Anyone who holds Dual US-Canadian Citizenship?

[keesio]

Maybe it's all based on money...the thought that if he/she could only move south they'd have a wonderful life that they're somehow prevented from having here. Of course, money is important, but there's more to quality of life than just money. As a person who could live on either side of the border, I choose Canada.

It is mostly money. If you have a comfortable life and income in Canada, then it is hard to understand the plight of many new immigrants to Canada who cannot get a job in their chosen field because of the barriers to get their license/degree/experience recognized. They are forced to work survival jobs, scraping by, trying to support family and often extended families abroad. It is well known that the USA has much less barriers to entry and is why many new Canadians look to use Canada as a stepping stone to the US.

There are also many professions where to really have a chance at success, you need to move south. If you are an actor or athlete or musician, no question that it is the US where you need to succeed.

the US job market is huge and there are many opportunities there. I know many Canadians who have move to the US to progress in their career (health profession, finance, etc). Many of them that I know are very critical of the US in general, much less Trump. But still they simply cannot pass on the opportunity of following their dreams to come back.

I like Canada and am very comfortable here. But I am lucky that I am working in my desired profession at a job I like. Could I get more money in the US? Sure. But I rather stay here. But others are not as lucky.

 

[keesio]

A lot of those make sense, but the lottomax part... I am not worried about it at all LOL

hey... you never know!!!

 

[alphazip]

It is mostly money. If you have a comfortable life and income in Canada, then it is hard to understand the plight of many new immigrants to Canada who cannot get a job in their chosen field because of the barriers to get their license/degree/experience recognized. They are forced to work survival jobs, scraping by, trying to support family and often extended families abroad. It is well known that the USA has much less barriers to entry and is why many new Canadians look to use Canada as a stepping stone to the US.

There are also many professions where to really have a chance at success, you need to move south. If you are an actor or athlete or musician, no question that it is the US where you need to succeed.

the US job market is huge and there are many opportunities there. I know many Canadians who have move to the US to progress in their career (health profession, finance, etc). Many of them that I know are very critical of the US in general, much less Trump. But still they simply cannot pass on the opportunity of following their dreams to come back.

I like Canada and am very comfortable here. But I am lucky that I am working in my desired profession at a job I like. Could I get more money in the US? Sure. But I rather stay here. But others are not as lucky.

I was born and spent my working life in the U.S., then took early retirement and moved here. So, I never faced what you're talking about re: going south to make more money. In fact, if I compare the salary I received with what a person makes here in the same profession, the salary here is higher! Of course, that's not taking into account the exchange rate and cost of living.

When I talk to Canadians who long to move to the U.S., it's not ALL money. I was just talking to a woman a few days ago who said she really wishes she could live the faster American lifestyle. To her, that trumps (pun intended) all the problems we see on the other side of the border.

I certainly agree with you about the hassle of following U.S. tax rules. There's little that I can do financially in Canada without having to consider the ramifications of being a U.S citizen. For example, the requirement to file an FBAR kicks in as soon as I reach US$10,000 in a bank account (or combination of accounts).

 

[Chi2Van]

Yes, for sheer economics and earning potential, the US is very good.

The health care argument is more complex. My view is that if you have one of the better health coverage (whether purchased yourself or provided by your employer) in the US, it is usually better than what you can get here. But of course you need to make sure you are getting coverage from somewhere where you don't have to worry about it here. Also, the health care is not "free". There is a reason why our taxes are higher in Canada. This "pro" that the US has (lower taxes) comes with a cost (no "free" heath care) and vice versa

The healthcare issue is huge- I worked 10+ years in the US and I had a great job with great benefits and because of that, excellent access to healthcare. But, when I got laid off, poof, there went my excellent access to health care. It's a pretty terrifying feeling to have the vulnerability that comes with knowing that you're one major illness/accident away from financial ruin. Healthcare in Canada isn't perfect by any means, but not having it tied to your employment is so much better. Plus, if I think back to my pay stubs, my employer picked up the majority of the tab for my insurance, but I still paid hundreds of dollars a month for my portion. I'll take my 'higher' taxes in Canada any day.

 

[keesio]

When I talk to Canadians who long to move to the U.S., it's not ALL money. I was just talking to a woman a few days ago who said she really wishes she could live the faster American lifestyle. To her, that trumps (pun intended) all the problems we see on the other side of the border.

yes, that is true. And I forgot to mention another big factor for a lot of Canadians - warmer weather!

 

[audge]

I'm hoping to have dual soon(Canadian app is in process). I'm still considering renouncing. My family(husband and child) are here. After having a baby, I knew that I will never return to the US to live there. But not sure if I'll renounce. We'll see how I feel about the tax filing obligations when my child goes to school and I return to work. I don't have to file right now so it's not a big deal. I wish the US would change that darn law. It's very frustrating for Canadians living abroad.

 

[Tubsmagee]

I wish the US would change that darn law. It's very frustrating for Canadians living abroad.

I filed taxes for both while residing in Canada, but never thought it was that big of a deal. Yes, there is an extra expense if you use an accountant, but the potential benefit of retaining US citizenship far outweighs that.

 

[keesio]

I filed taxes for both while residing in Canada, but never thought it was that big of a deal. Yes, there is an extra expense if you use an accountant, but the potential benefit of retaining US citizenship far outweighs that.

As mentioned by others (including myself), it is the restrictions also (no TFSA, RESP, etc) that are often an issue. They all add up to a big pain.

 

[alphazip]

I'm hoping to have dual soon(Canadian app is in process). I'm still considering renouncing. My family(husband and child) are here. After having a baby, I knew that I will never return to the US to live there. But not sure if I'll renounce. We'll see how I feel about the tax filing obligations when my child goes to school and I return to work. I don't have to file right now so it's not a big deal. I wish the US would change that darn law. It's very frustrating for Canadians living abroad.

It's not just reaching an income level that requires filing; it's a lot of other things. Here is the most common: do you (or you and your husband jointly) have a bank account where the balance has ever reached US$10,000? If so, the IRS requires that you 1) file a return (even if not warranted by income) where you report having a foreign account on Schedule B*, and 2) file an FBAR. This obligation is not just on you, but also on your child, once he/she gets older. Of course, your child will have the option, which many Canadians would like to have, of living/working in the U.S. some day.

*https://www.nolo.com/legal-encyclopedia/when-am-i-required-file-schedule-b-irs-tax-return.html

 

[alphazip]

I filed taxes for both while residing in Canada, but never thought it was that big of a deal. Yes, there is an extra expense if you use an accountant, but the potential benefit of retaining US citizenship far outweighs that.

I live in a border city and know many duals and "accidental" duals (born in a hospital on the other side of the border, etc.). There is widespread lack of knowledge regarding U.S. tax obligations, with many of them not even knowing that filing U.S. returns was required, not to mention all the other forms and restrictions. A few years ago, there was an article in the local paper on the issue (mentioning the huge penalties the IRS can assess), which caused a lot of people to run to accountants in alarm. I talked to a few of these people, and they reported spending thousands on accountant fees getting into compliance, despite owing little or nothing to the IRS.

At tax time this year, I mentioned to a friend (a U.S. citizen who married a Canadian and is now a dual) about the "do you have a foreign bank account" question on Schedule B. He had never heard of it, and checked with his American tax preparer, who told him he didn't need to file it! The preparer eventually did so, but grudgingly.