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
Speak with a cross-border financial planner
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OUR RECENT PUBLICATIONS
Cross Border Financial Planning – Non-Arm’s Length Cross-Border Gifting
When gifting assets in a non-arm’s length transaction, there are many financial and tax complexities to consider based on U.S. and Canadian laws. Where you and the recipient live, their immigration status, and the nature of their relationship all come into play. That’s true whether you give the gift of college tuition or a down payment on a home to a child, you are using an estate planning gifting strategy between spouses to avoid lengthy probate, or you are gifting property like jewelry or automobiles. This article provides insights to help you avoid unwanted and potentially steep tax liability and to ensure a smoother gift giving process.
Cross Border Wealth Management: Navigating your RESP
A Registered Education Savings Plan (RESP) is a powerful asset when saving to pay for post-secondary education. College tuition had already become almost prohibitively expensive, years before recent historic inflationary pressures made the cost of higher education rise even more dramatically. That’s a constant challenge for parents who want to help fund their children’s post-secondary education. Navigating those challenges becomes more complicated when the RESP subscriber or the beneficiary reside in different countries. This article gives you an informative overview of some of the most common challenges, and insight into the most effective ways to proactively manage an RESP as part of your cross-border tax and financial planning.
Navigating Residency and Income Sourcing for Internationally Mobile Employees in Canada
Traveling across national borders for employment is increasingly common, and many Canadians derive income while working in the U.S. Similarly, many U.S. residents visit Canada to work for Canadian employers. But doing so can potentially expose you to complex tax rules, liabilities, and double taxation. That’s why strategic cross-border tax planning is essential to ensure full compliance with the tax laws of both nations while helping to minimize the taxes you are obligated to pay. This blog explains the nuances of cross-border tax law, how those may impact you, and solutions for navigating the complicated tax regulations.