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.
Canada-U.S. Financial Planning Articles
Canadian Snowbirds Present Opportunities—and Pitfalls—for Advisers
As more Canadians are following the warmer climate and real estate bargains of the Sun Belt, buyers should beware of the numerous cross-border financial planning issues involved. This InvestmentNews article discusses how U.S.-based advisory firms that cater to these Canadians can have particular value in dealing with the nuances of taxes, trusts and estate planning, and retirement accounts.
Advisors Without Borders
This Investment Executive profile looks at Cardinal Point CEO and Managing Director James Sheldon and his efforts to serve clients with interests in both Canada and the United States. Sheldon’s team has spent the last three years building a wealth management firm that provides full financial planning services on both sides of the border. The fee-based firm is built largely upon referrals and provides a select group of 80 families with a seamless process for transferring and managing wealth in both the U.S. and Canada.
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