Cardinal Point Wealth Management

Your Cross-Border Financial Advisor

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Cross-Border Implications of Holding a 529 Plan

Cross-Border Implications
of Holding a 529 Plan

Many Canadians move for career opportunities to the U.S., work and raise families, and then plan to relocate back to Canada.

How 529 Plans are Treated in the U.S.
A qualified tuition and educational savings plan for children (a 529 plan) is, in most cases, exempt from taxation in the U.S., even when a child attends a Canadian university. In Canada, these plans are taxable. If you are a Canadian citizen who resides in the U.S. and may one day return to Canada or a U.S. citizen moving to Canada, determining whether a 529 plan makes sense for your family is an important decision that should be discussed with a cross-border financial advisor.

Understand the Issues
Families moving to Canada from the U.S. must consider the tax implications, potential increased tax filings, and eligibility requirements of using 529 funds for Canadian colleges and universities. Download our e-book to learn more about the steps you should consider when holding a 529 as a resident of Canada.

Cross Border Implications of Holding a 529 Plan

The Cost for a College Education is Rising

On the conservative side, analysts are projecting 6% growth per year, and using this cost function to model the average tuition price 10 years from now, you will see above that the expected price of a 4-year public college tuition in 2024 is nearly $150,000.

Cost of College Education Rising

Download Our Ebook: Cross-Border Implications of Holding a 529 Plan

About Cardinal Point

We specialize in assisting affluent Canadian expats, Canada-U.S. dual citizens, green card and visal holders, and snowbirds with their cross-border investment, tax, estate retirement and financial planning needs.

  • Fiduciary Standard: Our professionals operate under the highest standard of care in the financial services industry.

  • Independence: Clients benefit from access to a non-proprietary, conflict-free platform.

  • Transparency: Our fee-based compensation structure is openly disclosed.

  • Collaborative Approach: Our team of multidisciplinary professionals includes Certified Financial Planners® (CFP® Canada & US), Canadian and U.S. Chartered Accountants (CPA), Chartered Financial Analysts (CFA), and tax attorneys (Esq).

  • Investment Expertise: We subscribe to a disciplined, tax-efficient and cost-effective investment approach.

  • Holistic Financial Planning: Clients are profiled to learn about their values, goals, income, balance sheet, investments, insurance, and employee benefits, as well as all retirement, tax, education, and estate planning requirements.

  • Integrated Cross-Border Financial Planning: We have a suite of personalized Canada-U.S. cross-border investment, financial and tax planning solutions.

  • Client Service and Professionalism: Our practitioners are committed to service excellence.

Range of College Tuition & Fees

Type of College
Average Published Yearly Tuition and Fees, 2017-18
Public Two-Year College (in-district students) $3,570
Public Four-Year College (in-state students) $9,970
Public Four-Year College (out-of-state students) $25,620
Private Four-Year College $34,740

Source: collegeboard.org

How We Help

  • Cross-Border Financial Planning
  • Cross-Border Tax Planning
  • Cross-Border Estate Planning
  • Cross-Border Investment Management
  • Americans Living in Canada
  • Canadians Living in the U.S.
  • Moving to Canada from the U.S.
  • Moving to the U.S. from Canada
  • Expatriates Living Abroad

What We Do

  • Investment Management
  • Wealth Planning
  • Tax Planning & Preparation
  • Private Wealth Services for U.S. Residents
  • Private Wealth Services for Canadian Residents
  • Cross-Border Financial & Tax Planning
  • Business Management for Athletes

Resources

  • Canadians in California
  • Canadians in Texas
  • Canadians in Florida
  • Canadians in Arizona
  • Canadian and U.S. Expat Tax Planning
  • Wealth Management for U.S. Citizens in Canada
  • Calgary Financial Planner
  • Custodian Closed Your Cross-Border Investment Account?
  • Part 3 Form CRS

Videos & Social Media

  • Americans in Canada: Investment Basics
  • Americans Selling Canadian Homes Face Tax Issues
  • Does it make financial sense to renounce your U.S. citizenship?
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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.