Canadians Living in America Resource Hub

Discover how to navigate your cross-border career with our detailed eBook, “Understanding the Canada-U.S. Totalization Agreement.” This guide unravels the complex rules around pensions and living requirements for Canadians and Americans with careers that extend over both countries.

Are you a non-resident of Canada considering renting or selling your Canadian property? Understanding your tax obligations is crucial. In this eBook, we offer timely insights relevant to individuals dealing with Canadian tax obligations as non-residents. Learn about: Tax consequences of renting out your Canadian principal residence How to reduce or eliminate the 25% Canadian [...]

Discover the financial benefits of swapping the snowy landscapes of Ontario for the sunny shores of Florida through our insightful eBook, "An Income Tax Comparison - Moving from Ontario to Florida." This timely guide outlines the tax implications of relocating, offering a detailed analysis of the tax rates in both regions and how they impact [...]

New Ebook - Canadian Deductibility of 401(K) Contributions and U.S. Deductibility of RRSP Contributions A Canadian working in the U.S. may be offered a 401(k) plan with matching contributions by their employer. The plan will lower U.S. taxable income, but what effect will it have on Canadian taxable income? Are the matching contributions taxable in [...]

Before Canadians become permanent residents of the U.S., it is important to understand and prepare for the significant differences between these countries as to cross-border financial planning. Mistakes and missed deadlines in these matters can be costly. There are many considerations. Some are obvious, but many are not.

If you are considering moving from Canada to the US, you should plan well in advance—especially for financial and tax considerations. Residency is a key tax issue, and as it is not specifically defined but more inferred by the Canada Revenue Agency, extreme care must be taken to ensure compliance. Cardinal Point specializes in precisely these issues and can offer you a complete checklist of very specific actions to take as you move through this complicated process as well as expertise in both Canadian and US investment opportunities.

For individuals moving from Canada to the U. S. and planning to sell their Canadian home, there are different Canadian and U.S. tax implications. To avoid or minimize tax liability, specific criteria need to be met around the questions of whether tax residency is in Canada or U.S. when the sale occurs and if the home qualifies as a principal residence. If sold while still a Canadian tax resident, a status that can be maintained for a period beyond the moving date, exemptions apply. Additional compliance requirements need to be met when the property is sold by a U.S. tax resident.

If you have moved from Canada to the U.S., the normal intricacies of tax issues become particularly complicated in certain circumstances.

Cardinal Point’s Terry Ritchie continues his talk with Rob Carrick about U.S. estate taxes; this segment focuses on what they mean to Canadians who own U.S. stocks and ETFs. U.S. shares owned by Canadians are considered U.S. cited, and there could be U.S. estate tax filing requirements if they are valued at more than $60K […]

Cardinal Point’s Terry F. Ritchie talks to Rob Carrick about the latest changes in U.S. estate taxes and what they mean for Canadian snowbirds who own property in the U.S. For many years, snowbirds had to worry about U.S. estate taxes, but it’s not an issue for most anymore, as the threshold is much higher […]

Anyone planning to move from Canada to the United States, or who has already made that move, must give careful consideration to how they manage their Canadian dollar denominated investments. Otherwise they risk consequences such as having those investment accounts frozen or discovering that their Canadian-based financial professionals are prohibited from managing their investments once they become U.S. residents. But to make matters even more complicated, they may be unable to find a qualified financial and tax advisor in the United States to manage their Canadian dollar assets. The good news is that you have viable options and excellent solutions to help you avoid these and other unwanted and costly scenarios. All of that is explained in this highly informative and helpful blog.

One of the biggest and most important expenses in retirement is health care. Unfortunately, those who don’t plan ahead for adequate health insurance coverage can face tremendous costs and obstacles that can undermine a successful retirement. This article helps to inform those looking forward to retirement about their four main Medicare coverage options, as well as the availability of Medicaid. Additionally, it explains Medigap supplemental insurance, employer-sponsored healthcare insurance plans for retirees, the multiple tax advantages of Health Savings Accounts, and various types of Long Term Care insurance. That information can empower you to make more informed and strategic decisions, based on uniquely individual factors such as your age, net worth, and medical history.

If you are planning to relocate from Canada to the United States, you will still want to hold on to the wealth potential of Canadian investment accounts. But there are special considerations and tax planning strategies for those who have Registered Retirement Savings Plans, Registered Retirement Income Funds, Locked-In Retirement Accounts, and/or Life Income Funds. This insightful article provides an overview of the applicable rules and regulations along with key strategies for optimizing your tax and wealth management planning. It also describes the kind of tax reporting that may be mandatory to ensure full compliance with the laws of both Canada and the U.S.

For Canadians moving to the U.S., the options for their home are to sell it, to keep it as a secondary residence, or to rent it. Each has its pros and cons.

Choosing to rent creates tax and capital gains issues in Canada and in the U.S., ongoing tax filing requirements, and the need for a dependable local property manager. Decisions need to be made in a timely way to maximize available tax exemptions. It is complicated, but it may be a wise choice. Cardinal Point’s cross-border specialists can help you decide if it is right for your specific situation and then show you how to use the Canada/U.S. Tax Treaty provisions to your advantage.

For Canadian tax residents moving to another country, the Canadian Deemed Departure Tax has significant and complex ramifications that should be carefully considered. Advice in advance of a move from a qualified cross-border tax specialist and financial planner can reveal strategies to best prepare yourself for this tax, including possible exemptions and deferrals.

If you’re a non-resident of Canada but are planning to rent out or sell a home you own within the country, you’ll face certain tax consequences. In this blog post, we’ll take a look at the most common tax obligations associated with both rental and sale of a Canadian principal residence.

Moving to the U.S. from Canada or any other country will have tax implications, which are often quite complex. Learn more about the way tax liability in the U.S. is determined and how this may impact you in this article.

When our clients move from Canada to the U.S. or vice versa, they often leave real estate behind. While some choose to sell their former residence, others want to convert it into a rental property. Whichever action they take, tax considerations must be made. Learn more about the Canadian ‘change of use’ rules that should influence these decisions in this article.

Canada Non-Resident Planning: A Guide to Unlocking Your Retirement Account
Are you a former Canadian resident with a Canada-based retirement account or pension? If so, and you’ve permanently departed the country, you may be able to unlock these retirement savings. In this blog post, we’ll explore the various provincial rules surrounding this opportunity.

Canadians become permanent residents of the U.S. for many personal and professional reasons. Prior to a move, it’s important to be organized and understand that significant differences exist between Canada and the U.S. when it comes to cross-border financial planning and investment matters. The following actionable items should be considered when cross-border transition planning from […]

A large number of the clients that we work with are those that move from Canada to the United States. In these cases, we spend quite a bit of time making our clients aware of the income tax implications of leaving Canada and establishing tax residency in the U.S. We have written many publications on […]

Most Canadians who move to the U.S. have a good understanding of their immigration residency status. However, many do struggle to determine their residency status for U.S. income tax purposes. While it is common knowledge that U.S. citizens and green card holders are responsible for filing U.S. tax returns, most people who move to the […]