MOVING TO THE U.S. FROM CANADA
Coordinating a move to the U.S. from Canada without a financial transition plan can lead to adverse tax consequences and missed financial planning opportunities.
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. Cardinal Point helps coordinate the financial transition across the border and then continues to oversee the relationship when the move is complete. We focus on assisting clients in the following areas:
- Exit and departure planning strategies to minimize tax and prevent residency questions or issues
- Preparation of Canadian departure tax returns
- Determine best approach to wind up Canadian corporations
- Advice on specific assets that should transfer to the United States or remain in Canada
- Transition of specific Canadian investment accounts to the United States
- Coordinated investment management services for U.S. and Canadian accounts
- Advice on Canadian retirement distribution strategies while residing in the United States
- Holistic advice on cross-border financial and estate planning
- Incorporation of U.S. gift and estate strategies within the financial plan
- U.S. investment and retirement account creation
- Assistance with ongoing cross-border tax planning strategies
- “Canada-U.S. Tax Treaty” advice to avoid double taxation
- Guidance on retirement benefits, such as CPP, OAS, Social Security and Medicare
- Assistance with currency conversion strategies
- Canadian stock option and company bonus plan advice before exiting Canada
- Residential and commercial real estate advice
- Health, life, disability, long-term care, business and property insurance review
- Guidance on the unique economic and regulatory environment in the United States
- Personal and corporate Canada and U.S. tax preparation including annual foreign account disclosure filings
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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?