Moving from Canada to USA - Finances in Canada

September 6, 2021

Moving to Vancouver with Camovers - professional movers in Canada

My parents are citizens of the USA but they have been working in Canada for several years. We were moving from Canada to USA in 1990 when I was just 6 years old. I do not remember much, just recall that my parents and I drove in our minivan from Ontario to North Carolina while the truck from a cross country moving companies Canada was carrying our second car, dad’s motorcycle, and our belongings. I did not even think I would be back in Canada someday.

Years passed, I finished high school and graduated from University. During my last year, I was exploring my career options and was thinking more and more about moving to Canada from US. When I was a teenager, I traveled with my parents around British Columbia for a couple of times and was impressed by Vancouver and its surroundings.

I like being close to nature and I am a great fan of snowboarding, so Vancouver’s close proximity to winter mountain resorts played a significant role in my decision.

I studied oceanography at the University of North Carolina. After I graduated, I thought that ocean observation specialists or marine scientists should be in demand in British Columbia. I had sent out quite a few resumes and finally got a response from an environmental company. I had 2 online interviews with them and they were ready to welcome me to the Vancouver office. It was just what I wanted, to be an aquatic scientist.

I was on my own at that moment getting ready to live alone away from my family. I had to manage my own finances and there were a lot of new things to learn and to do.

SIN

After I arrived I applied for the Canadian Social Insurance Number (SIN) which is very similar to the US Social Security Number. It is required for the government to monitor your earnings and for you to get access to government programs and benefits. You need SIN literally everywhere, for example, when you open a bank account, apply for a credit card or receive your earnings.

BANKING

Next, I had to open my first Canadian bank account. The bank offered me a credit card as well, and I thought it was a good thing to start building my credit history. Actually, all you have to do is monitor your earnings and expenses and make payments on time. If you ask my advice, I would recommend the newcomers to Canada to choose a bank account with no minimum balance and no monthly fee.

TAXES

When I was a university student, I had a part-time job as a barista in Starbucks. I have saved some money to bring with me to Canada, and I was relieved to learn that it is not subject to taxes in Canada upon arrival. But in any case, I had to report how much money I was bringing with me.

Since I have started to work in Canada, I became a Canadian tax resident.

I have started my job with a Canadian employer and every year I have to file a tax return to the Canadian Revenue Agency. The tricky thing is that as a citizen of the USA I am obligated to pay US Expat taxes as well. I have to report my income earned in Canada to the US, but, thankfully, there are some solutions that help to prevent double taxation, like Foreign Tax Credit and Foreign Housing Exclusion, etc.

INSURANCE

Another important thing to take care of was my health insurance. I am considered a temporary resident of Canada, this is why I do not qualify for Medicare which is provided by the government and is free for the beneficiary. I have purchased a personal medical insurance plan that could cover costs in case of an unexpected accident or sickness while in Canada.

Now I am in Canada and I am very enthusiastic about starting my life here. I am not thinking about moving from Canada to USA at the moment, but I do not make any promises. Right now I have a feeling that there is less violence here in Canada and the society is very respectful. I just appreciate this chance.