3 ms·
Yes. Most of my tax is covered by reciprocal tax treaties between my country of residence (Canada) and the US, but I still have to file, and differences in tax
by jfb 5y ago
Yes. Most of my tax is covered by reciprocal tax treaties between my country of residence (Canada) and the US, but I still have to file, and differences in tax regimes mean that there are decisions my family has to take that other families, in the same situation but without a US citizen, don't. For instance, if we sell our house, I will have to pay capital gains in the US, but not in Canada (it's our primary residence and gains from that sale are not taxable in Canada).
It's a minor inconvenience for me, but that's because we pay an accountant to handle a relatively complicated tax picture already.
- mwarkentin 5y agoThe US also recognizes RRSP in the tax treaty but not TFSA so that’s a pretty major retirement planning tool that’s off the table.
- jfb 5y agoYep.