Cross Border Wealth Management: Navigating your RESP (Ebook)
Ebook: Can A Foreign Spouse Claim U.S. Social Security?
Explore our eBook, “Can A Foreign Spouse Claim U.S. Social Security?” This guide simplifies the process of claiming U.S. Social Security benefits internationally, specifically for American expatriates living in places like Ontario with a Canadian partner. It explains how agreements like the Canada/U.S. Tax Treaty prevent double taxation, helping you manage your finances better while abroad.
Cross Border Tax Planning: Shifting from U.S. to Canadian Payroll Amidst U.S. Grant Vesting
Due to the growing popularity of cross-border business operations, it is increasingly common for employees to move from the United States to Canada, without changing employers. However, what does change is their paycheck processing and everything included in their payroll calculations. Those include such critical components as state and federal tax withholdings and Social Security taxes – which can have significant financial and tax planning implications. Tax regulations are always complex. But in a cross-border context, especially when transitioning payrolls from the U.S. to Canada, the procedures, laws, and tax filing requirements are extraordinarily complicated. This article provides a helpful and insightful overview to enable you to make more informed plans.
California Residents: Does Your Financial Advisor Tax-Manage Your RRSPs? – An Ebook Guide
California residents face unique challenges managing Canadian tax-deferred accounts like RRSPs, LIRAs, and RRIFs. Unlike most states, California requires the annual reporting of investment earnings from these accounts, recognizing interest, dividends, and capital gains as taxable income. This can significantly impact your financial planning, as California does not honor the tax-deferred status of these accounts and does not allow credits for Canadian withholding taxes
Pension Options for Canadian Business Owners: A Comprehensive Ebook to RRSPs, CPP, and IPPs for a Secure Retirement
Discover our comprehensive guide for Canadian business owners planning for a secure retirement. Our ebook, “Pension Options for the Canadian Business Owner-Manager’s Retirement,” covers three essential strategies: Registered Retirement Savings Plans (RRSPs), the Canada Pension Plan (CPP), and Individual Pension Plans (IPPs).
U.S. Expatriation: Understanding the Rules, Penalties, and Consequences
Giving up one’s U.S. citizenship or long-term residency is becoming more and more popular, and many people do so to establish legal citizenship in Canada. But anyone considering renouncing their U.S. citizenship should seek qualified guidance from a cross-border tax and financial planner. Otherwise they may be unprepared for the potentially severe repercussions. That’s because those who are deemed to be what is called a “covered expatriate” are subject to strict rules regarding tax filing, withholding, and other obligations. Retirement savings plans and trusts may also be impacted, as well as gift giving and inheritance.
Canadians Selling U.S. Vacation Properties: Key Considerations and Tax Implications
Many Canadians who own vacation properties in the U.S. are considering selling to take advantage of real estate price inflation that’s occurred in recent years. But the proceeds are typically taxed at a rather steep rate, by both the U.S. and Canadian tax authorities, and the taxable capital gain may be higher than expected due to changes in the currency exchange rate. There are also other rules you must comply with in order to avoid fines and penalties. But this blog provides great insights that will help you navigate the rules to mitigate the liability while optimizing the financial outcome.
Essential Health Insurance Options for Canadian Seniors Moving to the U.S.: A Comprehensive eBook
Cross-Border Tax Analysis: Retiring in Western Canada vs. Western U.S.
Because taxes are subject to change, they should not be a primary driver of decisions regarding retirement planning. But taxes can have a significant influence on your income. In this insightful blog, we use the hypothetical example of a divorced U.S. and Canadian citizen to compare his retirement planning options, based on estimated tax projections for 4 desirable West Coast North American retirement destinations. Then we compare and contrast the income opportunities that each of these places represent, in order to help you gain an understanding of how taxation may impact your retirement plans. The blog gives you unique insights to help you make informed decisions for a more successful and rewarding retirement.
Navigating Dual Tax Obligations – Terry F. Ritchie, Featured in The Globe and Mail, Explains U.S. and Canadian Quarterly Tax Payments for Expatriates
Terry F. Ritchie, a Cardinal Point Wealth Management partner and a member of the Financial Planning Association of Canada, was recently featured in the Globe and Mail. In the article “Ask a planner: As an American in Canada, do I have to pay U.S. estimated taxes?” Ritchie offers valuable insights into the complex tax obligations faced by U.S. citizens living in Canada.
Terry Ritchie and Kris Rossignoli of Cardinal Point Wealth Management Featured in Globe and Mail for Insights on Cross-Border Tax-Filing Deadlines
Terry Ritchie and Kris Rossignoli, partners at Cardinal Point Wealth Management, have been prominently featured in a recent Globe and Mail article titled “An important cross-border tax-filing deadline is approaching. Here’s what you need to know.” This insightful piece delves into the complexities and critical deadlines that U.S. citizens and Canadian snowbirds must know when managing their tax responsibilities across borders. The article highlights key tax deadlines, such as the automatic two-month extension to June 17 for Americans living abroad and the possibility of extending to October 15 with IRS Form 4868. Ritchie and Rossignoli stress the importance of understanding these deadlines and forms, including IRS Forms 2555, 1116, and 8938, and the substantial presence test implications for Canadian snowbirds. For a detailed exploration of these tax-filing considerations, read the full article in the Globe and Mail.
Securing Your Financial Future Across Borders: Navigating RRSPs/RRIFs/LIRAs/LIFs – An eBook Guide for Tax Planning for Canadians Moving to the U.S.
Are you a Canadian planning to move to the United States? If so, managing your Canadian retirement accounts, such as RRSPs, RRIFs, LIRAs, and LIFs, requires careful cross-border financial and tax planning. Our new eBook, “Navigating RRSPs/RRIFs/LIRAs/LIFs: Tax Planning for Canadians Moving to the U.S.,” provides an essential guide to ensure effective wealth management and minimize tax exposure during this significant transition.
Updates on the New Capital Gains Inclusion Rate in Canada
U.S. Estate and Gift Tax Considerations for Canadians
Understanding U.S. estate and gift tax laws is essential for Canadians with U.S. connections. These regulations impact property ownership, residency status, and financial interests. Navigating these complexities helps in making informed decisions and avoiding financial pitfalls. The rules differ for U.S. citizens, Green Card holders, and Canadian residents, making partnering with a qualified cross-border financial advisor imperative. Our latest article explores these considerations in detail, offering insights into how the Canada-U.S. Tax Treaty impacts planning scenarios.
International Estate Planning Considerations for Canadians
Navigating the complexities of international estate planning is crucial for Canadians with cross-border ties. Whether owning property abroad, inheriting non-Canadian assets, or having beneficiaries residing outside Canada, each scenario brings unique legal and tax implications. Effective planning demands a thorough understanding of both Canadian and foreign tax laws, as well as the expertise of legal professionals in relevant jurisdictions. Properly addressing these complexities ensures compliance and optimizes tax efficiency, safeguarding one’s estate for future generations. Staying informed and seeking professional advice is essential to manage cross-border estate planning challenges successfully.
Understanding Dual Tax Residency in a Canadian Context Ebook
To help you navigate these challenges and understand your tax obligations, we’ve created a comprehensive eBook, “Dual Tax Residency in a Canadian Context.” This resource provides in-depth information, practical tips, and expert insights to help you manage your dual residency status effectively.
Why Cardinal Point Joined Forces with Gavin Hockey Wealth Specialists
Athletes who live in Canada and work in the U.S., or vice versa, face significant cross-border tax challenges. With offices in both countries, Cardinal Point Wealth Management acquired Toronto-based Gavin Hockey Wealth Specialists to address these complexities. This acquisition led to the creation of Cardinal Point Athlete Advisors, a division focused on tailored financial planning and tax management for athletes. Jeff Sheldon, CEO of Cardinal Point, explained in The Globe And Mail the importance of specialized knowledge in navigating dual tax jurisdictions.
Kris Rossignoli Discusses Capital Gains Changes in The Globe and Mail
Understanding the Deemed Departure Tax in Canada Ebook
To help you understand and manage the Deemed Departure Tax, we’ve created a comprehensive ebook with detailed insights and practical advice. Download our ebook now to learn how to minimize tax liabilities and effectively plan your move from Canada.