News & Articles

Options for U.S. IRA account holders when living in Canada

July 13, 2016
At Cardinal Point, one of the most frequent inquiries we receive is from prospective clients asking what they should do with their U.S. retirement accounts after a move to Canada. These individuals are often caught off-guard by their U.S.-based financial advisor or institution after learning that their investment accounts must go into restricted status or
 

Thinking About Moving to Canada? What You Need to Know

April 6, 2016
Irrespective of where you stand politically, the circus currently playing out in the contest for the next President of the United States has a number of Americans—both Democrats and Republicans—looking at options that might include leaving the United States and moving to Canada. Indeed, by midnight of March 1—Super Tuesday in the United States—searches for
 

Canadian Deductibility of 401(K) Contributions and U.S. Deductibility of RRSP Contributions

February 2, 2016
Are Your 401(K) Contributions Deductible in Canada? You might recognize this situation. You are a Canadian resident working in the USA on a TN visa. Your employer offers a 401(K) plan that includes a matching contribution. You know contributing to the 401(K) plan lowers your taxable income in the US. Does the same hold true
 

Cross-Border Spouses: Beware of U.S. Gift-Tax Surprises

December 17, 2015
When a U.S. citizen or U.S. resident alien is married to a Canadian spouse who is not a U.S. citizen, then property transfers between the spouses could be taxable in the United States or subject to U.S. gift-tax rules. Most Canadians are not familiar with a gift tax or an estate tax because Canada doesn’t
 

Moving to a Green Card Calls for Financial Planning

November 30, 2015
At Cardinal Point Wealth, we come across many situations where former Canadian residents have been working in the United States on an L-1 visa. This type of visa allows a U.S. employer to transfer a manager, executive or someone with “specialized knowledge” from an affiliated Canadian office to one of its U.S. offices. To secure
 

California Tax Filing with a Canadian Spouse

November 18, 2015
Our previous article discussed the concept of California domicile and the application of California community-property rules to Canadians domiciled in the state. This article is the second installment in our series explaining how California community property laws can impact Canadians. At Cardinal Point, we regularly deal with cross-border couples who maintain cross-border lifestyles due to
 

Canadians Beware of California Community Property Rules

November 4, 2015
Canadians find many things in California to be foreign, like the sun, surf and In-N-Out Burgers. But when it comes to Canadians who have family in California, or who spend considerable time in the Golden State, California’s community-property laws make Canadians realize just how foreign the state can be. As we’ve discovered over the years,
 

Canadian Tax Filers: Report Your Foreign Property Annually—Or Else

October 21, 2015
A lot has been made of the IRS’ onerous foreign-account and property-reporting requirements, and understandably so. But largely overshadowed by that discussion is a similar requirement that the CRA has inflicted on Canadian tax filers. As part of its efforts to address tax noncompliance involving foreign property, CRA, in 2013, introduced a revised Form T1135
 

Estate Planning: Uncle Sam’s Nasty Surprise for Non-U.S. Citizen Spouses

October 16, 2015
Are you a U.S. citizen married to a non-U.S. citizen? Or, are you and your spouse both green card and/or U.S. visa holders living in the United States? If so, then you’ll want to be aware of U.S. estate-tax rules that, without proper planning, can result in an outsized tax bill. Recently, we started working
 
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