IT Professional Relocating to the US

 

Unfortunately for Canada, a lot of our best talent gets recruited to the US. This “brain drain” phenomenon frequently occurs in the field of information technology as Canadian IT professionals move south to take advantage of the larger number and variety of positions available in the US compared to Canada. Since corporate tax rates are lower in the US than in Canada, some IT professionals also choose to move to the US to work on a more independent basis.

Canadian IT professionals moving to the US typically have immigration questions; for example, what is the ideal US visa? Popular US visas for Canadian IT professionals include the H-1B and the TN. Each of these visas comes with its own set of advantages and disadvantages. Pursuing the appropriate visa from the outset is important, especially if Canadian IT professionals ultimately desire permanent residency in the US – not all visas allow for a seamless transition to obtaining a Green Card.

Which US retirement account to open is yet another question faced by Canadian IT professionals moving to the US, who typically require guidance on US retirement accounts such as the SEP IRA and the SIMPLE IRA.

As the above questions illustrate, making the decision to move to the US necessitates careful pre-departure tax, immigration, and retirement planning. Canadian IT professionals relocating to the US must also be familiar with potential cross-border tax filing requirements, US estate planning and investment opportunities, and how to obtain optimal health insurance coverage for themselves and their families.

Keep reading for more information about these cross-border financial planning topics as they apply to Canadian IT professionals who are moving to the US. Please note that the topics covered below require detailed, comprehensive analysis before specific recommendations can be made to an individual client, which is the purpose of creating a cross-border financial plan prior to departure.

 

Different Kinds of US Corporations

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Departure Tax
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Situs Wills, Trusts, and Power of Attorney Documents
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US Gift and Estate Tax
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Registered Retirement Savings Plan (“RRSP”)
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CPP, OAS, & US Social Security

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US Retirement Plans

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The US Health Care System

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Medicare Eligibility and Employer Program

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Create a Group Plan

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Liability Protection Issues

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Life Insurance Issues

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Visas & Permanent Residency

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