EXPATRIATES LIVING ABROAD
For those Canadians and Americans moving or living abroad, careful cross-border financial planning considerations must be given to ensure tax and regulatory compliance in both your home and adopted countries.
EXPATRIATES LIVING ABROAD
For those Canadians and Americans moving or living abroad, careful cross-border financial planning considerations must be given to ensure tax and regulatory compliance in both your home and adopted countries.
Understanding Canadian Tax Residency with Jeff Adema: Key Cross-Border Planning Insights
In this video, Jeff Adema, President of Wealth Management, Cross Border at Cardinal Point Wealth Management, explains how Canadian tax residency is determined and why it’s essential for effective cross-border financial planning.
Jeff outlines the key factors used by the Canada Revenue Agency (CRA)—including home ownership, family ties, and social and economic connections—and clarifies that residency is a factual determination, not tied to citizenship or immigration status. He also discusses how establishing Canadian tax residency triggers a deemed acquisition of worldwide assets, requiring new cost bases and adjustments to investment and estate strategies.
The discussion highlights the tax complexities faced by dual U.S.-Canada filers, especially regarding retirement and education accounts. Gain insights into minimizing double taxation and aligning your financial structures through coordinated cross-border planning with Cardinal Point Wealth Management.
Expat Financial Planning Services
Implementing a proper investment and financial plan requires thoughtful analysis that protects your estate while living abroad and offers flexibility if and when you were to return home to Canada or the United States. For Canadian and U.S. expats living abroad, finding an expat financial advisor skilled in financial planning for expatriates is crucial. Cardinal Point specializes in these areas, providing comprehensive services tailored to the unique needs of expatriates from Canada and the U.S. Whether you’re navigating the complexities of cross-border taxation, investment management, or estate planning, our team ensures that your financial strategy is compliant and aligned with your goals. Our experience as expat financial advisors enables us to assist Canadian and U.S. expats with a suite of services designed to secure and maximize your financial well-being abroad. Additionally, we offer the added benefit of a seamless transition should you decide to return to your home country.
- Advice on assets that should transfer abroad or remain in your native country
- Management of investment accounts that remain in Canada or the United States
- Advice on Canadian and U.S. retirement distribution strategies while residing abroad
- Tax planning exit strategies to prevent tax residency questions or issues
- Holistic advice on cross-border financial and estate planning
- Incorporation of U.S. gift and estate strategies within the financial plan
- Assistance with cross-border tax planning strategies, including annual foreign account disclosure filings
- Guidance on retirement benefits, such as CPP, OAS, Social Security and Medicare
- Assistance with currency conversion
- Residential and commercial real estate advice
- Financial transition planning when returning to Canada or the United States
- Assistance with the preparation of Canadian and U.S. tax returns
- Health, life, disability, long-term care, business and property insurance review
Who We Serve
Private Wealth Services for Residents of Canada
At Cardinal Point, we work with individuals and families who have made a commitment to excellence and expect it from others. Our clients come to us for a variety of reasons: the expertise of our investment management services; the integration of their tax, retirement, and estate plans; and the simplicity we bring to their complex financial lives.
Moving from Canada to the U.S.
Moving to the U.S. from Canada requires thoughtful financial planning strategies that address departure taxes, transitioning assets and investment interests across the border, managing Canadian dollar investment accounts while tax managing them based on the U.S. tax rules, as well as creating a cross-border estate plan.
Moving from the U.S. to Canada
Many people make the mistake of moving to Canada before addressing their financial affairs, resulting in missed tax-saving opportunities and potential double taxation. Our services are specifically designed to minimize tax liabilities for Americans relocating to Canada. Managing investments, taxes, and financial planning across borders is complex and requires a deep understanding of both U.S. and Canadian laws.
OUR RECENT PUBLICATIONS
Navigating Cross-Border Pension Portability: A Guide for Canadians and Americans on the Move
Moving between Canada and the United States is an exciting adventure—whether for work, family, or retirement. But when it comes to your retirement savings, things can get tricky. Defined benefit (DB) pensions, like the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP), and U.S. qualified plans such as 401(k)s, aren't as portable as your [...]
Breaking Up Across Borders: How Binational Couples Handle Retirement Accounts
Divorce is never simple. Throw in a border between Canada and the United States, and it becomes a maze of taxes, treaties, and tough decisions. For binational couples—where one spouse is from the U.S. and the other from Canada—splitting retirement accounts like RRSPs, IRAs, or 401(k) plans isn’t just a matter of dividing the pie [...]
Canadian Tax Residency Determination: Cross-Border Financial Planning Implications
In this video, Jeffrey Adema, President of Wealth Management, Cross Border at Cardinal Point Wealth Management, explains how Canadian tax residency is determined and why it’s a cornerstone of effective cross-border financial planning.