Blog and Articles

Relocating from Canada to the U.S. requires careful planning and specialized cross-border expertise to ensure that your finances and taxes remain optimized. Understanding your immigration pathway is just the first step. By severing tax residency in Canada, you can avoid ongoing obligations and potential departure tax implications, while preparing for new U.S. tax rules and reporting requirements. Coordinating cross-border investments, such as RRSPs and TFSAs, is also vital to minimize unnecessary taxation and streamline compliance. Estate planning should be updated to reflect U.S. regulations, including potential exposure to estate taxes. Finally, don’t overlook the importance of obtaining appropriate health insurance coverage, given the differences in healthcare systems. A comprehensive strategy, guided by a cross-border financial advisor, ensures that every piece—from retirement accounts to currency management—is handled seamlessly.

Moving to Canada from the United States can be an exciting endeavor, but it also involves complex tax considerations. In this comprehensive video, Karen Rogers Sim, Tax Manager at Cardinal Point Wealth Management, shares expert insights on how the Canadian and U.S. tax systems differ, what it means to be taxed in both countries, and [...]

Relocating from the U.S. to Canada is about more than a change of scenery—it’s a strategic financial move that demands expert guidance. From navigating dual tax obligations to optimizing investment strategies, every aspect of your cross-border journey must be planned to avoid tax burdens and compliance issues. Determining tax residency status is crucial, as Canada taxes based on residency while the U.S. continues to tax its citizens worldwide. Proper application of the Canada-U.S. tax treaty can mitigate double taxation, while proactive pre-immigration planning—such as disposing of certain assets or converting retirement accounts—can yield tax advantages. When it comes to cross-border investments, partnering with an advisor licensed in both Canada and the U.S. is essential to align cost bases, manage currency risks, and meet regulatory requirements. Lastly, don’t overlook estate planning and compliance obligations. Working with Cardinal Point cross-border wealth advisors can help secure your financial future in Canada and beyond.

As you consider moving from Canada to the U.S. or vice versa, the purchase of a new residence is an integral part of the move.  In some cases, you might consider using proceeds from the sale of your previous residence.  But when moving from Canada to the U.S., foreign exchange rate concerns may be a [...]

For high-income earners and diligent savers, maximizing tax-advantaged retirement savings is an essential strategy. Two powerful tools in the 2025 retirement planning arsenal are after-tax 401(k) contributions with rollovers to a Roth 401(k) and backdoor Roth IRA contributions. These strategies can significantly boost your retirement savings and help you grow your nest egg tax-free. Here’s [...]

NEW YORK – January 6, 2025 – Focus Financial Partners Inc., a leading partnership of wealth management, business management, and related financial services firms, has announced that Cardinal Point Capital Management, ULC has become its latest hub firm as part of its evolved strategy, reflecting the importance it places on Canada as a key growth market. Founded [...]

Millions of retirees are set to see a boost in their Social Security benefits as President Biden prepares to sign a new law eliminating the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). This landmark legislation particularly impacts cross-border workers—those who split their careers between the United States and Canada, contributing to both Social [...]

There you are… A Canadian resident soaking up the Florida sun. Ten days of well-deserved rest, then it’s back to the office grind in Toronto. With total disregard for your right to some peace, that office laptop you brought interrupts and starts nagging you to check your email. With a sigh of resignation, you give [...]

The U.S. remains an attractive destination for Non-Resident Aliens (NRAs) looking to invest in assets like real estate, life insurance, and securities. But NRAs face unique challenges related to U.S. estate taxes and regulatory requirements. However, utilizing trusts can help NRAs mitigate tax exposure, protect assets, and maintain privacy. This blog post explores the strategic [...]

The recent developments from the U.S. government could be an unexpected holiday gift. Proposed legislation aims to shift from the existing citizenship-based taxation to a residence-based system, meaning you would pay tax only to your country of residence. This breakthrough could end the complexity of double taxation, but it also includes a “departure tax” for high net worth individuals with over $13.99 million in net worth. The potential repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) further raises excitement for those worried about reduced Social Security benefits.

Social Security is a cornerstone of retirement planning for millions of Americans, and financial advisors play a key role in helping clients maximize their benefits. However, not all retirees are treated equally under the Social Security system. For individuals who worked in both "covered" jobs (which paid into Social Security through payroll taxes) and "non-covered" [...]

Cross-border philanthropy is a growing area of interest for donors in Canada and the U.S., but navigating the tax rules, compliance requirements, and charitable structures can be challenging. Here’s a guide to the essential aspects of cross-border philanthropy, including the Canada-U.S. tax treaty, dual-qualified charities, and compliance considerations. 1. Canada-U.S. Tax Treaty and Philanthropy The [...]

Don’t cheer or panic yet. There is a barrage of news stories and social media posts about what the new Administration may or may not do with the Tax Code after Inauguration Day (January 20). It can all be a little distressing when you are trying to make long range plans, but you may not [...]

It’s that time of year again. Time to plan for family gatherings and travel. Time to set your New Year’s resolutions. Time to try and stall the swift passage of time. Unfortunately, it is also the time of year when we wait with bated breath to learn if parliament is going to pass tax legislation [...]

Are you a Canadian living, working, or planning to retire in the United States? Managing income, investments, retirement savings, and taxes across two countries involves navigating complex financial systems, but with the right guidance, it is possible to achieve clarity and success. With over 800,000 Canadians residing in the U.S., cross-border financial planning plays a [...]

Professional athletes who compete internationally face complex tax situations, especially in Canada where unique tax rules can lead to unexpected liabilities. This blog covers critical Canadian tax traps athletes will want to avoid when entering, leaving, or performing in Canada, plus effective strategies and practical examples to help you successfully manage cross-border tax obligations.

In Ontario, appointing an executor (or “estate trustee”) who resides outside of the province can complicate estate administration. Ontario’s probate rules and requirements for non-resident executors are stricter, affecting the process for dealing with assets, probate requirements, and the need for security bonds. This blog outlines key considerations for Ontario residents thinking of appointing a non-resident executor, including practical examples and best practices.

For high-net-worth Canadians who own private corporations, moving to the U.S. involves a series of complex tax considerations. But effective tax planning can help minimize exposure to both Canadian and U.S. tax obligations. This blog outlines key tax strategies for those looking to make the transition, with examples that illustrate the impact of those decisions.