In the fourth installment of the series, John McCord looks at the importance of consulting an attorney with cross-border expertise to analyze your estate plan before a move. Estate planning is a sophisticated, rapidly changing subject, and the laws governing it are not uniform between Canada and the U.S. A collaborative approach between cross-border financial advisors, CPAs and other practitioners is recommended when developing a cross-border estate plan. The article also looks at Canadian corporate pensions and how a U.S. move may impact pension taxation. Canadian pensions are taxed at IRS income tax rates when domiciled in the U.S., which can create additional after-tax pension income but also raises the risk of double taxation.
This article in Financial Planning talks about how Cardinal Point is addressing the growing need for independent, cross-border wealth management services for Canadians living in the U.S. and vice versa. According to Cardinal Point’s President Jeff Sheldon, this niche emerged around several trends, including currency fluctuations and increased purchases of U.S. real estate by Canadians. Whether its Canadian retirees flocking to Florida or U.S. executives lured to Canada’s natural resources boom, Cardinal Point has made its move to seize an open niche in the wealth management space.