Warren Dueck talks about the importance of advance tax planning for Canadians moving to the United States. The video highlights that tax residency can trigger obligations to pay Canadian departure tax, and covers the calculation of that tax, when you are required to pay it, and ways to defer the obligation to pay interest-free. Warren also discusses the different tax treatments of Canadian source income and the types of U.S. taxes that apply if you take up residence in the United States. The bottom line is that it is vital to understand how moving to the U.S. affects your financial position before you leave and plan accordingly to avoid or minimize adverse or unintended consequences.
You may also be interested in our video on Tax Residency for Canadians and Americans, which you can watch here: [ Ссылка ]
As with any tax situation, the specific facts involved will affect how the law applies and determine the outcome. This video provides general commentary and is not intended to be legal or tax advice. If you have tax questions about moving to the U.S., you should seek professional advice in advance of a move. We invite you to contact us to discuss your situation. We can explain your options and implement a plan that best achieves your goals.
