Dual citizenship- Americans living in Canada

[shootingstar]

I found this article and some comments interesting.  The featured dual-citizen gives reasons why he won't vote in Nov.  Been in Canada 50yrs. and feels like Canadian. Well, then, sir give up your U.S. citizenship. I don't get it.

And all the problems with adults with dual Chinese-Canadian citizenship. Not sure if they want to expand business or job opportunities. I'm not sympathetic. I'm happy with 1 citizenship forever.  

[shootingstar]

11 minutes ago, shootingstar said:

I found this article and some comments interesting.  The featured dual-citizen gives reasons why he won't vote in Nov.  Been in Canada 50yrs. and feels like Canadian. Well, then, sir give up your U.S. citizenship. I don't get it.  I think some of these folks are ..just lazy. Choose your 1 citizenship if you've lived in Canada for decades.

And all the problems with adults with dual Chinese-Canadian citizenship. Not sure if they want to expand business or job opportunities. I'm not sympathetic. I'm happy with 1 citizenship forever.  

 

[Kirby]

Renouncing US citizenship isn't so easy to do.   At a minimum, there are fees  (I think a couple thousand dollars), but higher net worth people may face an exit tax on their appreciated but unrealized assets.  Also, US citizens (even if they're dual citizens) are required to file and pay US income taxes on worldwide income no matter where they reside.  There are credits for taxes paid to foreign countries, but many people who've lived abroad and don't intend to ever return probably haven't complied with this requirement.    In order to give up citizenship, I think you have to be current with these filings (or at least for the last few years), so that is also a hindrance.

[shootingstar]

30 minutes ago, Kirby said:

Renouncing US citizenship isn't so easy to do.   At a minimum, there are fees  (I think a couple thousand dollars), but higher net worth people may face an exit tax on their appreciated but unrealized assets.  Also, US citizens (even if they're dual citizens) are required to file and pay US income taxes on worldwide income no matter where they reside.  There are credits for taxes paid to foreign countries, but many people who've lived abroad and don't intend to ever return probably haven't complied with this requirement.    In order to give up citizenship, I think you have to be current with these filings (or at least for the last few years), so that is also a hindrance.

Interesting. Clearly you know someone with this dilemma, Kirby.

Dearie's brother renounced his CAnadian citizenship about 4 yrs. ago.  He had been working for several decades and living in the U.S.  He now has a daughter. 

Canadians living abroad do have to pay taxes back to Canada. Or they should to CRA. Probably same problem for IRS, as Americans with dual citizenship living in Canada for ages. One thing about dual Canadian-American citizenship, is for a retiring dual, it is to their advantage to keep CAnadian citizenship...because of access to CAnadian health care...as long as they continue to pay tax to CAnadian govn't. That I have no problem with.

WHich is why Canadian snowbirds don't live in U.S. 100% time. There are rules for single-citizenship, Canadians to legally access to all CAnadian govn't services, CPP, OAS benefits, health care,  (federal universal govn't tiny pension if you worked for several decades in Canada)  by physically living in Canada xx% time annually.

[Ralphie ★]

This stuff makes my head hurt.