US/CAD dual citizen, practicing in Canda- tax question

[meshuga3]

Hi,

 

I'm not sure which forum to post this in- or if this is even a great site to ask the question on- but I thought I'd put it here. Feel free to re-direct if there's a more appropriate spot for it.

 

I'm a US citizen in the process of obtaining Canadian permanent residency (my wife and I lived here for many, many years before I started med school and citizenship was always the plan), and I plan to return to Canada for residency/practice. I'm trying to get some idea of what this will mean in terms of financial outlook since my loan burden is rather high (thanks to a US medical education). Specifically, I'm wondering if anyone on this forum is a US citizen currently practicing in Canada, and if so, if they can comment on what that status does for your tax return each year. I know Canada and the States have a tax treaty that is supposed to eliminate double taxation (i.e. you only pay taxes to the country in which you're a resident), but I recall the cap on that treaty is 80,000- and I hope to be making more than that as a physician.

 

So- what is the deal with double taxation? Are American physicians working in Canada taxed twice on income above 80,000? And if so, what is the rate? Essentially, I suppose I'm wondering if I'll have to give up my US citizenship in order to be financially secure practicing in Canada.

 

Oh, and- if this is a totally inappropriate forum for this question, but someone on here knows an American citizen practicing in Canada with whom they could put me in touch, I'd really appreciate the info... We're pretty well looked after in the States as far as career advice for the States goes, but nobody has been able to answer any of my questions about returning to Canada to practice.

[moo]

I'm not sure whether you'll get many replies on this thread. I think the best thing for you would be to see an accountant regarding the double taxation thing.