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Terry Ritchie Featured in “How Cross-Border Clients Can Utilize the U.S. Gift Tax Lifetime Exemption before Rules Change”

November 6, 2023 By Cardinal Point Wealth

On January 1st, 2026, the existing U.S. lifetime gift tax exemption will drop from U.S. $12.92 million to U.S. $5.49 million. But there is solution-oriented good news. You can still take advantage of the two-year window of time before the rule goes into effect. In addition, there is another exemption that lets you gift up to U.S. $17,000 a year to an individual − without triggering any gift tax − whether you are a U.S. or Canadian taxpayer. You can do this annually, so it can be incorporated into your long-term financial planning as a proactive strategy. In some cases there may be tax reporting requirements or other important considerations, and you have to be careful not to exceed the tax-free cap on financial gifts. But helpful answers and useful strategies for various scenarios are covered in this informative article, “How Cross-Border Clients Can Utilize the U.S. Gift Tax Lifetime Exemption before Rules Change.” The article can be viewed below.

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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.