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Americans in Canada Facing Obamacare Surtax

May 6, 2013 By Cardinal Point Wealth

tritchie-obamacare

In this video segment, Terry Ritchie, cross-border tax and estate planning expert, discusses how a new measure in the Patient Protection and Affordable Care Act, also known as “Obamacare,” could result in a surprise for U.S. citizens living in Canada. Effective for 2013, a 3.8% surtax will be imposed on passive income such as interest, dividends, rental property, and capital gains.

As Ritchie points out, the challenge is that foreign tax credits will likely not offset the 3.8% Obamacare tax on net investment income. This means that individuals earning more than $125K and couples earning more than $250K may be taxed on passive income for the first time in 2013. Ritchie asserts that there are no clear options to avoid or minimize the surtax at the moment, so advisors are wise to make their clients aware of this measure.

Filed Under: Americans Living in Canada, Articles, Canada-U.S. Financial Planning Articles, Cross-border Tax Planning, Video Tagged With: Americans living in Canada, Canada-U.S. financial planning, Cross-border tax planning, Obamacare Surtax

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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.