minimizing tax exposure before moving to USA

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apkeshJunior Member
Posts: 20
Joined: Mon Jun 29, 2009 8:19 am

minimizing tax exposure before moving to USA

Post Sat Jul 06, 2019 4:08 pm

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 excempt 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.

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