Cardinal Point Wealth Management

Your Cross-Border Financial Advisor

Contact Us | Client Login

Interviews

Cardinal Point Wealth Management’s Terry Ritchie Featured in the Vancouver Sun

By

Cardinal Point’s Vice President Terry Ritchie was recently featured in an article about renting out U.S. properties in the Vancouver Sun. The piece takes a look at the tax implications for Canadian residents who own vacation properties in the U.S. that they choose to rent to others.

A few highlights:

  • Many Canadians bought vacation homes in the U.S. during the country’s housing market meltdown in 2008.
  • For those who only use the property themselves, there are no tax implications until they sell or die.
  • Those who choose to rent out their U.S. properties must file a tax return with the IRS (in the U.S.) as well as the CRA (in Canada).
  • They may owe taxes to one or both countries on any income earned.
  • Tax returns must be filed even if the property is not profitable.

Get all the details when you read the entire article here.

Home rental Taxes

Terry Ritchie on Life and Retirement Traps for Cross-Border Clients

By

ThinkAdvisor, an online resource for financial and investment advisors, recently featured Cardinal Point’s Vice President and Private Wealth Manager Terry Ritchie’s insight into cross-border issues in an article in their online publication. With more than 30 years of experience in cross-border wealth management, Terry was able to shed light on a number of traps retirees commonly face when moving from the U.S. to Canada for their golden years.

From dangerous assumptions and differing tax rules to inadequate health coverage and life insurance considerations, these traps can lead to big financial problems if retirees don’t fully understand the implications of their move.

Check out the article here to learn more about:

  • Trap 1: Assuming it’s easy to move wherever you want as a U.S. citizen.
  • Trap 2: Relying on your old retirement savings arrangement regardless of your new home country.
  • Trap 3: Trying to skirt investment restrictions.
  • Trap 4: Leaving gaps in your health coverage.
  • Trap 5: Failing to adjust your life insurance.
View Article
Terry Cardinal Point Wealth

Matt Carvalho, CIO, Featured in ETF.com

By

Matt Carvalho, CIO, was recently interviewed by ETF.com and discussed an ETF addition to our core broad market allocation.

Matt Carvalho

As a new year approaches, it’s a natural time to review your investments and make any necessary changes. If you think this may include adding additional ETFs to your portfolio, this article on the picks of three top financial advisors may be helpful. Cardinal Point’s own Matt Carvalho, chief investment officer, is included and explains his recommendation: the ARK Innovation ETF (ARKK)…

Read more at ETF.com

Terry Ritchie in Podcast: Tax Implications for Americans Living in Canada

By

Minimizing liability when paying income taxes can be complicated for the nearly 1 million American citizens living in Canada. Terry Ritchie, Cardinal Point Wealth Management Vice President, recently shared his expertise on this topic with Financial Planning for Canadian Business Owners podcast host Jason Pereira.

From the tax definition of U.S. resident and income tax filing requirements to tips for setting up businesses and incorporating in Canada, Terry and Jason cover numerous topics of interest to Canadian entrepreneurs who are also residents of the United States.

In the nearly one-hour episode, you’ll also learn:

  • The potential penalties for not filing income taxes
  • Tax changes that occurred when Trump became president
  • Canada and U.S. homeowner tax differences
  • The importance of tax compliance
  • The effects of tax debt on U.S. passports
  • Much more

Check out the podcast and complete transcript of Terry and Jason’s conversation here.

Terry Ritchie
Terry Ritchie

Possible Tax Changes for Snowbirds

By

1040thumbWriting about possible U.S. tax changes for Canadians, Terry Ritchie, Director of Cross-Border Wealth Services, appeared in the January 2015 issue of Advisors Edge. In the “TaxBreak” column, Terry summarized how some of the recently enacted changes at the IRS can affect snowbirds.

Though the new U.S. Congress will likely focus its efforts on corporate taxation, there are still a number of newly enacted tax provisions to keep track of. More than 40 changes were enacted by the U.S. Internal Revenue Service in late 2014. A few of the notable changes include: an increase in the standard deduction for singles and married persons; limitations on itemized deductions; and an increase of the basic exclusion amount for the estates of people who die in 2015. Read the full article here.