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The Canadian in America : Real-Life Insights Into Moving and Living in the U.S. - Brian D. Wruk

The Canadian in America

Real-Life Insights Into Moving and Living in the U.S.


Published: 28th May 2007
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?Approximately 50,000 Canadians move to the U.S. every year. Already, there are hundreds of thousands of ex-Canadians living south of the border. The similarity in language, currency, culture, services, and products of these two countries can lead Canadians in the U.S. to mistakenly think that its laws and customs are also the same. It is these areas where The Canadian in America will be crucial to anyone either contemplating a move or already living in the U.S. Can a Canadian qualify for U.S. Medicare at age 65? Is a Canadian will valid in the U.S.? What coverage does your provincial health plan give you in the U.S.? Can you collect Canadian Old Age Security if you move to the U.S.? The Canadian in America answers all these questions and more, focusing on the areas of difference between Canadian and U.S. laws: taxation, investment, health care, wills, and estates. It covers eight areas of financial planning: immigration planning, customs planning, cash management, income tax planning, retirement, estate planning, risk management, and investments. Author and financial advisor Brian D. Wruk explains, in clear and simple language, ways in which one can avoid cross-border complications. For example, in moving across the border, you must contend with the Canadian tax code, the U.S. tax code, and the Canada/U.S. Tax Treaty which overrides the other two in certain areas. A simple move can result in a huge tax liability (sometimes double or triple taxation). This book is an invaluable resource for Canadians who have married U.S. citizens; moved for their employment; are professional athletes or entertainers; are simply seeking a warmer climate to retire to; or are U.S. citizens moving back home from Canada.

Dedicationp. xv
Acknowledgementsp. xvii
Introductionp. xix
American Aspirationsp. 1
What Is Transition Planning?p. 2
Before You Go!p. 7
Customsp. 9
Income Taxesp. 9
U.S.p. 9
Canadap. 10
Currency Exchangep. 11
Estate Planningp. 11
Independence Planningp. 12
Education Planningp. 12
Investment Planningp. 12
Business Entity Planningp. 13
Selecting the Right Professionalsp. 13
Simplify Your Lifep. 13
Cover Your Assetsp. 15
Medical Coverage in the U.S.p. 16
Provincial Coveragep. 18
U.S. Employersp. 19
Individual Policiesp. 20
U.S. Medicarep. 22
Life Insurance in the U.S.p. 24
Long-Term Care Insurancep. 25
Other Insurance: Auto, Home, Liabilityp. 26
Auto Insurancep. 26
Homeowner/Condominium Insurancep. 26
Liabilityp. 27
A Pledge of Allegiancep. 29
U.S. Immigration Visasp. 31
Temporary Business/Professional Visasp. 32
Facts and Mythsp. 41
Myth: Special Circumstances Applyp. 41
Myth: Buy a Rental Propertyp. 42
Fact: You Will Get Caughtp. 42
Myth: Canada U.S. Marriages Happen Quicklyp. 43
Immigrant Visas: Green Cardsp. 45
Family Sponsorshipp. 47
Business or Professional Relationshipp. 47
Applying for a Green Cardp. 50
U.S. Citizenshipp. 50
Birth in the U.S.p. 50
Loss of Citizenshipp. 51
Reinstating Citizenshipp. 51
Renouncing Citizenshipp. 51
Derivative Citizenshipp. 52
Applying for Citizenshipp. 54
Naturalizationp. 54
Pros and Cons of U.S. Citizenshipp. 55
Facts and Mythsp. 57
Fact: Dual Canadian-U.S. Citizenshipp. 57
Myth: Green Card Lotteryp. 58
Becoming a U.S. Residentp. 59
Stay out of Canadap. 59
Review Your Estate Planp. 59
Register, Apply for, Subscribep. 60
Cancel, Cancel, Cancelp. 60
RRSPs/RRIFsp. 60
Establish a US$ Investment Portfoliop. 60
Moving Your Stuffp. 61
Automobilesp. 62
Kilometers versus Milesp. 62
Safety Standardsp. 62
Emissions Testp. 63
Registrationp. 63
Dutyp. 64
Investigationp. 64
Saltp. 64
Driver's Licencep. 65
Household Goodsp. 65
Petsp. 66
Alcohol, Tobacco, Firearmsp. 66
Monetary Instrumentsp. 67
Hiring a Moverp. 68
Visiting Canadap. 69
Passportp. 69
Giftsp. 70
Luggagep. 70
Foodp. 70
Bringing It Backp. 71
Visitor Tax Refundp. 71
Double Taxes, Double Troublep. 73
Tax Filing Requirementsp. 75
Canadap. 75
Exit Returnp. 76
Part XIIIp. 78
T1 Non-Resident Returnp. 79
U.S.p. 79
Severing Tax Ties with Canadap. 81
Becoming a Tax Resident of the U.S.p. 83
Substantial Presence Testp. 83
Green Card Testp. 85
Dual statusp. 85
The Canada-U.S. Income Tax Treatyp. 86
Determining Tax Residencyp. 87
Sharing Informationp. 88
Foreign Tax Creditsp. 88
Exempt Certain Incomep. 89
Withholding Taxesp. 89
Taxation of RRSPs, RRIFs, et Ceterap. 89
Fact: RRSPs/RRIFs/LIRAs Are Taxable in the U.S.p. 90
Fact and Myth: Withdraw Your RRSP Tax Free!p. 93
Myth: Roll Your RRSP into a U.S. IRAp. 93
Myth: Lump-Sum RRSP/RRIF Withdrawals Have a 10% Withholdingp. 94
Myth: Withholding Tax Can Be Paid from Outside the RRSPp. 95
Taxation of Interest and Dividendsp. 95
Interestp. 95
Dividendsp. 95
Taxation of Capital Gainsp. 96
Taxation of Pensionsp. 97
Company Pension Planp. 97
U.S. Social Securityp. 98
Old Age Securityp. 98
Canada Pension Plan/Quebec Pension Planp. 99
Taxation of Rental Propertiesp. 99
Canadap. 99
U.S.p. 100
Social Security Number/ITINp. 101
Social Security Number (SSN)p. 101
Individual Taxpayer Identification Number (ITIN)p. 101
Foreign Tax Credit Planningp. 102
A Simplified Examplep. 103
Key Tax Differencesp. 104
Alternative Minimum Taxp. 108
Payroll Taxesp. 110
Sales Taxesp. 112
Show Me the Moneyp. 113
Currency Exchange Facts and Mythsp. 114
Myth: You Lose Money When You Convertp. 114
Myth: Someone Knows Where the Exchange Rate Is Goingp. 116
Myth: Wait to Convertp. 119
Fact: How to Calculate Exchange Ratesp. 120
Fact: There Is an Expense to Convertingp. 121
Mortgagesp. 123
Amortizationp. 123
Fixed Interest Ratep. 123
Prepaymentsp. 125
Down Paymentp. 125
Closing Costsp. 126
Pointsp. 126
Impound (Escrow) Accountsp. 127
Applyingp. 127
Establishing a Credit Ratingp. 128
FICO Scorep. 128
Before You Applyp. 129
Transfer Your Credit Ratingp. 130
Applying for a Credit Cardp. 130
Canadian-Friendly Companiesp. 132
Till Death Do Us Partp. 135
Taxes at Deathp. 137
Canadap. 137
U.S.p. 138
Estate Taxesp. 139
Gift Taxesp. 142
Generation-Skipping Transfer Taxesp. 142
State Death Taxesp. 142
Income Taxesp. 143
Death of Non-U.S. Citizensp. 144
The Trust-Centered Estate Planp. 148
Revocable Living Trustp. 148
Last Willp. 150
General Power of Attorneyp. 150
Health-Care Directivesp. 151
Estate Plan Implementationp. 151
Giftingp. 152
Gifting to a Non-Citizen Spousep. 153
Gifting to Othersp. 153
Receiving an Inheritance or Gift From Canadap. 154
Taxation of Trustsp. 155
Financial Freedomp. 157
Canada Pension Plan/Old Age Securityp. 158
Qualifying for CPP/Qppp. 159
Qualifying for OASp. 159
U.S. Social Securityp. 160
Windfall Elimination Provisionp. 163
Individual Retirement Accounts (IRAs)p. 165
Canadian Company Pensionsp. 167
U.S. Retirement Plansp. 168
401(k) Planp. 168
403(b) Planp. 169
457 Planp. 169
Defined Benefit Plansp. 169
SEP-IRA, Simple Plansp. 170
Employee Benefit Plansp. 170
Stock Optionsp. 170
Deferred Compensation/Retirement Compensation Arrangementsp. 172
Smarten Up!p. 173
What Happens to My RESP?p. 173
Education Saving Opportunities in the U.S.p. 175
Coverdell Education Savings Accountp. 175
UTMAp. 175
State College Savings Plansp. 176
Hope Scholarship Creditp. 177
Lifetime Learning Creditp. 177
Student Loan Interest Deductionp. 177
Tuition and Fees Deductionp. 177
Key Differencesp. 178
Money Doesn't Grow on Treesp. 179
Keeping Accounts in Canadap. 179
Setting Up Accounts in the U.S.p. 182
Where to Set Upp. 182
Temporary Visap. 183
Social Security Number/ITINp. 183
Titling Your Accountp. 184
Canadian Loonie Accountsp. 184
Moving Investments to the U.S.p. 185
Moving Your RRSP/RRIFp. 186
Myth: Move Your RRSP to an IRAp. 186
Locked-In Retirement Accountsp. 190
Specific Types of Investmentsp. 192
Lobbying Your Brokerp. 194
Investing in the U.S.p. 195
Investment Expensesp. 195
Tax-Preference Investmentsp. 196
Other Differencesp. 198
Foreign Tax Credit Planningp. 198
Our Investment Philosophyp. 199
The Business of Businessp. 203
Emigrate to the U.S.p. 203
Health-Care Coveragep. 205
Income Tax Implicationsp. 205
Canadian Tax Implicationsp. 206
U.S. Tax Implicationsp. 208
U.S. Business Entitiesp. 210
A Simplified Examplep. 212
Taxation While in Canadap. 212
Taxation When Moving to the U.S.p. 215
Mayday, Maydayp. 219
Selecting a Transition Plannerp. 220
Competencep. 221
Planning Processp. 223
Client Relationshipp. 224
Nature of the Firmp. 224
Regulatory Compliancep. 226
Compensationp. 227
Our Firmp. 231
Head Officep. 233
Satellite Officesp. 233
Realizing the Dreamp. 235
Militaryp. 236
Governmentp. 237
Heritagep. 238
Sportsp. 239
Foodp. 240
The Postal Systemp. 242
The English Languagep. 243
The Metric Systemp. 245
Encyclopediap. 246
Geographyp. 246
Governmentp. 247
Miscellaneous Triviap. 248
The Tax Systemp. 249
Glossaryp. 251
Resources You Can Usep. 254
Transition Planner Interview Checklistp. 262
100 Questions Typically Asked by the U.S. CIS Examinerp. 265
[Appendix D also includes "Pilot Exam Questions"]p. 268
Comprehensive Case Study: Working Couplep. 274
Comprehensive Case Study: Retired Couplep. 287
Indexp. 299
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781550227574
ISBN-10: 1550227572
Audience: General
Format: Paperback
Language: English
Number Of Pages: 240
Published: 28th May 2007
Publisher: ECW Press,Canada
Country of Publication: CA
Dimensions (cm): 22.23 x 15.24  x 1.91
Weight (kg): 0.52