Got a job in a startup and they don't have Canadian presence or legal team to support. so asked me to move to Seattle. 1. Is there an exit tax? 2. Should I pay capital gains tax assuming that stixks are sold and repurchased? 3. Will there be any other implications if I return to Canada in 3 or 4 years? Can I work from Canada and be on US payroll if my job is remote? 4. Can you also share recommendations on cities with mixed populations closer to Canada? Housesigma gives those in Canada, but I'm not sure if there is an equivalent app for the US. I was hinted that I would be considered for an internal move if I am pick that option. So if someone has already made the switch, how did your compensation change?
1. Yes, there is an exit tax https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html 2. You don’t actually need to sell and repurchase. It is considered deemed disposition 3. No issues. Are you Canadian? 4. Try Zillow
Why would you immediately sell assets? I am a dual citizen and have bank and stock accounts in both countries and have for 30 years. You may have to file a tax return in both countries and will lose access to provincial health care but you don't need to make any permanent decisions. Whether you can work remotely in Canada for a US company depends on the company and if they have a tax presence in Canada. There is no reason you can't work as a contractor.
Since you mentioned that you plan on moving back to canada in a few years- there may be a way to avoid taxes on capital gains that you incurred during your time in US. Something like- now you cease tax residency in canada and “settle the bill”, and establish a cost basis with us. Then when you move back you establish a new cost basis with canada so canada wouldnt tax you on cap gains in US, meanwhile if you liquidate after you are no longer required to file in US then you dont need to report those cap gains to us either? I’m a bit unsure about how exactly that latter part works but i saw this in reddit once, maybe look into it!
Ok why you need to share stupid