Canadian Permanent Residency Process

[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.

[nickerjones]

Going through it now. Get your paper work in ASAP. Be prepared to wait because its a long process. There is a strike going on right now with the people who are processing applications so its making the whole process slower. I have heard a lot of horror stories of people forgetting one signature and having their application returned. They have to start the whole process again when they return their application signed.

[HockeyIlliterate]

Originally Posted by nickerjones

Going through it now. Get your paper work in ASAP. Be prepared to wait because its a long process. There is a strike going on right now with the people who are processing applications so its making the whole process slower. I have heard a lot of horror stories of people forgetting one signature and having their application returned. They have to start the whole process again when they return their application signed.

Honestly, I'm on the fence whether or not I should apply. I've essentially given myself 2 weeks to make a final decision and submit the application or not.

The number of potential negatives in becoming a permanent resident (high cost of living, tax headaches, uncertain employment prospects, among others) are currently outweighing the potential positives (health care availability).

If I may ask, what has convinced you to apply?

[Slacker]

Becoming a Canadian Citizen is one of the best things that happened to me so far in my 31 years of living.

Managed to find a job on my field, live in peace without the fear of being kidnapped or worst, own a house, etc. I think that it's worth paying for high taxes, high cost of living, etc in exchange for living in one of the top cities in the world.

[Hemi-Cuda]

Originally Posted by Slacker

Becoming a Canadian Citizen is one of the best things that happened to me so far in my 31 years of living.

Managed to find a job on my field, live in peace without the fear of being kidnapped or worst, own a house, etc. I think that it's worth paying for high taxes, high cost of living, etc in exchange for living in one of the top cities in the world.

I get the high cost of living (though with that comes higher wages), but our taxes aren't any more expensive than the average US income tax

[nik-]

Yeah, taxes are about the same from what I know. You definitely can't get "Two entrees and an appetizer for $20" type stuff in Canada though, that's for sure.

I guess it depends which part of the States you live in, I'm sure there are purchasing power calculators you can use.

[Deegee]

http://www.numbeo.com/cost-of-living...=Houston%2C+TX

Should be able to manipulate from there to compare cost of livings.

[nickerjones]

Originally Posted by HockeyIlliterate

Honestly, I'm on the fence whether or not I should apply. I've essentially given myself 2 weeks to make a final decision and submit the application or not.

The number of potential negatives in becoming a permanent resident (high cost of living, tax headaches, uncertain employment prospects, among others) are currently outweighing the potential positives (health care availability).

If I may ask, what has convinced you to apply?

I applied bc my wife is Canadian and she wanted to move back home. For me the pros definitely outweigh the cons. Hell even the health care would outweigh the cons. I pay 330 bucks a month for health insurance here. It covers 80% of my doctor visits after I pay 1,000 bucks a year. I pay another 200+ a month for prescriptions. I think the plan we are looking at for prescriptions there was 100 bucks a month and pays 90%. It makes my meds 19 bucks a month... That means I'll save 6500 bucks a year or more just on Healthcare costs.

[goodyear]

Originally Posted by nik-

Yeah, taxes are about the same from what I know. You definitely can't get "Two entrees and an appetizer for $20" type stuff in Canada though, that's for sure.

I'm going down to Vegas this weekend...and I can't wait for this.

[cSpooge]

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.

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.

[nickerjones]

Originally Posted by cSpooge

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.

My understanding is that ,as far as income tax for American Citizens, there is an exemption of 98K a year or something like that. Does this mean if make less than that while living in Canada, I wont owe the US gov't anything?

[cSpooge]

Originally Posted by nickerjones

My understanding is that ,as far as income tax for American Citizens, there is an exemption of 98K a year or something like that. Does this mean if make less than that while living in Canada, I wont owe the US gov't anything?

I'm not sure on the american side, I only really deal with the canadian side of taxes.

[Maccalus]

Originally Posted by nickerjones

My understanding is that ,as far as income tax for American Citizens, there is an exemption of 98K a year or something like that. Does this mean if make less than that while living in Canada, I wont owe the US gov't anything?

I believe that as long as your are under the exemption you don't have to pay any American taxes. You will have to file every year in both countries though. Don't ask me what the exemption is, as I have only dealt with Canadian taxes.

[puckluck2]

Originally Posted by nickerjones

My understanding is that ,as far as income tax for American Citizens, there is an exemption of 98K a year or something like that. Does this mean if make less than that while living in Canada, I wont owe the US gov't anything?

It'll also mean you're part of the 1% on CP who doesn't make 100k a year.