DUAL CITIZENSHIP …WHAT TRIGGERS TAXES IN BOTH COUNTRIES IS DIFFERENT.
THE US TAXES ARE ON WORLDWIDE INCOME AND IT IS BASED ON BEING A US CITIZEN.
CANADA TAXES ARE BASED ON RESIDENCY. IF YOU ARE SPENDING 6 MONTHS + 1 DAY IN CANADA YOU ARE ACTUALLY A RESIDENT. CANADA DETERMINES WHICH COUNTRY BY LOOKING AT THE COUNTRY IN WHICH YOU HAVE CLOSER TIES. WHERE DO YOU WORK, WHERE ARE YOUR DOCTORS…WHERE IS YOUR MEDICAL INSURANCE, WHICH COUNTRY IS YOUR CAR REGISTERED IN AND YOUR DRIVER’S LICENSE. YOU CAN’T BE A RESIDENT IN MORE THAN ONE COUNTRY. SO IF YOU ARE DECLARED A RESIDENT OF CANADA TAXES ARE AUTOMATICALLY TRIGGERED. THEN YOU OWE TAXES IN BOTH COUNTRIES.
CANADA DOESN’T NOT HAVE CAPITAL GAINS ON YOUR REAL ESTATE SALES. BUT AMOUNT OF PROFIT IS BASED ON THE VALUE OF THE CANADIAN DOLLAR AND THE US DOLLAR WHEN PURCHASED AND SOLD. I HAVE TALKED WITH CANADIAN/AMERICANS WHO HAD TO PAY TAXES ON PHANTOM MONEY. THEY NEVER HAD. IT ONLY EXISTED IN THE CALCULATIONS. IT AMOUNTED TO THOUSANDS OF DOLLARS OF TAX.
BE CAREFUL. GET GOOD LEGAL ADVISE BEFORE YOU MAKE A MOVE.
