Moving back to Canada for retirement can bring you closer to family and the lifestyle you want. If you’ve spent years living and working in the United States, you should pay close attention to your finances before you leave.
Your U.S. investment accounts, retirement withdrawals, home sale, and government benefits all need to fit into a coordinated cross-border retirement plan. Waiting until after the move may limit your options or create additional complications.
In this video, Bryan Haggard, CFP®, CFA, explains five areas to review before returning to Canada.
1. Understanding the U.S. exit tax
Learn why citizenship and green-card history matter, how the net worth test fits into the rules, and why moving to Canada alone does not automatically trigger expatriation tax.
2. What to do with your investment accounts
Review whether your financial institutions can continue serving you in Canada and what to consider for brokerage accounts, IRAs, 401(k)s, and Roth IRAs.
3. Timing withdrawals and Roth conversions
Understand why recognizing income before or after Canadian tax residency begins deserves careful comparison.
4. Selling your U.S. home
Consider the practical and tax consequences of selling before versus after the move, including potential withholding and Canadian reporting requirements.
5. Coordinating healthcare and retirement benefits
Prepare for changes in health coverage and review how Social Security, CPP, and OAS fit into your retirement income.
Watch the video here:
Prepare Your Retirement Plan Before You Move
At RetireMitten Financial, we help Canadians living in the U.S. coordinate their investments, retirement income, and cross-border planning decisions.
If you’re considering a return to Canada and want to explore working with our team, schedule an introductory meeting.
DISCLOSURE
Investment advisory services are offered through RetireMitten Financial Planning, a registered investment adviser. Registration does not imply a certain level of skill or training. This video is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. The views expressed are those of RetireMitten Financial Planning and are subject to change without notice. This video is for educational purposes only and does not constitute personalized investment advice. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any testimonials or endorsements appearing in this video were given by individuals who may or may not be clients of the firm. For more information, please refer to our Form ADV and privacy policy available at https://retiremitten.com/.