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In this video, I’m going to go over how exit taxes work in the US. If you’re considering moving from the US to Canada or another country, this video will help ensure you don’t overpay tax or renounce your citizenship unnecessarily.
Share this video with a friend: • Exit Tax USA - Tips Fr...
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Stay to the end for my opinion on whether renouncing your US Citizenship is the best option.
I work with US and Canadian clients every day, and over the years, I’ve seen how much stress the question of taxes can cause dual citizens.
If you’ve moved so that you can enjoy your next adventure or pursue a career opportunity, the last thing you want is to be worried about the IRS.
First, what is the US exit tax?
Simply put, it’s the US government’s last chance to tax you if you’re giving up long-term residency or US Citizenship. So if you’re not planning on doing either of those things, you likely don’t need to worry about this.
If you want more detailed information, read SWAN’s guide on exit taxes: www.swanwealth...
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Want to get clear on how to manage your 401k in Canada?
Read our guide: www.swanwealth...
Retiring from the US to Canada?
Read our guide: www.swanwealth...
Learn everything you need to know about RRSPs here:
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Planning a cross-border move from the US to Canada (or vice versa)?
Get free tips you won't find anywhere else: www.swanwealth...
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KEY TOPICS IN THIS VIDEO:
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Table of Contents
00:00 Intro
0:45 What is exit tax?
0:58 Who has to pay the exit tax?
1:10 What are the three exit tax tests?
2:36 The IRS and Capital Gains
3:16 Which assets are taxed?
3:24 Who should renounce their U.S. citizenship?
3:58 Conclusion
This video has been prepared by and expressed the opinions of John Woodfield and Tiffany Woodfield, and are not necessarily the opinions of Raymond James Ltd. (RJL). Statistics, data and other information presented are from sources RJL believes to be reliable, but their accuracy cannot be guaranteed. This video is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Past performance is no guarantee of future results. Information provided in this video is general in nature and should not be construed as providing legal, accounting and/or tax advice. Should viewers have any specific questions and/or issues in these areas, please consult your legal, tax and/or accounting advisor. RJL is a Member of the Canadian Investor Protection Fund. Raymond James (USA) Ltd. (RJLU), is a member of FINRA/SIPC. RJL and RJLU Financial Advisors may only transact business in provinces and/or states where they are registered.]
15 авг 2024
