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Re: FIRE to Canada
Old 08-26-2005, 02:42 PM   #21
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Re: FIRE to Canada

The usual Canadian tax complainer is a fellow who makes over a hundred grand a year, has a stay-at-home wife, a bunch of kids, and a fat mortgage payment. The hundred grand puts him in the top bracket (39% where you are but as high as 50% elsewhere in the country) with no deductions for wife, kids, mortgage interest, or provincial taxes.

Even at fifty grand, your tax bill in any province is going to be at least ten grand. In the US, you start with 50, deduct 15 as personal exemptions, 10 as mortgage interest, 5 as property tax, and are left with a taxable income of about $20k. I don't have Pub 17 in front of me but you can't pay more than a couple of thou on that in the US.

To be fair, the income tax difference never gets worse than about $10k and, for most people, it's a lot less. Toss in cheaper houses, lower property taxes, never having to worry about medical insurance - even if you do have to worry about medical care - and it's close to a wash.

But, shhhh, don't tell anyone. You'll ruin it for all of us.
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Re: FIRE to Canada
Old 08-26-2005, 03:29 PM   #22
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Re: FIRE to Canada

Quote:
Originally Posted by nfs

But, shhhh, don't tell anyone.* You'll ruin it for all of us.*
Mum's the word! BTW, where do you live?
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Re: FIRE to Canada
Old 08-26-2005, 03:44 PM   #23
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Re: FIRE to Canada

Where the palm trees grow.

Shhh. Don't tell anyone that either. After all, how could there be palm trees in Canada?

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Re: FIRE to Canada
Old 08-26-2005, 03:51 PM   #24
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Re: FIRE to Canada

We're mulling living in Canada part of the year-Toronto-keeping a residence in Minnesota...anyone doing or thinking the same?...

Lots of Ontario is lower latitude than Minneapolis and more moderate weather...Winter in Toronto Summer in Minnesota
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Where the palm trees grow.

Shhh. Don't tell anyone that either. After all, how could there be palm trees in Canada?

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Re: FIRE to Canada
Old 08-26-2005, 03:57 PM   #25
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Re: FIRE to Canada

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Originally Posted by DanTien
We're mulling living in Canada part of the year-Toronto-keeping a residence in Minnesota...Winter in Toronto Summer in Minnesota
Dan, either you are trying to redefine the term "snowbird", or you are geographically impaired..."

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Re: FIRE to Canada
Old 08-26-2005, 04:05 PM   #26
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Re: FIRE to Canada

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Originally Posted by REWahoo!
Dan, either you are trying to redefine the term "snowbird", or you are geographically impaired..."

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REW- I'm impaired in more ways than I'll ever know...

I like to get my chill on...

...don't want to live somewhere (Florida) where there so many hurricanes, retired people and out-of-staters...and this fixation and need for gated communities....
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Re: FIRE to Canada
Old 08-26-2005, 04:14 PM   #27
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Re: FIRE to Canada

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Originally Posted by DanTien
...don't want to live somewhere (Florida) where there so many hurricanes, retired people and out-of-staters...and this fixation and need for gated communities....
Understand. I'm fortunante in that we were able to RIP (Retire In Place). Only here in TX we hibernate in the summer... :P Thinking about becoming a "reverse snowbird" (FIREbird? )

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Re: FIRE to Canada
Old 08-26-2005, 04:16 PM   #28
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Re: FIRE to Canada

Quote:
Originally Posted by DanTien
We're mulling living in Canada part of the year-Toronto-keeping a residence in Minnesota...anyone doing or thinking the same?...

Lots of Ontario is lower latitude than Minneapolis and more moderate weather...Winter in Toronto Summer in Minnesota
Toronto? Are you kidding? Toronto? As a FIREe? Toronto?
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Re: FIRE to Canada
Old 08-26-2005, 04:24 PM   #29
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Re: FIRE to Canada

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Originally Posted by REWahoo!
Understand. I'm fortunante in that we were able to RIP (Retire In Place). Only here in TX we hibernate in the summer... :P Thinking about becoming a "reverse snowbird" (FIREbird? )

REW
RIP makes sense...why I want to keep permanent place here in Minnesota....
FIREbird your way to Duluth on the shores of Gitchee Gumee...not much need for air conditioner there
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Re: FIRE to Canada
Old 08-26-2005, 04:27 PM   #30
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Re: FIRE to Canada

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Originally Posted by nfs
Toronto? Are you kidding? Toronto? As a FIREe? Toronto?
nfs - go ahead start sharing with me...
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Re: FIRE to Canada
Old 08-26-2005, 04:36 PM   #31
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Re: FIRE to Canada

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Originally Posted by brewer12345
I think its pretty hard to do, at least legally. You'd have to watch out for the specifics of immigration laws and probably have to be out of the country for part of the year, although I don't know the specifics. Regardless of where you live, the US will still tax you.
Only if you make more than $80k a year in Canada (or anywhere else)

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Re: FIRE to Canada
Old 08-26-2005, 04:42 PM   #32
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Re: FIRE to Canada

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Originally Posted by wabmester
It looks like you lose your US citizenship if you become a Canadian citizen by applying for Canadian citizenship (vs acquiring Canadian citizenship automatically). What sort of hoops to do you have to jump through if you decide to repatriate to the US?
NOT So! I am a Canadian, American and EU Citizen, I hold all 3 passports and it is perfectly legal. When I got my Citizenship they specifically stated, that we did not have to renounce our source country citizenship.

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Re: FIRE to Canada
Old 08-26-2005, 04:50 PM   #33
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Re: FIRE to Canada

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Originally Posted by nfs
Toronto? Are you kidding? Toronto? As a FIREe? Toronto?
Niagara Peninsular (near Toronto) is Beautiful!

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Re: FIRE to Canada
Old 08-26-2005, 05:09 PM   #34
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Re: FIRE to Canada

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Originally Posted by ShokWaveRider
Niagara Peninsular (near Toronto) is Beautiful!

SWR

Yes!! Stayed at a B&B in Niagara-On-The-Lake...more moderate weather than Minneapolis (it is all relative folks) gardening Zone 4 here Zone 6 there
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Re: FIRE to Canada
Old 08-26-2005, 05:21 PM   #35
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Re: FIRE to Canada

Quote:
Originally Posted by DanTien
Yes!! Stayed at a B&B in Niagara-On-The-Lake...more moderate weather than Minneapolis (it is all relative folks) gardening Zone 4 here Zone 6 there
Zone 8a-9 here.

Tell me, Dan, what's so great about Toronto. To me, it's just another big city. Small lots, traffic, pollution, noise. The city that turned its back on the lake. The weather is muggy summer and snowy winter. Sure it's got restaurants but almost everywhere has restaurants. Why Toronto? If you're stuck on southern Ontario, then why not a smaller place like Waterloo or Chatham or Belleville or ...

And not Niagara on the Lake. It's a Disneyish pastiche of a small town. Feh.
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Re: FIRE to Canada
Old 08-26-2005, 05:26 PM   #36
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Re: FIRE to Canada

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Originally Posted by ShokWaveRider
Only if you make more than $80k a year in Canada (or anywhere else)
I assume you're referring to the foreign earned income exclusion. That doesn't really apply to most FIREes.
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Re: FIRE to Canada
Old 08-26-2005, 05:42 PM   #37
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Re: FIRE to Canada

Dan: do you live in Duluth? I live about 100 miles south in Wisconsin and it is like 2 differnet zones difference
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Re: FIRE to Canada
Old 08-26-2005, 05:49 PM   #38
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Re: FIRE to Canada

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Dan: do you live in Duluth? I live about 100 miles south in Wisconsin and it is like 2 differnet zones difference
maddy - no... down in the other Minnesota - the Cities People in the high zones may not realize how challenging it can be to garden here...
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Re: FIRE to Canada
Old 08-26-2005, 05:50 PM   #39
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Re: FIRE to Canada

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Originally Posted by nfs
Zone 8a-9 here.

Tell me, Dan, what's so great about Toronto. To me, it's just another big city. Small lots, traffic, pollution, noise. The city that turned its back on the lake. The weather is muggy summer and snowy winter. Sure it's got restaurants but almost everywhere has restaurants. Why Toronto? If you're stuck on southern Ontario, then why not a smaller place like Waterloo or Chatham or Belleville or ...

And not Niagara on the Lake. It's a Disneyish pastiche of a small town. Feh.
nfs - BC I'm guessing...good memories of visits to Vancouver, V island and Victoria...are you near Vancouver and if so how do you like it...

...sounds like you have experience with Toronto...what part did you live in?

We want to rent an apartment part of the year in a BIG, noisy city again...snow, let me tell you about snow...we're now in a quiet suburb in MN...those other small cities you mentioned well they look nice but quiet...we want to live in a place with a street life...where you can walk or use public transit to do errands or to go out to the theater, and whatever... and one of those 6,000 restaurants...so car traffic wouldn't be an issue anyway...

.....with this in mind can you think of some appealing things about Toronto? (I know it's crowded, traffic is bad, crime is way low..people are friendly and seems like a well run city...what is the saying "like NY if it was run by the Swiss"?)...we really enjoyed the neighborhoods so many ethnic groups...you're right they turned their back on the lake but lately they have been embracing it full frontal with a revitalization project...N-O-T-L is a nice place to visit... Feh?...Oy!, you nebish, you and your big words, I've become ferklempt with your mishegas about this here shtetl and the pastiche de disney! You meshugina...you and your cockamamie kvetching
Best regards
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Re: FIRE to Canada
Old 08-26-2005, 08:57 PM   #40
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Re: FIRE to Canada

For Maddy and anyone else interested...earlier in the thread we were talking about taxation in the US vs. Canada. Here's a quick summary of the differences:

http://www.transitionfinancial.com/u...ifferences.htm

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