Posted on: 10-02-11 18:17:00
Quote:
Originally posted by wall-E
cdn_dude not sure where I may end up .. but take mountainview or san jose as an example.
-- San Jose is big - and the real estate (own/rent) vary according to the school district. Mountain View school district is not great and hence the prices to rent are not as high as in SJ West or in South Bay (Cupertino).
Quote:
By the way how is San Diego? Is there a big indian population there? Where ever I go I must have lots of Indian restaurants, Indian groceries, Indian movie halls and some temples .. all within 30 mins .. like in GTA.
-- San Diego is PERFECT - the job market is not as hot as in Silicon Valley, but it is a fantastic place to live. Do not worry about the desi things, they are in abundance.
Also, do not get distracted by the "tax worries". Moving to the bay area/San Diego with a job in hand is Great!!
cdn_dude thanks. But I do plan to rent out my home in Canada and keep real estate and maybe my cars in storage. But from what I understand I would only need to pay tax on the income I earn *in Canada* and not my income in USA.
Really we should talk on the phone to get more of your valuable knowledge.
By the way if rent costs roughly $2K more/year in California .. I should at minimum shoot for a paycheck that is 24K dollars more (though I have mortgage, not rent in Canada). Hope the property tax is similar. I am actually shooting for a minimum of 40K more in California in paycheck .. otherwise I wont make the move. There will also be lots of cost in moving (e.g. selling of one or both my cars etc etc)
It really is daunting.. so I am going on faith 
- tax issues
- residency issues
- schooling issues (though I only have babies .. so no issue right now)
- health care
- and in the end hopefully I enjoy the new destination and save more than I do in Canada
Quote:
Originally posted by wall-E
cdn_dude thanks. But I do plan to rent out my home in Canada and keep real estate and maybe my cars in storage. But from what I understand I would only need to pay tax on the income I earn *in Canada* and not my income in USA.
-- Only the income earned in Canada is taxable - only if you are a non-resident of Canada for tax purpose. But if you have a house in Canada (and the rental income that you plan to have), you will not be a NR of Canada for tax purpose.
Long story short - you will have to file taxes in Canada and the US - both - and get a foreign tax credit.
Once you get a job offer, you will be in a better position to calculate everything and based on that make a call (to move or not).
I am not an expert in Taxation but what i understand is as follow
example : your income in USA is 60K per year and you fall into 20% tax bracket in USA but in Canada same income falls under 25% bracket then you will pay 20% tax in USA and remaining 5% tax in Canada.
Once again calulate the cost of all this along with cost of health insurance you will have to pay then jump.
This is incorrect. Cross-border taxation cannot be described like this and depends on many factors. Therefore let's not get distracted from the original question.
Quote:
Originally posted by hopesrforever27
I am not an expert in Taxation but what i understand is as follow
example : your income in USA is 60K per year and you fall into 20% tax bracket in USA but in Canada same income falls under 25% bracket then you will pay 20% tax in USA and remaining 5% tax in Canada.
Once again calulate the cost of all this along with cost of health insurance you will have to pay then jump.
Quote:
Originally posted by cdn_dude
This is incorrect. Cross-border taxation cannot be described like this and depends on many factors. Therefore let's not get distracted from the original question.
Quote:
Originally posted by hopesrforever27
I am not an expert in Taxation but what i understand is as follow
example : your income in USA is 60K per year and you fall into 20% tax bracket in USA but in Canada same income falls under 25% bracket then you will pay 20% tax in USA and remaining 5% tax in Canada.
Once again calulate the cost of all this along with cost of health insurance you will have to pay then jump.
+1
Especially with wife, this was damn different. US allows joint filing, saving you bucks; but not Canada. So if wife is not working, your savings is more down south.
I would move to California for half the salary i make..
If u have a job there and have ur canadian citizenship, dont even think about moving back here..
I lived in cali for 3 years and have to say it was the best time of my life..
In gta i feel like i am in india, but the snow for sure gets to me..
