I am retired and want to move from Florida to Montreal. I am a US citizen. What are the tax consequences I will face? I have bank accounts and a 401K with a RMD here in the US.
As a US citizen, you will still be subject to US tax laws even if you move to Montreal. You will need to file a US tax return each year and report your worldwide income, including any income earned in Canada. In addition, you may also be subject to Canadian tax laws and may need to file a Canadian tax return. Canada and the US have a tax treaty in place to avoid double taxation, so you may be able to claim a foreign tax credit on your US tax return for any taxes paid to Canada. Regarding your bank accounts, you will need to report any foreign bank accounts on your US tax return if the total value of all your foreign financial accounts exceeds $10,000 at any time during the year. Failure to report foreign accounts can result in significant penalties. As for your 401K with a required minimum distribution (RMD), you will still be required to take your RMD each year and pay any applicable taxes on the distribution. You may also need to consider the tax implications of converting your 401K to a Canadian retirement account. It is recommended that you consult with a tax professional who is familiar with both US and Canadian tax laws to ensure that you are in compliance with all tax obligations and to minimize any potential tax liabilities.
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