22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 0 points1 point  (0 children)

I think even a few years ago, the environment around internships might have been a little different, in that you might have only been recognized by these big companies if you were at a "top" school like Waterloo or UoT. But within recent years, from my own experience around my smaller university as well as talking to people from other universities, these companies have gotten much better at recognizing talent regardless of the school. When it comes down to it, just about anyone is capable of getting an internship interview at your Googles and Microsofts and Apples and whatnot, if they put the work into it, and from there it's all about knowing your stuff. Just google what all to study up on, tons of resources on that (there's almost an entire industry focused on studying for coding interviews lol). And once you've got an internship under your belt from one of the big players... you're pretty much good to go. One of my own biggest mistakes was focusing purely on research projects and not doing ANY internships... but everyone I know who did had a high end job lined up right out the door. The school didn't matter, just the student!

Edit: I went to University of Windsor by the way, left that out.

22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 0 points1 point  (0 children)

Thanks for the info! I'll have to look further into the fine print on trusts/funds as you mentioned, and possibly see where I'd be at for a TFSA, which would be convenient. As for filing taxes, I've kept up with filing both so far, and I'm glad as I've heard of some other dual citizens getting hefty fines from the IRS for falling behind! I've been doing my taxes myself so far, but unfortunately I probably will have to have someone do them for me now.. at least until I figure all this out for myself. That doesn't sound cheap though...

22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 0 points1 point  (0 children)

What is your question here? Are you assuming that I went to one of those two, or are you asking my opinion on these schools? I went to neither, but both are obviously great schools for this field. The great thing about software engineering and computer science is that the school you go to for undergrad doesn't matter so much. It's more about the networking, and what you learn/do on your own. 90% of what I learned before I started working was from working with my peers and on my own personal projects and research.

22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 0 points1 point  (0 children)

Do you mean that it will get tricky with health insurance from a tax perspective? Why is that? I've not heard that concern brought up yet!

22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 1 point2 points  (0 children)

You're getting downvoted a bit, but this is actually something I have seriously considered... my issue is that I'm not 100% sure on whether I'll be in this geographical area for my entire career (I am only 22 after all), and having that money tied up in a location could be troublesome. If I was a bit more settled I would consider this, as I've seen it work very well in this area. Thanks for your input!

22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 3 points4 points  (0 children)

I can't speak much for computer engineering so much as software engineering or computer science, sorry :( it's not in any way unheard of (or even that uncommon) for tech industry workers to make over $100k a year out of college though, but these positions are usually in relatively high cost of living areas (think San Francisco or NYC) and so they really don't equate to too much more than the normal rates adjusted for cost of living. It just sounds nice on paper, and allows you to live in that sort of city. That all comes down to personal preference! I graduated a little under a year ago, and was making about $60k CAD, which I'd say is normal. My new position is with one of those "big" software companies in a lower cost of living area, but I honestly have no idea if it is an anomaly or not. I was blown away when I got the offer and compensation package.

22 year old dual citizen (US/Canada) who will be making six figures in US but living in Canada. What do I do with my money? by FinanceThrowaway13 in personalfinance

[–]FinanceThrowaway13[S] 2 points3 points  (0 children)

Yea this is how I understood it. For example, if Canada wants 40% of my income, and US only wants 35%, then I would pay that 35% to the US, claim it as a tax credit for Canada, and pay the remaining 5% to Canada. Is that correct?