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Residents of Canada: What are the Canadian and U.S. Tax Ramifications when being forced to liquidate a U.S. brokerage account Ebook

November 10, 2022 By Cardinal Point Wealth

New Ebook – Residents of Canada: What are the Canadian and U.S. Tax Ramifications when being forced to liquidate a U.S. brokerage account

Ramifications of Liquidating Brokerage Account

New enforcement of existing U.S. nonresident client regulations regarding U.S. taxable brokerage accounts means that many of these accounts are being forced to close, loosely based on the location of the primary residence. U.S. citizens and Green Card holders residing in Canada or elsewhere are directly affected. Liquidating such accounts may seem straightforward but can often be extremely complicated. Potentially significant tax liabilities can arise, and this is especially so for U.S. citizens who are Canadian tax residents as they will face tax implications in both countries. Talk to Cardinal Point’s experts for help in such scenarios. They will look at the situation from the tax perspective, carefully calculating potential capital gains and determining whether planning might reduce tax liability.

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Filed Under: Articles, Ebooks Tagged With: liquidate brokerage account, tax planning

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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.