Moving from Canada to the U.S. Ebook
What you need to know and factors to consider
Download Our Ebook: Moving from Canada to the U.S.
If you are considering moving from Canada to the US, you should plan well in advance—especially for financial and tax considerations.
Residency is a key tax issue, and as it is not specifically defined but more inferred by the Canada Revenue Agency, extreme care must be taken to ensure compliance.
Cardinal Point specializes in precisely these issues and can offer you a complete checklist of very specific actions to take as you move through this complicated process as well as expertise in both Canadian and US investment opportunities.
Whether your residential ties in Canada are sufficient for you to be considered a resident for tax purposes is generally a question of fact.
Some of the factors that CRA would likely take into consideration include:
- Do you have a permanent home available to you in Canada?
- Does your family live in Canada? In this case, “family” typically refers to a spouse and/or children.
- Where are your social and personal ties, such as church, social clubs, professional organizations and so on?
- Where are your economic ties, such as employment or business operations, bank accounts, driver’s license, etc.?
- Have you established residential ties to another country, and are you resident in that country for tax purposes?
- Do you intend to return to Canada at a later date?
Read our E-book to learn more about what you need to know about moving from Canada to the U.S.
CRA uses a questionnaire, Form NR73 Determination of Residency Status (leaving Canada) to establish an individual’s residency status. However, we recommend that clients not voluntarily submit this form to CRA. Once submitted, it can be difficult to change filing positions in Canada. Learn more by downloading our ebook.
About Cardinal Point Wealth Management
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-only 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.