Lisa Wright, one of The Toronto Star’s business journalists, wrote in the”Wealth” section on 2/21/2017 that before moving to the United States, Canadians should consider these two important opportunities, along with several other points of interest:
- If you have RRSP contribution room available, which I do from the past several years, contribute before you leave so deductions can be used to reduce the tax liability in the year of departure, which for me could be 2017 as an entrepreneur … only time will tell.
- One can also keep our TFSA, Tax Free Savings Account, while we are a non-resident of Canada. Can continue to benefit from the exemption from Canadian tax on investment income and withdrawals … another opportunity to seize … though we cannot contribute to a TFSA while a non-resident and contribution room will not increase.
In general, Lisa suggested we map out our assets before making a move abroad and to connect with an American tax lawyer if the states is the relocation country of choice.
Sorry Canadian Snowbirds, California, not Florida is my choice, though I won’t be retiring, but growing and expanding my company with my relocation.
Thanks for the important tips Lisa! I’ve much to learn, but that’s great as it is one of my favorite things to do. And of course, securing the best advice will ensure the right and legal choices are made also for Canada, the United States, my company, and me.
All is well.
February 27, 2017
Kaitlin Ann Trepanier, Founder/President of Connecting the Dots … with The Respect Principle … the for-profit social business venture raising Respect Levels with original entertaining, educational, and inspirational books, products, and services. ©All Rights Reserved 2016
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