Your question really involves two different areas of expertise -- one regarding Canadian citizenship law
and one regarding taxes. I can help you with the tax end of your question.
If you are a US citizen, then even if you move to Canada, you will continue to be liable for tax in the United States
on your worldwide income. Any income you have from the US or from Canada or from any other country will still need to be reported on a US tax return
which you will still be required to file each year.
If you move to Canada and stay there permanently, then any EARNED income
which you have from another country may be excluded on your US tax return, up to the allowed annual exclusion, which is currently $91,400. However any other income
you have from interest
or other unearned income sources has no exclusion which applies.
You can also claim a credit
on your US tax return for any taxes you pay to Canada on the same income that you report on your US return. However, if it ends up that the US tax rate is higher than the Canadian tax rate, you still in effect end up paying the higher rate
The only way to not pay taxes on your worldwide income would be to renounce your US citizenship. In that case, your worldwide income would not be subject to tax, but any income you have from a US source continues to be taxable here in the US.
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