Higher Canadian Dollar Random Thoughts

Canadians are getting a 20% raise! More people are driving down the south to pick up bargains. Crazy lineups these days.

However, if you are an American living in Canada or green card holder, you may encounter an unexpected surprise. If you haven't filed your US tax return, the border crossing guards now have access to these information and they may bar you from entry. It is no secret that CRA and IRS have been sharing tax information for years. But for the first time, these information are made available to the Homeland Security.

As a dual citizenship of Canada and US or a US green card holder, you have the obligation to file US tax return every year! We have a client who was born in the US and moved to Canada 25 years ago when he was 2. He found out the hard way when he was having trouble to apply for his US passport.

If you need help on filing your tax return, staff from YY consulting are specializing in the Canada-US cross border tax. And remember to check the border wait times before you go.

Our Readers' Status In Canada and US

Canadian	18 (42%)
US citizen	7 (16%)
US Green card	6 (14%)
Canada PR	6 (14%)
Working visa in US	3 (7%)
Working visa in Canada	5 (11%)
others	3 (7%)

Votes so far: 42

Thanks for all your inputs! We have a decent number of votes to reflect the demographics of our readers. Staff of YY Consuting Tax would love to hear from you!

More Americans Moved North..

Nearly 11,000 Americans crossed the border and settled in Canada in 2006, up from 9,262 in 2005 and 5,828 in 2000, according to a recent survey by the Association of Canadian Studies.

That's the first time the numbers went north of the 10,000 mark in 30 years. The last time was in the 1970s, a time when upward of 25,000 Americans were heading to Canada each year, many to avoid U.S. military service during the war in Vietnam.

In comparison, there are almost 24,000 Canadians moved south last year, down from 30,000 year 2005.

Year	# of Canadians moved to US	# of Americans moved to Canada	Net Loss to Canada
2006	23,913	10,942	12,971
2005	29,930	9,262	19,968
2004	22,439	7500	14 939
2003	16 447	5990	10 457
2002	27,142	5288	21 854
2001	29,991	5902	24 089
2000	21,289	5809	15 480

Sources: Bureau of Citizenship and Immigration Services, United States and Citizenship

What triggered the change of the migration tide? Maybe it is the politics, maybe it is the economy, maybe it is Americans like Canada more these days. If you are considering the move, north or south, make sure you consult with an accountant specializes in Canada-US cross border tax to avoid financial surprises.