News & Articles

Possible Tax Changes for Snowbirds

February 3, 2015
Writing 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

Advising same-sex couples with U.S. ties

November 5, 2014
Terry Ritchie, Director of Cross-Border Wealth Services, was recently featured in an article from looks at how a recent ruling from the U.S. Supreme Court opened the door to new planning options for same-sex partners with ties to the U.S. The June decision struck down a key part of the Defense of Marriage Act

Americans Abroad Have Opportunity to File Previous Years U.S. Tax Returns

June 21, 2014
This article from Cardinal Point’s Terry Ritchie highlights another opportunity for Americans abroad to voluntarily pay their U.S. taxes. The IRS is introducing improvements to two offshore account compliance programs in an effort to get non-filing and non-reporting expats to file U.S. tax returns, foreign bank reports and other IRS compliance forms from previous years.

U.S. and Canadian border services to collect biographical data

May 15, 2014
This Investment Executive article offers a reminder that a new set of U.S.-Canadian border rules will soon be enforced, which could lead to tax and immigration issues for Canadian snowbirds. It suggests that Canadian financial advisors caution their snowbird clients that overstaying the limit in the U.S. could result in U.S. tax residency status and

Terry Ritchie and James Sheldon in Institutional Investor

March 5, 2014
This article from Institutional Investor features the commentary of Cardinal Point’s Terry Ritchie and James Sheldon. It highlights why the U.S. is increasingly a low-risk haven for wealthy families seeking to escape turmoil in emerging markets. The U.S. Treasury Department has income tax treaties, protocols and tax information exchange agreements in place with 40 jurisdictions,

New Rules for U.S. Taxpayers in Canada with Mutual Funds

January 23, 2014
This article by Cardinal Point’s Terry Ritchie and James Sheldon discusses important new rules for U.S. taxpayers who hold Canadian mutual funds in non-registered accounts. The IRS recently released temporary regulations regarding Passive Foreign Investment Companies (PFICs). This act impacts nearly all Canadian mutual funds and Canadian-traded ETFs held outside registered accounts. As a result

A checklist for U.S.-bound snowbird clients

December 11, 2013
In the second part of this two-part series on advising snowbird clients, Terry Ritchie of Cardinal Point looks at four important items that should be on a snowbird’s checklist as they prepare to head south for the winter. First, get familiar with the residency requirements for healthcare benefits in your jurisdiction; some require specific minimum

Clients who winter in the U.S. may soon be able to stay longer

December 9, 2013
This article from Investment Executive features Cardinal Point’s Terry Ritchie and focuses on proposed legislation in the U.S. that would increase how long Canadian “snowbirds” can spend in the U.S. Under the Jobs Originated Through Launching Travel Act, snowbirds could stay in the U.S. up to 240 days per year (the current limit is 180

Should this family move to the U.S.?

November 29, 2013
This article looks at families who are faced with the prospect of a cross-border move and career changes. Featuring the commentary of Cardinal Point’s Terry Ritchie, it presents a case study to show the potential tax, retirement and estate planning implications of a cross-border move. In the scenario, a hypothetical family from Ottawa is faced
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