So you’re moving to Canada: A personal income tax primer for Americans living in Canada

As the business world continues to expand globally, the U.S. and Canada remain great allies and trade partners. The Canadian market is an obvious avenue for expansion of U.S. companies, providing opportunities for U.S. executives to find themselves living north of the border. While culturally quite similar, there are some significant differences between the two countries of which potential U.S. expatriates should be aware. This article introduces the readerto personal income tax in Canada, highlighting some basic differences between the U.S. and Canadian tax systems. It also discusses the impact of those differences on tax planning. In addition, it will cover some requirements of individuals who are considered taxpayers of both countries. Finally, it will briefly discuss some tax and nontax consequences of giving up U.S. citizenship.