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Clients who winter in the U.S. may soon be able to stay longer

December 9, 2013 By Cardinal Point Wealth

This article from Investment Executive features Cardinal Point’s Terry Ritchie and focuses on proposed legislation in the U.S. that would increase how long Canadian “snowbirds” can spend in the U.S. Under the Jobs Originated Through Launching Travel Act, snowbirds could stay in the U.S. up to 240 days per year (the current limit is 180 days). This proposed “retiree visa” is under consideration, so the limit is still 180 days.

Snowbirds should be aware of other restrictions and regulations that may impact them, including tax obligations. Under the”substantial presence test,” they may need to file an income-tax return with the IRS. Snowbirds should also be aware that U.S. income, including renting or selling U.S. property, may change their taxable status. In addition, they will soon be held more accountable for their visits, as Canada and the U.S. will implement a plan in June 2014 giving both governments easier access to information on when travelers enter/exit both countries. Get all the details in the full article found here.

Filed Under: Articles, Canadian Snowbirds, interviews Tagged With: Canadian Snowbirds, Substantial Presence Test

 
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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.