Quote:
Originally Posted by HockeyIlliterate
Has anyone here recently gone through (or is going through) the process to become a Canadian Permanent Resident?
If so, do you have any advice for someone who is considering becoming a permanent resident? I realize that this is a bit of an odd question, but has becoming a permanent resident been "worth it" to you? Any regrets?
Is there anything that you wish you would have known before you started the process or became a permanent resident?
If you are/were an American, have you experienced any significant tax or investment issues as a result of becoming a permanent resident? Say, having to close out your US-based investment accounts, or dealing with CPP/Social Security, or opening up Canadian investment accounts and reporting them to the IRS?
Thanks.
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On the canadian side the taxes are a little different. Canada taxes based on residency so unless you live in Canada or have canadian source income you aren't paying taxes here. If you are living in Canada and considered a resident for tax purposes (completely different than perm. res.) you have to pay taxes on all world wide income. You'll get a credit for any foreign taxes you pay but you will have to pay taxes on it in Canada as well.
The US taxes based on citizenship so you're paying taxes no matter what in the US. So you will end up having to pay taxes for the US even if you are in Canada on certain things.
For CPP/Social security its in the tax treaty that there is special consideration for it, I'm not at work so I can't tell you exactly what it is, but all the tax treaty information is on department of finance's website.