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
We handle all your cross-border tax & financial planning needs
OUR RECENT PUBLICATIONS
Terry Ritchie on Unraveling Cross-Border Financial Planning
Snap Projections, a financial planning software company, recently featured Cardinal Point’s Partner and Director of Cross Border Wealth Services, Terry Ritchie, on their Growing Your Financial Advisory Practice podcast. Given Terry’s more than 30 years of experience in cross-border financial, investment, tax, and estate planning, it’s no surprise that Snap Projections chose to tap into his insight for this primer directed at financial planners who want to serve US-Canada clients.
Sweeping New Changes to U.S. Based Retirement Accounts in 2020
Terry Ritchie featured in article, “Could cross-border partnerships be the key to serving ex-pat clients?”
In today’s increasingly mobile society, it’s not that unusual for people to give up residency in their nation of birth in order to work or retire in another country. In fact, according to the United Nations Department of Economic and Social Affairs, there were an estimated 271,642,105 ex-pats around the world in 2019. But what does this globetrotting mean for the financial professionals who advise them?