# US financial advice for someone becoming a Canadian from the US



## storozj (Nov 21, 2008)

Does anyone know of any books, articles, blogs, etc. that describes the financial dos and don'ts of coming to Canada from the US? It needs to cover US retirement funds, bank accounts, assets, etc.

Any assistance would be greatly appreciated,

James


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## Bevdeforges (Nov 16, 2007)

Hi and welcome to the forum.

If there are such books, whether for Canada or just for US expats in general, I certainly haven't run across them. There are a couple of associations for Americans living outside the US, namely AARO - Association of Americans Resident Overseas and ACA American Citizens Abroad, that do some work on financial issues, particularly taxes. (Since the US is one of the few countries that will continue to insist on a tax return no matter where in the world you live.)

Not sure there are specific do's and don'ts anyhow. So much depends on your specific circumstances and for other stuff, it's simply a matter of what you can and can't do. Example: once you move outside the US, you generally can't add any funds to your IRA or 401K back in the US because all your earned income is normally subject to the overseas earned income exclusion.

I would recommend that you hang onto at least one US bank account and one US credit card. These things come in handy and once you've established residence outside the US it can be extremely difficult to open a new account in the US.
Cheers,
Bev


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## storozj (Nov 21, 2008)

Thanks for your help.

James


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