've qualified for non-resident status for a long time, so I'm pretty sure they can't tax you on anything.

Welcome back!

[jh]

I struggle with the same questions that you have. I have been in the States for 10 years.

I just recently obtain U.S. citizenship so I am now Dual Canadian / U.S. My initial reason for taking U.S. citizenship was so that I could move back home to Canada but then always have the option to return to the states without the hassle of Immigration. The tax issue for me if I return to Canada is that Uncle Sam wants tax on world wide income. There are deductions however.

Culture Shock? You better believe it. Canadians are in general more tolerant and polite people.

Keep us posted on your decisions.

[Reba]

My Auntie Gene lived in the US for 45 years. She went back home to Toronto just over a year ago. She feels much better now.

[whupwhup]

Glad to find this site and specifically this topic. I am also considering a move back to Ontario. I've been in the US for 14yrs. Now with little kids , my wife and I are the only ones down in Atlanta.my family and my wife's family in in toronto area and ottawa. We're missing the family ties and considering a move back.

I'm glad to learn there should be no tax implications. Now I'm trying to figure out if I can transfer within my company to the Toronto area - and maintain or at least get close to my current salary.

Does anyone have experience with this? For those who moved back - Were you able to find equivalent paying jobs.I tried to move back about 4yrs ago and learned that my position in the TO area paid about 40% less than what I was getting paid in the US. So I stayed put.

[Reba]

depends on the company and the industry you're in. Some companies pay more than others, as do some industries.

My problem was the opposite tho. I used to make scads of money back home in TO, now I've moved to small town North Carolina, and the pay sucks

Sometimes money isn't everything tho. Weigh the pros and cons of quality of life in each area. Weigh the cost of living in each area. Maybe a 40% cut in salary in a cheaper city won't be noticeable.