This article emphasizes the need to review financial planning and investment matters with a team well-versed in cross-border issues prior to any move, as a lack of proper planning can often result in higher taxation, poor estate planning and enhanced risk. It can be hard to identify an advisor who is qualified to offer financial advice on both sides of the border. The best strategy is to employ an advisory team that has the ability, platform and knowledge to manage assets in Canada and the U.S. under one cohesive strategy. A successful strategy requires in-depth knowledge of Canadian and U.S. tax systems and collaboration between cross-border professionals (financial advisors, CPAs, attorneys, etc.).
Investment Management Articles
This article by Cardinal Point’s John McCord for the Canadian Expat Network discusses some of the common misconceptions about a move from the United States to Canada. Readers are advised to start planning with their advisor as far in advance as possible, particularly in the areas of retirement planning, deferred compensation arrangements, currency conversion, the Canadian U.S. Tax Treaty, and insurance and estate planning. The article goes on to provide actionable steps to consider when making a cross-border transition, specifically in the areas of qualified retirement plans, Roth IRAs and U.S. retirement plans.
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.