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Famed music producer Bob Ezrin renouncing U.S. citizenship, returns to Canada
(www.theglobeandmail.com)
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this post was submitted on 27 Feb 2025
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I didn’t know you could get rid of it… like don’t you owe taxes for life?
You can get rid of basically any citizenship. It's just often a bad idea. Particularly if you only have 1.
Imagine leaving triggers a taxation event where they try to grab what they can. But even the US cannot tax non-resident, non-citizens. I mean, until the next unlawful Executive Order I guess.
In Canada, taxation is based on residency. But if you leave, there is a “final return” that includes a “departure tax” that treats property as sold to collect on the “gains” (even if you did not sell anything).
I believe the US has a similar exit tax but I am not as familiar with it.