What kind of money loss will there be if we move to Canada but my company is in the states? I assume you pay taxes for both countries, but will that be it? If there are some stupid hoops to get through for this, I’m wondering if it’s even worth it
It’s practical to live in Canada for less than 180 days per year, which a US citizen can do asa “tourist” without a visa or obtaining temporary residency in Canada.
If you live in Canada more than 180 days a year, that triggers Canadian taxes which are much higher than US taxes, but Canada (like most enlightened countries) does not tax foreign income.
The dual citizens that I know prefer to claim residency south of the border and only pay US taxes. They forego Canadian healthcare and other benefits.
I know one Canadian family in the US that has elected not to become US Citizens (they have been here for decades on Greencards) because if they become citizens, the IRS will chase them for taxes, even if they move back to Canada. The kids were born in Quebec, and thus had a right to nearly free college in Quebec.
You have to live in Canada more than 180 days a year (and be subject to Canadian taxes) to get free national (provincial) healthcare and other benefits.
Canadian Provinces have more powers than American States. They each have their own special immigration streams, in addition to the national immigration streams. Quebec is usually the easiest province to immigrate to, and it offers some of the best public benefits (like nearly free college), but it comes with an obligation to learn to speak French and adapt to living in a Francophone society. However, Quebec has English speaking communities, such as the Eastern Townships.
There are probably millions of Canadians who are dual US citizens, but not many Americans that are dual Canadian citizens.
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I gotcha, my wife is from Ontario so she got her green card when she moved here. And we’re working on dual citizenship for my kid since mom is Canadian and dad American. If my wife makes no money in Canada what would she be taxed for? It seems like if I’m not in Canada for 180 days and she makes no money there should be no taxes at all?
That question exceeds the scope of my knowledge about Canadian taxation.
Whether your wife and kids can be considered Canadian residents living in Canada and supported on your US income while you live in the US and claim to not be a resident of Canada is an interesting question.
A mariner friend had his wife and kids living in Maine and part time in Florida. His wife was licensed and employed as a nurse in Maine. He claimed to live in Florida and only occasionally visit Maine. They filed separate tax returns. The State of Maine said basically “your wife and kids live in Maine, your kids go to public school in Maine, and you provide for their support, therefore, you are a Maine tax resident, you must pay $$$$ in Maine taxes.”
The same guy also had problems with his top secret security clearance and Naval Reserve officer status when he obtained his Irish passport (his father was an Irish immigrant to the US). He eventually got thru that, but was never promoted again.
Could something similar happen to you in Ontario?
I don’t know.
Bezos, Gates etc. Since you are asking for opinions. The comfort quality of life isn’t much different in Ontario than most places in the US. Cost of living not so much either. Move to wherever your wife wants to live since you’ll be gone 6-8 months a year depending on your schedule. If you like the married life, its worth it, Happy wife, Happy life, screw the difference in pennies.
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THIS!
And consult a real expat tax lawyer/consultant besides for the internet. There are benefits like the dual-taxation treaties many countries have so you don’t pay taxes twice on the same income, but also pitfalls like one person I know of that ended up covered by neither US or Canadian health insurance.
Ontario is one of the most beautiful patches of real estate on the planet. That alone counts for much.
Another quick note:
If you are a USA citizen working for a USA based company and basing out of a USA port, you will probably pay the normal federal tax everyone does no matter where you live.
I think, but am not 100% sure, you have to pick one of the 50 states too for tax reasons no matter where you actually live. My buddies living foreign seem to like Florida or Delaware 
My uneducated advice? Weigh the advantages of living in Canada vs US. Factor in the benefits, especially healthcare. You may find you get more for your tax dollars paid in Canada. Be careful if claiming to live in a state with no income tax if you do not actually live there. The IRS and the state tax people know all the tricks. They even will go after you if they THINK you are gaming the system. Example; I had a residence in Florida, a no income tax state. I had no one there to forward my mail to me so I used a relatives address in the Carolinas who would forward mail to me wherever I was. I used that mailing address but told my employer my residence was actually in Florida. Two years later the Carolina people came after me for income tax. It was a major pain in the butt to get that straightened out. After that I used a mail forwarding service in Florida. Also, don’t listen to internet BS on how to avoid taxes because unless you can pay at least $1000 for a consultation fee with an actual tax attorney you’re not getting good advice. The billionaires pay less percentage than we do but they own millionaire tax attorneys. Forty years ago the IRS came after me for taxes owed, plus penalties and interest to the tune of over $80,000. it was a nightmare. Since then I happily pay my tax. Back before 1981 the maximum tax rate was 70% and I was complaining to my grandfather. He said he wished he owed 70% because just imagine how much money you had to make to owe that much. He said complain to your senator how they spend it and vote them out but don’t complain that you live in a country that gave you the opportunity to make that much. By the way it was the Democrats that pushed the top tax down to 50% and reduced even further later. Mainly due to a recession I remember well. Many mariners got laid off.
Just live where you want and pay the tax to the country that gives you the most bang for the bucks and I don’t mean missiles and bombs.
I am pretty sure living in Canada even full time won’t get you out of USA taxes if your job is on a ship or airplane based out of the USA.
Check tax reciprocity agreement between USA and Canada.
There’s usually a foreign tax exclusion so you don’t double pay. Whatever you pay to Canada you don’t owe Uncle Sam.
Boris Johnson was born in the US to British parents, and thus automatically a US and British citizen. He lived briefly in the US as a small child
40 years later when Boris Johnson was the Mayor of London, the IRS was chasing him to file tax returns and pay US income tax on his salary as Mayor of London.
Eventually, Boris renounced his US Citizenship which ended his obligation to pay future US taxes. Somehow it all got worked out.
If you want to live in Ontario, go do it.
You don’t need to reinvent the wheel.
Undoubtedly, Toronto and Buffalo both have accountants that specialize in US/Canada taxation that help US/Canada citizens or residents comply with the tax laws of both countries while minimizing their tax obligations.
There are expat forums that have a lot of discussion about living foreign and US taxes. There is probably one that is Canada specific, and that talks about particular accountants.