Moving from 🇨🇦 Canada to 🇺🇸 USA
October 28, 2020
I moved 🚀 to the US from Canada on a visa and these are some of my learnings.
What you should know 🤔 #
Soon #
- Get your Social Security Number (SSN) card ASAP
- You’ll need it to open a bank account without hassle
- It will allow you to start building a credit history
- Get a credit card so you can build a US credit history. Your Canadian credit history is no good in the US.
- Get a US driver’s license.
- I wasn’t able to transfer my Canadian license and had to take a written and road test to get a state license. I procrastinated on this but it turned out to be very easy and quick in my state.
- Because I procrastinated I had to request extra paperwork from Ministry of Transport in Canada to be able to obtain insurance coverage in the US.
- I also learnt that the famed DMV is different than the department that administers the written and road test. The latter was super easy and quick (⏰ 45m for everything), the former is famous for a reason.
Later #
- 401Ks
- 401k is similar to RRSPs in Canada
- unlike RRSPs your contribution amount is fixed (exception based on age) regardless of income
- unused room does not roll over to the next year. Use it or lose it.
- I was only able to contribute to mine via a deduction from my paycheck (which is quite different than how RRSP accounts are setup in Canada)
Leaving Canada #
Taxes #
- The US doesn’t recognized TFSA so its gotta get dealt with 😢
- I liquidated my TFSA
- I was also advised not to contribute to it after moving - there are penalties associated with doing so
- RRSP accounts seem fine as long as you don’t put money in or take money out ✅
- Any other assets you have might be subjected to a Departure Tax
References