Professor 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 academia as Canadian professors move south to take advantage of the larger number and variety of professorial positions available in the US compared to Canada. Some Canadians also want to stay in the US after completing their doctoral degrees south of the border.

For Canadian professors who move to the US for only a short term, such as a postdoctoral fellowship position, questions arise regarding tax residency. Are such professors tax residents of Canada or the US? What about professors who move for a permanent position at a US college or university?

In addition to questions surrounding cross-border tax, Canadian professors moving to the US may also have immigration questions; for example, what is the ideal US visa? Popular US visas for Canadian professors include the J-1, H-1B, and 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 professors 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 professors moving to the US, who typically require guidance on US retirement plans such as the 403(b) and the 457.

As the above questions illustrate, making the decision to move to the US necessitates careful pre-departure tax, immigration, and retirement planning. Canadian professors 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 professors 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.

 

Residency

[insert page='types-of-clients/canadian-residents-moving-to-the-us/residency' display='content']

Departure Tax
[insert page='types-of-clients/canadian-residents-moving-to-the-us/departure-tax' display='content']
Situs Wills, Trusts, and Power of Attorney Documents
[insert page='types-of-clients/canadian-residents-moving-to-the-us/situs-wills-trusts-and-power-of-attorney-documents' display='content']
US Gift and Estate Tax
[insert page='types-of-clients/canadian-residents-moving-to-the-us/us-gift-and-estate-tax' display='content']
Registered Retirement Savings Plan (“RRSP”)
[insert page='types-of-clients/canadian-residents-moving-to-the-us/registered-retirement-savings-plan-rrsp' display='content']
US Retirement Plans: 403(b)s and 457s

[insert page='types-of-clients/canadian-residents-moving-to-the-us/us-retirement-plans-403bs-and-457s' display='content']

[insert page=’types-of-clients/canadian-residents-moving-to-the-us/investment-planning’ display=’content’]
The US Health Care System
[insert page='types-of-clients/canadian-residents-moving-to-the-us/the-us-health-care-system' display='content']
Employer Program & Medicare Eligibility

[insert page='types-of-clients/canadian-residents-moving-to-the-us/employer-program-medicare-eligibility' display='content']

Life Insurance Issues
[insert page='types-of-clients/canadian-residents-moving-to-the-us/life-insurance-issues' display='content']
[insert page=’types-of-clients/canadian-residents-moving-to-the-us/tax-filing-requirements-2′ display=’content’]
Visas and Permanent Residency

[insert page='types-of-clients/canadian-residents-moving-to-the-us/visas-and-permanent-residency' display='content']