Blog and Articles

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.

Kris Rossignoli, a cross-border tax and financial planner at Cardinal Point Wealth Management, is advising Canadian snowbirds to prepare for the rising costs of wintering in the U.S. With inflation and a weak Canadian dollar driving up living expenses, Rossignoli stresses the importance of proactive financial planning.

As the 2024 year-end approaches, it’s a great time to review your finances and make adjustments to optimize your tax situation, retirement savings, charitable giving, and more. Here are essential financial and tax planning considerations to help you make the most of 2024 and set yourself up for a stronger financial future.

Canadians with U.S.-based assets, like real estate or U.S. corporate shares over $60,000 USD, must navigate U.S. estate tax rules—even amid potential reforms. The current U.S. estate tax exemption is $13.61 million USD for 2024, but it may drop to $7 million USD in 2026. While the tax mainly impacts the very wealthy, all executors must file U.S. estate tax returns to release U.S. property.

Delays in obtaining IRS transfer certificates can take over two years, creating financial and emotional strain. Terry Ritchie, Vice President and Private Wealth Manager at Cardinal Point, emphasizes proactive planning to avoid these challenges. Options include Canadian mutual funds with U.S. exposure or restructuring U.S. investments.

In the wake of the U.S. presidential election, cross-border tax, and financial planner Kris Rossignoli shares critical insights into the evolving financial landscape for individuals navigating U.S.-Canada tax complexities. With potential extensions to the 2017 U.S. tax cuts under President-elect Donald Trump, Rossignoli notes significant considerations for cross-border clients, particularly around lifetime gift tax exemptions [...]

In the engaging "Politics and Your Financial Plan" webinar hosted by Cardinal Point Wealth Management, viewers gain essential insights into the interplay between current economic trends and political developments, and how these factors shape investment strategies. Moderated by Matt Carvalho, Chief Investment Officer, the session features financial experts Terry Ritchie, Vice President & Private Wealth [...]

Estate Planning: Why signed legal documents are not enough. The Challenge Often when a loved one becomes incapacitated or dies, there are two tragedies. The first one is obvious. The second one isn’t: it’s incomplete estate planning. Many tragedies in estate planning stem from one hard truth: a set of signed legal documents is NOT [...]