The third and final installment of the series addresses what to do with your Registered Retirement Savings Plan (RRSP). This article discusses some of the fundamental decisions that must be made concerning any tax-deferred accounts that are being left in Canada. It also looks at some of the common strategies suggested by cross-border financial planning advisors.
Part 2 of the series focuses on the process of emigrating to the United States. The article includes a list of actionable items that support residency and should be undertaken prior to relocating. It also discusses tax treatment for a Canadian Pension Plan (CPP) and Old Age Security Pension (OAS) income following a move to the United States.
This is the first in a three-part series for the Canadian Expat Network (CEN) examining important aspects of cross-border financial planning. In the first installment, Cardinal Point’s John McCord looks at the Canadian Departure Tax, a levy assessed by the Canadian Revenue Agency (CRA) when an individual or family becomes a non-resident of Canada. It discusses which assets are subject to the tax and which aren’t, as well as strategies that can be used to lower the tax.
This profile of Cardinal Point’s Jeff Sheldon on the Canadian Expat Network (CEN) talks about his transition to the U.S. and his role in starting a multi-office, cross-border financial planning firm. He also discusses how the firm is uniquely positioned to understand the Canadian mindset and cater to those specific financial planning and investment management challenges.
This profile in RIABiz.com discusses how Cardinal Point is carving its niche as a cross-border wealth management business. President Jeff Sheldon recalls that the Canadian practice, which got its start in Toronto, continually lost clients who moved to the United States for work or retirement. The firm determined that there was enough opportunity to open up a U.S.-based RIA and co-brand it with the Canadian business. After a year of hard work and red tape, the U.S. firm began to bring on assets in January 2010 and now has two thriving offices on the West Coast (Newport Beach, CA) and East Coast (West Palm Beach, FL).