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I would appreciate anyone with knowledge to assist me in learning about my pension plan now that I am moving to Nevada. I recently acquired dual citizenship....Canada/United States and am moving in a couple months to Nevada. My question is I am not ready to retire and am planning to work full time in the states.
Can I work full time and pay american taxes while collecting my Canadian pension at the same time? I paid into it for 38 years.
Canada and the US cooperate on Social Security. So you should have no problem. You should get some expert advice and make sure you do it correctly to minimize taxes and all that. You also need to work out health care and all that but you are no worse off than a local except I don't know what will happen with Medicare as you get older. I would note a number of the Canadian retirees around here have run back to Canada over major illness. You have a somewhat different situation as you are a citizen and employed.
My wife is a dual citizen Canadian though she has been in the US so long it makes little import.
My neighbors inquired about Canada, they were told it was 2 million US dollars for a Canadian citizenship. Of which in 10 year 1 million would be refunded. Canada would keep a million.
If you don't mind me asking, what did you have to pay or promise to do to come here. I have met many people from overseas and they had to open a business promising a certain amount of employees and some cash. But it depended on the country or time they came in.
I sure these folks are going back to their home in Canada in the summer. Like most Canadians do who are here during the winter.
Wow, you'll believe anything. There isn't a bit of truth in this.
A year before Trump got elected I left Las Vegas for Toronto on my own free will. I got a work visa pretty easily through my employer's expansion plans, but just as well could have qualified for my own skilled laborer visa based on my work experience and education. Basically 3-4 years of work and a degree in something deemed useful and you get a Canadian visa. It just takes longer than a standard work visa so I went the faster route, but in time I may get the skilled visa just because then I am not tied to any employer. Some skilled careers, not mine included, can get in with even less. There is a NAFTA visa for accountants, some engineers, certain kinds of teachers and a whole list of other tough to fill positions that can get a Mexican or Canadian into the US or vice versa and its really easy to get as my wife got it all done in about 60 days time.
There are fees with every Canadian resident visa and something of an upfront payment into the system which essentially can be thought of as an entry fee into the medical insurance pool. The taxes are certainly higher than Nevada and the cost of living is much higher as well, but you won't hear me complaining. The GTA and Ontario as a whole are just far higher quality of life from my view. Others views may certainly differ.
And as for your nonsense comment, there are some non-skilled ways in where you have to buy at least $750,000 of property or business interests, but no way in heck would anyone just pay Canada $1 million for a visa. That's nonsense, much like the US has there are ways for wealthy investors to put enough money into the economy that gets them a visa. This is how many of the rich immigrants in Canada from Asia got in and while there is a little backlash about it, most kind of realize its not a bad thing to have many millionaires around who mostly earn their money from outside of the country, except it drives up home prices.
Are you all sure the OP is moving to Vegas? Their post just mentioned Nevada, not LV in particular, unless their post or location field has been edited.
Wow, you'll believe anything. There isn't a bit of truth in this.
A year before Trump got elected I left Las Vegas for Toronto on my own free will. I got a work visa pretty easily through my employer's expansion plans, but just as well could have qualified for my own skilled laborer visa based on my work experience and education. Basically 3-4 years of work and a degree in something deemed useful and you get a Canadian visa. It just takes longer than a standard work visa so I went the faster route, but in time I may get the skilled visa just because then I am not tied to any employer. Some skilled careers, not mine included, can get in with even less. There is a NAFTA visa for accountants, some engineers, certain kinds of teachers and a whole list of other tough to fill positions that can get a Mexican or Canadian into the US or vice versa and its really easy to get as my wife got it all done in about 60 days time.
There are fees with every Canadian resident visa and something of an upfront payment into the system which essentially can be thought of as an entry fee into the medical insurance pool. The taxes are certainly higher than Nevada and the cost of living is much higher as well, but you won't hear me complaining. The GTA and Ontario as a whole are just far higher quality of life from my view. Others views may certainly differ.
And as for your nonsense comment, there are some non-skilled ways in where you have to buy at least $750,000 of property or business interests, but no way in heck would anyone just pay Canada $1 million for a visa. That's nonsense, much like the US has there are ways for wealthy investors to put enough money into the economy that gets them a visa. This is how many of the rich immigrants in Canada from Asia got in and while there is a little backlash about it, most kind of realize its not a bad thing to have many millionaires around who mostly earn their money from outside of the country, except it drives up home prices.
And you know me how to say I believe anything? Guess you must be about 28 with this arrogant attitude. Ugh. And the me me me. Every one in life is just like me! Wake the F up, its not just about you. Good judgement impaired by arrogance. I SAID CITIZENSHIP NOT VISA. Tell me do you even own a property in Canada? Are you aware the laws are different in Vancouver than Toronto Sort of like the laws are different in Miami than Detroit.
These folks are retired for many years. They own a condo in Vancouver. They are older, 70+, spent 5 months there every year for the last 18 years. They are my neighbors and good friends.
The laws have changed recently cause of the huge immigration of Chinese into Vancouver. And not for the better for part time residents. Decided to sell this summer and get out. I won't even go into how bad Vancouver is getting. Rich Chinese are driving out hard working Canadians out of their own area of birth and making it hard for them to buy a home. The Chinese are real estate grabbing and many high rises are almost empty but fully owned. Similar to what has happened in China.
Now Canada has woke up and has a maximum of how many properties a non citizen can buy. They have also raised the taxes several times above what a citizen pays on home ownership. So they are finally waking up to its not great to have rich chinese own properties they don't even live in and drive their own citizens out.
Many of them aren't even in Vancouver to spend these millions they make in China. Many are hiding money from the Chinese government and not paying taxes. Lawsuit pending right now that could change all this.
Again they are long time friends who have been trying this for a few years, even hired an attorney to help them. Yes they have the money, big donors to many charities. Want their money to go to charities. And I think with the changes they have seen in Vancouver, the bloom is off the rose. They want out now.
They aren't working for the man like you are. Actually were very successful in life and owned a hedge fund on the east coast.
Vancouver doesn't want old people on the Canadian health care system. That is why the high coast. Have a 2 good friends in Victoria born and raised in Canada. They aren't happy about the situation either. Very rarely go into Vancouver, say its changed for the worst and so they stay on the island. Another friend, after 35 years in Vancouver is trying to get citizenship here. Said she saw her country selling out.
The rest of the country isn't as high as Vancouver for admission but they were told they have to sell their home in Vancouver. Are stuck in Montreal or where ever.
Under US treaty with Canada, Canadian pension will be follow US social security guidelines. Based on age and income level, a maximum of 85% may be taxable.
And you know me how to say I believe anything? Guess you must be about 28 with this arrogant attitude. Ugh. And the me me me. Every one in life is just like me! Wake the F up, its not just about you. Good judgement impaired by arrogance. I SAID CITIZENSHIP NOT VISA. Tell me do you even own a property in Canada? Are you aware the laws are different in Vancouver than Toronto Sort of like the laws are different in Miami than Detroit.
These folks are retired for many years. They own a condo in Vancouver. They are older, 70+, spent 5 months there every year for the last 18 years. They are my neighbors and good friends.
The laws have changed recently cause of the huge immigration of Chinese into Vancouver. And not for the better for part time residents. Decided to sell this summer and get out. I won't even go into how bad Vancouver is getting. Rich Chinese are driving out hard working Canadians out of their own area of birth and making it hard for them to buy a home. The Chinese are real estate grabbing and many high rises are almost empty but fully owned. Similar to what has happened in China.
Now Canada has woke up and has a maximum of how many properties a non citizen can buy. They have also raised the taxes several times above what a citizen pays on home ownership. So they are finally waking up to its not great to have rich chinese own properties they don't even live in and drive their own citizens out.
Many of them aren't even in Vancouver to spend these millions they make in China. Many are hiding money from the Chinese government and not paying taxes. Lawsuit pending right now that could change all this.
Again they are long time friends who have been trying this for a few years, even hired an attorney to help them. Yes they have the money, big donors to many charities. Want their money to go to charities. And I think with the changes they have seen in Vancouver, the bloom is off the rose. They want out now.
They aren't working for the man like you are. Actually were very successful in life and owned a hedge fund on the east coast.
Vancouver doesn't want old people on the Canadian health care system. That is why the high coast. Have a 2 good friends in Victoria born and raised in Canada. They aren't happy about the situation either. Very rarely go into Vancouver, say its changed for the worst and so they stay on the island. Another friend, after 35 years in Vancouver is trying to get citizenship here. Said she saw her country selling out.
The rest of the country isn't as high as Vancouver for admission but they were told they have to sell their home in Vancouver. Are stuck in Montreal or where ever.
Yes I own a condo now and of course I know about the Vancouver situation, it's on the national news all the time because a lot of people in Toronto are clamoring for the same rules. Its not a bunch of taxes and costs, it's simply a 15% surtax on a property purchase for foreigners in the Lower Mainland of BC. So far it's done nothing to stop them because property has been appreciating 15-20% a year. Of course it can't continue forever, but it hasn't stopped the inflow yet.
As for becoming a citizen, first off i see no need for it. Canadian residency is earned through time on a resident visa and then citizenship is earned with more time. It's exactly like the US except time frames are different. There is never a big fee for it, Canada doesn't sell citizenship, it requires time of service basically where you prove you are worthy and pay into the system. Now if someone wants to exaggerate it into oh I paid a million extra in taxes on my ten million dollar house then maybe you are right, but that's a gross exaggeration of the facts. It's not that hard to move legally into Canada, it's just relatively few choose to do it. And there are certainly more Canadians wanting to move to the US than the opposite no matter what the media tells you.
Are you all sure the OP is moving to Vegas? Their post just mentioned Nevada, not LV in particular, unless their post or location field has been edited.
I really should pay attention to what sub-forum a thread is in before posting.
Under US treaty with Canada, Canadian pension will be follow US social security guidelines. Based on age and income level, a maximum of 85% may be taxable.
Source? Most US pensions are 100% taxable. Why would every Canadian pension be taxed like US social security?
It doesn't cost a million dollars for a Canadian citizenship. You do have to prove adequate means of support, and there are other criteria that must be met. Sounds like your neighbors talked to an agency rather than Immigration Canada.
Correction. Canadian CPP, QPP and OAS are treated as US social security.
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