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
On December 20, the Setting Every Community Up for Retirement Enhancement Act of 2019 – better known as the SECURE Act – was signed into law. This is the most extensive piece of retirement planning legislation passed in U.S. history. And although the legislation is not as broad as the U.S. income tax changes of [...]
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?
We all know politics is an uncomfortable topic for many people. In fact, a recent research paper from the University of Nebraska found that politics was making Americans physically sick. According to the study, nearly 40% of Americans reported that they were stressed out by politics, while 20% said they were losing sleep over politics. In recent conversations with clients, politics is certainly on many people’s mind and is hard to avoid.
Cardinal Point Wealth Management Featured in ETF.com
Terry Ritchie, Director of Cross-Border Wealth Services, and Matt Carvalho, CIO, recently sat down with Lara Crigger at ETF.com and discussed some of the tricky aspects of moving abroad. When your expenses are in a different currency from your income, currency hedges and dollar-cost-averaging are normal ways to deal with uncertainties in global markets. But […]
My typical days the last 16 years may involve some combination of reading the latest academic research paper, running different scenarios of minor adjustments to a model portfolio or keeping tabs on the newest investment vehicles available to clients- all in the hopes of trying to eek out a few extra basis points of return. When this far in the weeds, it can be easy to forget the reasons we invest our money in the first place.
Health Insurance Options for Seniors Moving to the U.S.
One of the most important considerations for Canadians moving to the U.S. is health insurance. Coverage in the U.S. can be expensive, especially for those with pre-exisiting conditions. Find out how long it would take you to qualify for Medicare and what some of your other health care options are in the U.S.
Understanding the Canada-U.S. Totalization Agreement
Many Canadians and Americans face the reality of a career that spans both sides of the 49th parallel. Amidst an era of globalization, it is common for promotions to create cross border opportunities and for company restructurings to force a long-term cross border move. The result of having a career on both sides of the [...]
Where do you see the exchange rate going? This is a common question amongst our client base, many of whom enjoy a cross border lifestyle. In fact, as Americans living in Canada may have noticed, the exchange rate is right up there with hockey and the weather in Canada’s national conversation. The trouble is, accurately […]
Cross Border Retirement Income: Canada Pension Plans, Canadian Old Age Security, U.S. Social Security and the Windfall Elimination Provision
Calling all eligible benefit holders of the Canada Pension Plan (CPP), Canadian Old Age Security (OAS) and U.S. Social Security (SS)… Does your or your spouse’s story narrate a history of employment in both Canada and the U.S.? If so, you may have the privilege of drawing from SS, OAS and CPP. The confusion lies [...]
Terry Ritchie in “Weak loonie, competition from U.S. home buyers work against Canadian snowbirds”
In past years, with a strong Canadian dollar, Canadian Snowbirds were able to pick up investment properties or vacation homes in popular locations such as Arizona, California and Florida. With a softer Canadian dollar, snowbirds are finding some competition for these types of homes. Cardinal Point Capital Management’s Terry Ritchie discusses the current state of […]
Terry Ritchie in “Yes, you can buy your way into U.S. citizenship”
For Canadians looking to move to the U.S. permanently, one increasingly popular option is the EB-5 Immigrant Investor Program. This program, created by Congress in 1990, is known as the “million dollar green card” and offers a green card and a path to citizenship for an investment of between $500,000 and $1 million USD. Conditions […]
“How do I move my financial life to another country?” It’s a question we hear from many clients as they begin making a cross-border transition. When you are making the move to the U.S., you want to transition your finances smoothly and seamlessly while saving time, headaches, and every dollar you possibly can. Much like […]
Cross-border Canadian Departure Checklist when moving to the U.S.
Canadians become permanent residents of the U.S. for many personal and professional reasons. Prior to a move, it’s important to be organized and understand that significant differences exist between Canada and the U.S. when it comes to cross-border financial planning and investment matters. The following actionable items should be considered when cross-border transition planning from […]
As we approach the end of the year, it’s natural to take stock of how everything in our life is going: family, health, wealth and more. But when we reflect back, we may find that our wealth, at least that part which is tied to the stocks markets, probably hasn’t performed all that well in […]
Retirement Compensation Arrangements: Are They Right For You?
An RCA is perhaps the most effective and misunderstood tax deferment opportunity that exists in Canada today. It may be used for a wide range of situations, including small business owners, athletes, incorporated professionals, highly paid executives receiving yearly bonuses, and those approaching retirement. In 1986 it was recognized by the CRA that individuals not […]
Cardinal Point was founded with the idea of delivering an exceptional client experience and world class expertise to clients with Canada-U.S. cross-border financial planning considerations. Cardinal Point is dedicated to meeting the needs of our clients in the areas of capital preservation, tax planning, risk management, and delivery of long-term investment returns through varying economic […]
An Income Tax Comparison: Moving from Ontario to Florida
While many people are drawn to Florida for its endless sunshine and warm nights, when examining the tax environment between Canada and Florida, the argument in favor of moving south becomes even more compelling. In this blog, we will examine the tax rates for a Canadian province (Ontario) and a sunshine state (Florida) from the […]
Residents of Canada: Tax Ramifications of being forced to liquidate a U.S. retirement account
As mentioned in a previous article, many banks and brokerage firms are informing U.S. non-resident clients that they are no longer able to service their accounts and that their accounts have been restricted or even closed. In that same article, we outlined the following: U.S. citizens and Green Card holders who reside in Canada or […]
Diversification is the most important concept in investing, but also perhaps the least exciting. If anyone knew for sure exactly which one company or country would have the highest return in the coming year,- there would be no reason to hold anything else. But while being able to predict markets with any certainty sounds great in theory,- in practice nobody has been able to consistently outsmart the market. So what do you do if you can’t predict be the best performing stock or sector in the coming year? You diversify.
It’s common to hear about the long-term investment averages that we’ve all become accustomed to. Conventional wisdom says that over the long run stocks should earn something like 10% per year. And in that regard, the conventional wisdom is actually pretty good. Over the last 30 years through the end of 2017, the annualized return […]
Terry Ritchie featured in the Globe and Mail: Foreign Exchange
Terry Ritchie gives his insights and tips when dealing with foreign exchange options. From the Globe and Mail article: “I’m not a big fan of the banks,” said Terry Ritchie, a financial adviser who works both sides of the Canada-U.S. border. “They’re great for convenience. But if you can take the time and wait a […]
How a U.S. resident can receive tax-free alimony from a Canadian
While most people know that alimony is normally taxable income to the recipient and tax deductible by the payer, in the case of cross-border taxes, alimony can be received tax free while the payer still gets a tax deduction. Let’s look at an example where this would apply. Sarah is a U.S. Citizen who has […]
Residents of Canada: What are the Canadian and U.S. Tax Ramifications when being forced to liquidate a U.S. brokerage account.
As noted by several articles that have been published, many banks and brokerage firms, including Wells Fargo, Morgan Stanley, Fidelity, and others, are informing U.S. non-resident clients that they are no longer able to service their accounts and that their accounts have been restricted or even closed. In this case, the term “non-resident” is not […]