naturalization - To do or Not do?

[at long last 58]

I'm considering applying for citizenship to USA when the time comes. I've just petitioned for my ROC. I've been trying to find out some answers in regards to income in Canada. It is pension based from a private company and is only allowed to be deposited to a Canadian bank. I file a tax return every year with Canada and they know I live down here.Our accountant down here said that it will remain separate because it is pension based. I'm trying to weigh all my options. I don't want to be taxed out of the pension. Anyone have any known facts on this subject.

thanks so much.

Everyone here has been a huge help since our process began.

Terri

[MariaR323 199]

I know this is off-topic from your question but what does "5 days short of the free to mary check" mean?

[Nich-Nick 3,354]

I'm considering applying for citizenship to USA when the time comes. I've just petitioned for my ROC. I've been trying to find out some answers in regards to income in Canada. It is pension based from a private company and is only allowed to be deposited to a Canadian bank. I file a tax return every year with Canada and they know I live down here.Our accountant down here said that it will remain separate because it is pension based. I'm trying to weigh all my options. I don't want to be taxed out of the pension. Anyone have any known facts on this subject.

thanks so much.

Everyone here has been a huge help since our process began.

Terri

Income tax rules are the same whether you are a citizen or a resident (green card holder), so I don't see how citizenship would change your tax return as far as the pension income.

The IRS says:

Foreign income. If you are a U.S. citizen or resident alien, you must report income from sources outside the United States (foreign in­ come) on your tax return unless it is exempt by U.S. law. This is true whether you reside inside or outside the United States and whether or not you receive a Form W­2, Wage and Tax State­ ment, or Form 1099 from the foreign payer. This applies to earned income (such as wages and tips) as well as unearned income (such as inter­ est, dividends, capital gains, pensions, rents, and royalties).