Moving home to Canada

[Newfiegirl71]

Good Afternoon - OK .So I sat with my Attorney today and by the end of the Month I should have the Judges Thumbs Up to move back to Canada with my Son from the US.
I've lived here for 12 years. When I lived in Canada I was a kid and then in the Military for 6 years. So as a civilian I have no idea what it will be like back in Canada. I am nervous and anxious.
I am looking at moving when the school year is done - so June/July. My concerns are:
1. I want to bring my car with me but I still owe on it - My company that I work for and have a loan through for my car is WorldWide - Could the loan transfer? Will border patrol allow that?
2. Job Seeking - I've picked Calgary - and the outer areas to move - I love everything I know about Calgary but I am nervous though I have a lot of family there it is Aunts, Uncles and cousins in "Alberta" not just in Calgary So I need advice on Schools [ Elementary] and housing, locations etc? And If you could choose where in Alberta to live where would you pick and why?
3. My investments are all American - 401K, my pension [ I am vested] Do I try and leave that here for a year or carry it over with me? Will it be taxed? [ I've lived here in the US for 12 years]
4. Will my American Credit affect my Canadian Credit? I had a small credit card once in Canada in 1994/1995 with a Credit Union Savings that I was good on- Will that credit history be gone now? Will I have zero credit history in Canada? Will that make it hard to buy a home? Should I get a Canadian Credit card now and build credit?
5. Do I start the Certificate of Canadian Citizenship for my child now [ as I am Canadian he is entitled to his Dual ] ? Or should I wait?
I have so many questions . sorry . I cannot wait to move back but I am so nervous too . It is like walking into the unexpected which I hate . I also have to sell my home over here and worry with the markets being so bad that it won't sell.

Any other tips/advice you have I would LOVE

Thanks

[Steven]

1) You've got to have the title to import it, maybe you could get a loan from a bank is the only way around that one I can think of, have a read of www.riv.ca
2) Calgary is not the place to move to if schools are your priority as they are bursting at the seams and there is a distinct lack of schools too. If you want to live in the Calgary area with a decent school I'd suggest Okotoks (or maybe Airdrie).
3) IRAs are now treated as RRSPs under the new tax treaty, however there is no published guidance I'm aware of yet under the 2008 tax treaty, you'd have to talk directly to the CRA about the situation. But essentially they transfer over, you can keep contributing to them if there is a Canadian equivalent version.
4) Get an American Express card and you can transfer that over, you will probably have some credit difficulties being out of the country for so long.
5) You need to register the child with the Canadian consulate, I suggest doing it ASAP.

Bear in mind the tax situation, not clear what your legal status is in the US, but obviously it's a good idea to get citizenship if you don't already have it before moving here, in case you ever want to move back. (If time is a concern, you already meet the residency requirement so you can apply now and take the oath in Canada at the consulate).

The only snag is that as a US citizen you have to file a 1040 forever in the US, plus there is a limit of $87,500 on the US foreign tax credit (2007), so if you earn over that amount in Canada, you will be subject to dual taxation.

As a long-term resident of the US, you will also be subject to expatriation tax if you still have substantial US-source income after you move, read the instructions for 1040NR to see if that affects you.

I assume your tax home is the US, there is a lot of paperwork that needs to be filed with the IRS, 1040-C, dual-status return at tax time (unless you can move on January 1st), various other bits and pieces. Unless you're a citizen, then you have to file a 1040 forever as a non-resident, the instructions are on the IRS website. Dual-status returns are covered in IRS publication 519.

The way the tax treaty works you cannot maintain your LPR status in the US if you are a green card holder. If you claim PR status in the US, you must pay taxes there, but you must also pay taxes here if you reside here, so you have to give up LPR status. The only way around it is to become a US citizen or just give up residency rights altogether.

Also download copies of CBSA forms B4 and B4A as you will need those as a returning resident.