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Naturalize... or not... Tax Perspectives for CDN-US Dual Citizens

By CdnRN in Canada

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CdnRN Community Regular

CdnRN   40

Posted
Filed: Citizen (pnd) Country: Canada
 Timeline
Posted

hey folks 

 

I've been avoiding paperwork for a few years for a lot of reasons. Not the least of which is small children, needing a break and mostly avoidance. I've always planned to naturalize. My goal/intent has been to do the full process. That is still my goal.  I've been eligible to naturalize for a few years now. 

 

I've even just about finished my online N400 and could submit pretty quickly. 

 

I've reached a standstill and would love to hear experiences from any Canadians who have dual citizenship, especially if you have lived in both countries. What are the tax implications (good and bad) of this? I understand there are things to consider around TFSAs and RESPs in Canada, and possibly other American investment vehicles... but i'm trying to research what it means and the impacts if we one day live in Canada again, as that has always remained on the table for my family. 

 

I have asked my tax accountant and it wasn't a very helpful email,  he's very effective at his job but "teaching a layperson" isn't it. I did find out enough to research TFSAs and RESPs and Roth's and 529k's etc.  Mostly what are your experiences -- I'm sure we have others in this form who are living in Canada or have lived in Canada as a canadian-american or dual-american couple. 

 

I've reached out to ask similar questions in a Canada site that is similar to this one in the hopes that I can learn from the experiences of others as I make some decisions. Informed decisions has always been a priority for decisions.

 

thanks everyone!

First Entered US with TN Status: 04/13/2012
Engaged: 08/24/2012
Married: 08/10/2013
Adjustment of Status from TN Status to Permanent Resident:
Day 00: AOS mailed by USPS priority Post: 05/19/2014
Day 02: AOS package arrived: 05/21/2014
Day 08: Text/email notice of acceptance: 05/27/2014
Day 11: NOAs for I-130, I-485, I-765, I-131 received, 05/30/2014
Day 14: Biometrics notice received with an appointment of June 17, 2914 at 3pm. 06/02/2014
Day 15: attempted walk-in successful after a very long wait 06/03/2014
Day 38: email notice that I-485 has moved to testing & interview! 06/26/2014
Day 77: EAD/AP - card production 08/06/2014
Day 84: EAD/AP card received 08/13/2014
Day 129: Infopass appointment for an update (very helpful!) 09/24/2014
Day 136: Email received with interview date 10/01/2014
Day 138: Interview notice received! 10/03/2014
Day 170: Green Card Approved on the Spot! 11/04/2014
Day 178: Green Card Received 11/12/2014

REMOVAL OF CONDITIONS:

Day 00: ROC Package (Weighing 1.7kg -- 3lbs 13oz) mailed by USPS Priority Post: 09/13/2016

Day 03: ROC Package Received: 09/16/2016

Day 07: Check Cashed: 09/20/2016

Day Too many to count: Received Approval 02/05/2018

NATURALIZATION

Day 00: Submitted file online for N400 -- 07/31/2020

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CdnRN Community Regular

CdnRN   40

Posted
Filed: Citizen (pnd) Country: Canada
 Timeline
  • Author
Posted
12 minutes ago, TOtoVA said:

Hi there, does Helena charge for this information? I need the same information. @JP John @CdnRN

I haven’t found out myself yet. 

First Entered US with TN Status: 04/13/2012
Engaged: 08/24/2012
Married: 08/10/2013
Adjustment of Status from TN Status to Permanent Resident:
Day 00: AOS mailed by USPS priority Post: 05/19/2014
Day 02: AOS package arrived: 05/21/2014
Day 08: Text/email notice of acceptance: 05/27/2014
Day 11: NOAs for I-130, I-485, I-765, I-131 received, 05/30/2014
Day 14: Biometrics notice received with an appointment of June 17, 2914 at 3pm. 06/02/2014
Day 15: attempted walk-in successful after a very long wait 06/03/2014
Day 38: email notice that I-485 has moved to testing & interview! 06/26/2014
Day 77: EAD/AP - card production 08/06/2014
Day 84: EAD/AP card received 08/13/2014
Day 129: Infopass appointment for an update (very helpful!) 09/24/2014
Day 136: Email received with interview date 10/01/2014
Day 138: Interview notice received! 10/03/2014
Day 170: Green Card Approved on the Spot! 11/04/2014
Day 178: Green Card Received 11/12/2014

REMOVAL OF CONDITIONS:

Day 00: ROC Package (Weighing 1.7kg -- 3lbs 13oz) mailed by USPS Priority Post: 09/13/2016

Day 03: ROC Package Received: 09/16/2016

Day 07: Check Cashed: 09/20/2016

Day Too many to count: Received Approval 02/05/2018

NATURALIZATION

Day 00: Submitted file online for N400 -- 07/31/2020

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NikLR Grand Master

NikLR   13,220

Posted
Filed: Lift. Cond. (apr) Country: Canada
 Timeline
Posted

Any tax issues are ones you would have to deal with as an LPR as well.  If you live in Canada you would still have to file your taxes in the USA but as there is a tax treaty between the USA and Canada you won't be double taxed. 

 

I highly recommend the serbinski forums for questions like these. 

You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.  - Dr. Seuss

 

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