Author Topic: Canuck wants to move to the US... (Read 1262 times)

Curval · « **Reply #15 on:** July 09, 2003, 03:06:48 PM »

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Originally posted by ra
Of all the reasons not to move to the US, the death tax is not one of them.

...if you have no money, or no plan to earn alot of it.

SunKing · « **Reply #16 on:** July 09, 2003, 03:07:56 PM »

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Originally posted by funkedup
Yes move to California to escape the Chinese!

He doesn't want to move to the Bay Area.

Curval · « **Reply #17 on:** July 09, 2003, 03:10:15 PM »

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Originally posted by ra
Also, you can give some of your assets to your heirs before you die and avoid the death tax, though you do pay a gift tax if the gift exceeds a certain amount each year. ra

Correct..this little ditty is called the Inheritance tax. Then there is the generation skipping tax, in case you want to try and avoid it that way. The gift tax, figures into the equasion too as it relates to attempts to give away your assets.

ra · « **Reply #18 on:** July 09, 2003, 03:11:04 PM »

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Originally posted by Curval
...if you have no money, or no plan to earn alot of it.

....if you have a moderate ability to do estate planning the death tax is no factor. If you earn a lot of money income taxes are more significant than death taxes.

Curval · « **Reply #19 on:** July 09, 2003, 03:13:24 PM »

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Originally posted by ra
....if you have a moderate ability to do estate planning the death tax is no factor. If you earn a lot of money income taxes are more significant than death taxes.

Really...and what do people do with all that money? They usually buy assets, which form a part of your estate...upon which you are taxed heavily upon your death.

..and as mentioned before, the best tax/estate planning is to avoid it entirely.

Stringer · « **Reply #20 on:** July 09, 2003, 03:15:57 PM »

Curval,
Throw in a swedish nanny and you've got me convinced!!

Now, where can a global supply chain guy find work on the islands

_Schadenfreude_ · « **Reply #21 on:** July 09, 2003, 03:23:54 PM »

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Originally posted by Stringer
Curval,
Throw in a swedish nanny and you've got me convinced!!

Now, where can a global supply chain guy find work on the islands

sigh....let me know and I'll be happy to move too - will bring my own Swedish nanny.

MrCoffee · « **Reply #22 on:** July 09, 2003, 03:24:10 PM »

Hows the coconut business?

Rude · « **Reply #23 on:** July 09, 2003, 03:28:13 PM »

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Originally posted by funkedup
Hey come to California. We have high taxes, outrageous housing costs, and terrible traffic.

Don't forget Gray Davis:)

Rude · « **Reply #24 on:** July 09, 2003, 03:34:03 PM »

Curval.....I've found that taxes of all kinds are a non-issue...the key to dealing with taxes is to simply make enough money:)

funkedup · « **Reply #25 on:** July 09, 2003, 03:39:19 PM »

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Originally posted by Rude
Don't forget Gray Davis:)

He'll be Terminated soon.

Curval · « **Reply #26 on:** July 09, 2003, 04:10:47 PM »

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Originally posted by MrCoffee
Hows the coconut business?

No idea if this is directed at me, but I would have no idea. No coconuts in any quantity here.

If you are interested in the International Re-Insurance business, which flourishes here, it is doing very well thanks.

Rude..true, but only to a degree. Earning a good living is fine and dandy, but the death taxes are brutal. Add up your estate, deduct your exemption etc etc..then come up with a number payable to Uncle Sam (within 90 days of death). Gee, don't have that much?

IRS MAN "Okay Widow Rude, we are now going to sell your house. Please evacuate it immediately. Oh..and have a nice day".

Did you know that Rupert Murdoch's family are not ALLOWED to become US citizens. If they do so they are immediately disowned and written out of any inheritance. Gee, wonder why the family lawyers did that?

Curval · « **Reply #27 on:** July 09, 2003, 05:02:26 PM »

Quote

Originally posted by Stringer
Curval,
Throw in a swedish nanny and you've got me convinced!!

Now, where can a global supply chain guy find work on the islands

lol...

All your Swedish nannies are belonging to me!

One thing I should mention about this thread. I do like to make jabs at US guys here about your taxes..no doubt...but in this particular case you have a Canadian wanting to move to the US. If he decides to become a US citizen he will give up certain advantages with respect to his personal tax situation and I am just giving him my advice. I'm not saying that going to the US is bad, just that he should avoid citizenship.

You are already a proud American Stringer, no hope for ya.

SKurj obviously is thinking about moving and he is looking for some nicer weather. Do it as a Canadian. Merely become a non resident Canadian..sever all economic ties to Canada, don't sojourn (stay) in Canada for more than 179 days (I think) and meet any other non resident test required...and Bobs your uncle.

Go places...go to the US..pay your taxes while there and enjoy your life. (but be careful about owning US assets, such as real estate for reasons above when you die) Maybe try out the islands which are begging for IT guys. While there you will earn tax free US dollars and not file one Canadian tax return, legally.

If you ever decide to go back Canada will welcome you back with open arms. Continue life. Pay taxes.

Die.

SKurj · « **Reply #28 on:** July 09, 2003, 05:39:07 PM »

Yas ain't talking me out of it eh!!

I've seen california, love to live there but doubt I can afford it.

How do Texas, and Nevada compare?

and seriously... how does one go about getting permission to work in the US?

SKurj

Curval · « **Reply #29 on:** July 09, 2003, 05:51:36 PM »

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Originally posted by GScholz
Are you saying that once made a US citizen you can never denounce you citizenship when you move to another country?

You can donounce it, but if such denouncement is considered to be made for tax reasons then you won't ever get back into the US..legally.