Dual Citizen (USA/CDN) retiring to Canada

[jlandry55]

We are dual citizens retired in the USA and wanting to get closer to our grand kids in Quebec. We have US social security benefits, 401k and assets in the USA. We have a few questions...

1. Will we still be able to receive our US social security benefits in Canada
2. Do we have to move our 401k in a Canadian RRSP?
3. Do we need to cancel our US citizenship? If not, can we permanently stay in Canada?
4. Will we have to fill 3 tax returns? USA, Canada and Quebec?
5. Can you recommend a firm that could assist me if we decide to return?

Thanks in advance...

 

[scylla]

We are dual citizens retired in the USA and wanting to get closer to our grand kids in Quebec. We have US social security benefits, 401k and assets in the USA. We have a few questions...

1. Will we still be able to receive our US social security benefits in Canada
2. Do we have to move our 401k in a Canadian RRSP?
3. Do we need to cancel our US citizenship? If not, can we permanently stay in Canada?
4. Will we have to fill 3 tax returns? USA, Canada and Quebec?
5. Can you recommend a firm that could assist me if we decide to return?

Thanks in advance...

1. Yes.
2. No.
3. No. You can keep dual citizenship and live in Canada.
4. You will need to file both a Canadian and U.S. tax return. U.S. citizens are required to file taxes even if they are not living in the country.
5. These aren't immigration matters. They are finance / tax matters. You'll want to look for a financial representative and a tax consultant.

 

[jlandry55]

Thanks