MOVING TO CANADA FROM THE U.S.
Whether you are a U.S. citizen moving to Canada or a Canadian expat moving back home, important tax and financial planning considerations must be examined well before becoming a Canadian tax resident. With a Cardinal Point cross-border advisor, we assist U.S. citizens whom are moving to Canada in through a variety of solutions.
MOVING TO CANADA FROM THE U.S.
Whether you are a U.S. citizen moving to Canada or a Canadian expat moving back home, important tax and financial planning considerations must be examined well before becoming a Canadian tax resident. With a Cardinal Point cross-border advisor, we assist U.S. citizens whom are moving to Canada in through a variety of solutions.
Unfortunately, and all too often, people make the mistake of moving to Canada first and then trying to address their financial affairs. This oversight can lead to lost tax planning opportunities and in some cases double taxation. With a Cardinal Point cross-border advisor, we assist our clients in the following areas:
- Customs and immigration guidance
- Pre-immigration tax planning strategies to reduce the risk of double taxation
- Incorporated exit strategy to prevent residency questions or issues
- Personal and corporate Canada and U.S. tax preparation including annual foreign account disclosure filings
- Advice on specific assets that should transfer to Canada or remain in the United States
- Selection and transition of specific U.S. investment accounts to Canada
- Canadian investment and retirement account creation
- Coordinated investment management services for U.S. and Canadian accounts
- Assistance with currency conversion strategies
- Canada-U.S. cross-border financial and retirement planning
- Advice on U.S. retirement distribution strategies while residing in Canada
- Holistic advice on cross-border financial and estate planning
- Assistance with ongoing cross-border tax planning strategies
- Ongoing “Canada-U.S. Tax Treaty” advice to avoid double taxation
- Guidance on retirement benefits, such as CPP, OAS, Social Security and Medicare
- U.S. stock option and company bonus plan advice before exiting the United States
- Residential and commercial real estate advice
- Assistance with the facilitation of exit tax returns
- Health, life, disability, long-term care, business and property insurance review
- Guidance on the unique economic and regulatory environment in Canada
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OUR RECENT PUBLICATIONS
East Coast Taxes for Retired Divorced U.S. Citizen
Where is the right place to retire – Canada or USA? Which province or state? These are difficult questions with lots of factors to consider, many of which are personal. Taxes should not be the most important issue, but neither should it be ignored. Cardinal Point’s experts can guide you through the implications of each option you are considering.
Secure Act 2.0
There are a number of rules changes proposed by Congress that will impact retirement accounts. The changes will benefit US residents and also Canadians with IRAs and other retirement accounts. There are many ways this could be advantageous for you, possibly deferring tax or extending benefits. Cardinal Point, as the leading cross-border specialist, can show you how.
Infographic: Lifetime Capital Gains Exemption & Qualified Small Business Corporation
The Lifetime Capital Gains Exemption (LCGE) is available to all Canadian residents and Americans living in Canada as a tax deduction on the sale of a Qualified Small Business Corporation (QSBC). It is indexed to inflation, and it can be used in part. Three tests must be met to claim an LCGE, and there are complicated regulations governing each of these.