I'm a 25 year old Canadian who recently accepted a position in the US. I'll be relocating to NYC next month and competent with Personal Finance (at least in the Canadian market).
Can anyone else (preferably Canadians) who relocated to the US give me a run down of what I should be aware of and plan to do financially. From my research thus far, I've developed somewhat of a list -
- Close out TFSA (can maintain RRSP)
- Open US bank account
- Start building credit ASAP (as Canadian credit history won't carry over)
- Likely makes sense to hire an immigration tax accountant in Year 1
What else from a financial perspective should I be aware of? I know the US has different investment vehicles like the Roth IRA similar to Canada's but have heard mixed reviews of whether or not it's worth it. Can anyone comment on the tax comparisons between NYC and Toronto? From my research thus far, it seems NYC has an even higher tax rate for someone making over $100K. What are some financial commandments or words of wisdom that may be different in the US compared to Canada? What might an expat be unfamiliar with?
Submitted July 03, 2018 at 09:57AM by jrimmer93 https://ift.tt/2tQSkWN
