Loading ...For those of us Canadians who wish they could live in the (now free) US
We’ve been hearing about young people seeking better opportunities in the US, and this can be accomplished by obtaining employment stateside. But what about those of us who are well past working age, able to be self-sufficient, but without the means to invest 1 million into a company?
Well I have an idea: what if Trump’s administration developed a “Retirement Visa”? In order to qualify, one has to be able to speak English, have no criminal record or ties, be able to afford their own health insurance, and have a certain monthly income (from either pension or investments).
Just think: we’d be spending money in the US, not sucking off the system, and most of us would probably love to volunteer somewhere (although this would not be mandatory).
It would allow us to reside there full time, instead of the current limit of 6 months less 1 day.
I floated this idea when we were doing the 6 months thing in VT, but no one there seemed to give a shit about mentioning it to a congressman. So I’m wondering: what do fellow tenters think, and would any of you be willing or able to get it to the attention of the Trump administration?
I was unaware of any restrictions on retired Canadians Living in the USA
For working you need a Green Card as far as I know but not working ? What are the restrictions…1 Million Investment ?
How about just going and buying a Home and just living there as a non citizen ?
If that’s not possible maybe you can contact the American Embassy in Vancouver and discus this with them
I’ve never heard of restrictions from the American side if your intent was to go there and spend money as retirees. On the other hand, Canada had strict rules if you wanted to go to US while continuing to collect government payments – CPP/OAS/RRSP etc. – including that you could NOT be out of the country for more than 6 months of the year or lose benefits.
Many retired Canadians own condo’s in Florida — drive down November and back in April to meet 6 month rule.
Referred to as “Snowbirds”
Lots of Canadian expats in Ajijic MX.
My sense was many live there year round.
I rented from one who certainly did.
How do they handle the tax situation?
Well, I guess if there’s some sort of tax treaty between the 2 countries, it’s not as much of a problem from a financial standpoint. Unfortunately such a treaty does not currently exist between Canada and USA. And that’s what I’d like to change.
I have no desire to go to Mexico.
A hypothetical situation. A retired Canadian would like to live in the US.
There is a way to do this as far as I have been told. Correct me if I am wrong.
Cross the US Border at a point of entry. Stay 6 months less a day then enter Canada for a day or two and then cross back and do this continuously. Now why don’t more people do this? Double taxation. The present Tax Treaty between the two countries does not protect a Canadian’s RRSP or TFSA from being taxed on dividends, interest income and Capital gains in the year accrued. Thus the TFSA is no longer sheltered as the IRS will tax it.
The RRSP which is only taxed in Canada when you withdraw funds, is essentially taxed twice.
Renting or buying a home is one’s choice without much consequence.
The way around it is to collapse your RRSP and pay the tax in Canada (not what it was intended) and ouch!
All future investment income is covered under the tax treaty. Only pay once.
Also any Canadian Tax loses can only be claimed on your Canadian Tax Form.
I see Trump just removed the Covid Jab requirement for immigrants. However, all other vaccines as required by the US government are still mandatory if you are seeking permanent resident status. A further deterrent for those of us who would like residency but don’t want to take a multitude of vaxxes.
If you have an accountant, start there. They should know the basic ground rules from the Canadian perspective. I don’t recall the option of coming back for a few days and then returning. I thought the rules were calendar based – 6 months minus a day is all that’s allowed out of county. If you want to retain Cdn benefits (pensions, health care etc). You make an excellent point on US taxation as this could cause real pain if a mistake is made. So two accountants for advice (Cdn & US or an international expert).
Legal questions can follow once the rules are understood and the individual can decide from a monetary perspective what makes sense for their individual case.
I imagine every one of the “snowbirds” has gone through these same iterations because you can’t afford to skewer up when dealing with governments!
Border runs are a common thing for US expats living in Costa Rica, because of limits that CR imposes on the length of tourist visas. I read they USED to restrict the country you used for those to “not twice in a row” but that was eliminated recently.