The Canadian in America: Real-Life Tax and Financial Insights into Moving and Living in the U.S.

Focusing on eight key areas of financial planningfrom immigration and customs planning to estate planning and investmentsthis guide provides indispensable information for any Canadian contemplating or planning a move or already living in the United States. Detailing the significant differences between U.S. laws and customs with familiar Canadian ones, this compendium answers important questions such as Can a Canadian qualify for U.S. Medicare at age 65? Is a Canadian will valid in America? and What coverage do provincial health plans provide in the United States? 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. Copyright......Page 6 Table of Contents......Page 7 Dedication......Page 17 Acknowledgements......Page 19 Introduction......Page 21 American Aspirations......Page 27 Cover Your Assets......Page 41 A Pledge of Allegiance......Page 55 Moving Your Stuff......Page 87 Double Taxes, Double Trouble......Page 99 Show Me the Money......Page 139 Till Death Do Us Part......Page 161 Financial Freedom......Page 183 Smarten Up!......Page 199 Money Doesn’t Grow on Trees......Page 205 The Business of Business......Page 229 Mayday, Mayday......Page 245 Realizing the Dream......Page 261 Appendices......Page 277 Encyclopedia......Page 272 Index......Page 325