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Lane
Lane, CFP, MBA, CRPS
Category: Tax
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Experience:  Providing Financial & Tax advice since 1986
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I have been living legally in the USA for more than 20 years

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I have been living legally in the USA for more than 20 years and am a Canadian citizen thinking about dual citizenship. Should I have been paying taxes in Canada even though I have not earned income in Canada. Would I be better to stay on a green card rather than a) denounce my Canadian citizenship. B) obtain dual citizenship? What are the advantages and disadvantages of dual.
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

NPVAdvisor :

Hi

NPVAdvisor :

Depending on what you think your future holds, the disadvantage of becoming a us citizen is that a Canadian would now have to file a US tax return every year for the rest of their life.

Canada does not require such a return unless you are living here. (Which is the answer to your first questions)

NPVAdvisor :

(question)

NPVAdvisor :

If all of your income is derived for US source and you don't think that will change, it MIGHT be more convenient, to give up the Canadian citizenship

NPVAdvisor :

But in this expert's professional opinion, you are (1) closing the door on any options that MAY arise from having your Canadian Citizenship and (2) subjecting yourself to that US tax rule that says US citizens ay taxes on all worldwide income, regardless of where you reside

NPVAdvisor :

See this:


Like Print

U.S. Citizens and Resident Aliens Abroad

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

Customer: I asked about Canadian taxes and filing tax returns there even though a us resident I file in the us
NPVAdvisor :

As I said earlier, Canada does not force you to file a Canadian Tax return unless you reside there ... This is one of the primary examples of Canada's system being more forgiving generally

Customer: Are you saying a Chadian residing in the us doses not have to file a return in Canada now or if a dual citizen
Customer: Questions were not answered and operator stepped out two minutes later
Customer: Cancel not satisfied
Expert:  Lane replied 10 months ago.

Sorry, I could never see your post.

That's right, if you are a Canadian Citizen you only have to file a Canadian return if you are a resident there.

Your adding a citizenship, if you will, does not change that.

Further, once you become a US citizens you are subject to a far more exhaustive tax regime.

From TAX options standpoint, I can see NO reason you'd want to become a U.S. citizen.

Lane
Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3645
Experience: Providing Financial & Tax advice since 1986
Lane and 5 other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.

Let me know what I can do to make you happy,

... was hoping that having all the facts could help you "see around some corners."

Again, I don't know all of the pieces and parts of your situation, but based on the info you provided (currently a Canadian Citizen) you now have the best of both worlds ... the option to take advantage of WHATEVER may come your way in terms of Canadian citizenship, and effectively all of the benefits of being a US citizen without being locked into what is probably the most draconian tax regime in the world (in terms of making it's citizens pay tax, no matter what the source)

Believe me, US citizens would LOVE it if they could get out of paying and filing US taxes simply by not residing in the US (as you can in Canada).

Let me know if you'd like to discuss this further.

It just seems to me that the situation you have now is the most open-ended, and if you look at this from a financial (options) perspective, that carries with it a value

Let me know,

Lane



If you'd like to give me more detail, I'd be happy to help you work through it.

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