Cardinal Point Wealth Management

Your Cross-Border Financial Advisor

Contact Us | Client Login

Search Results for: estate planning

Carlo Palazzo, Financial Planner & Relationship Manager

Carlo PalazzoCarlo Palazzo is a Financial Planner and Relationship Manager at Cardinal Point. Carlo has held several positions of increasing responsibility within the high net-worth segment of the Canadian wealth management industry since 2007. Carlo has worked as a financial planner and analyst at an independent financial planning and investment consulting firm; a research analyst with an investment management firm focused on implementing a global macro strategy utilizing primarily exchange-traded funds; and he spent 45 months as a financial planning analyst in the wealth management services division of RBC Dominion Securities. After receiving his Bachelor of Applied Business degree from George Brown School of Financial Services in Toronto, he completed the Canadian Investment Manager (CIM) program offered by the Canadian Securities Institute, the (Canadian) Certified Financial Planner (CFP®) program offered by the Financial Planning Standards Council, and the STEP Diploma for Canada through the Toronto branch of the Society of Trust and Estate Practitioners. In addition, he recently achieved the Chartered Financial Analyst (CFA) designation.

John McCord, Vice President, Portfolio Manager

John McCord

John McCord s a Vice President and Portfolio Manager. With over 20 years of experience, John employs a holistic cross-border wealth management approach with an emphasis on client service as he oversees the financial planning of affluent families who live in Canada and the United States. He has earned the designation of Certified Financial Planner™ or CFP® from the Certified Financial Planner Board of Standards, Inc., Chartered Investment Manager or CIM® from the Canadian Securities Institute, Chartered Retirement Planning Counselor™ or CRPC® designation from the College for Financial Planning™ and Registered Trust and Estate Practitioner or TEP with the Society of Trust and Estate Practitioners. Prior to his role with Cardinal Point, John advised high-net worth individuals and institutional clientele within E*Trade Financial and the Merrill Lynch Private Client Group. John graduated with his Bachelors of Business Administration with a Concentration in Finance from Roanoke College.

Possible U.S. Tax Changes for Snowbirds

By

tax-blockA sweeping GOP victory has led to both houses of the U.S. Congress being controlled by Republicans. American voters also chose Republican governors in a majority of states. How do these and other recent changes affect snowbirds?

First, there is the so-called “snowbird visa,” which has been held up in the current Senate after passing the House. The new GOP majority could revive the Act, titled Encouraging Canadian Tourism to the United States, which proposes to let Canadians who meet age and residence tests stay in the U.S. for up to 240 days within a calendar year.

Second, three U.S. senators are encouraging closing the border permanently to those who renounce U.S. citizenship.

Third, while it is not likely that the new leadership will call for a change in personal income tax, it will probably address corporate tax avoidance.

However, even before the elections, the IRS announced inflation adjustments for income, gift, estate and expatriation taxes. These affect more than 40 tax provisions. A few of the notable changes include: the tax rate on singles and married couples; standard and itemized deductions; exemptions and Alternative Minimum Tax. Chances are, even before the newly elected officials take office, these and other IRS-mandated changes will have an impact on your taxes, as well as your short- and long-term financial planning.

Advising same-sex couples with U.S. ties

By

Terry Ritchie, Director of Cross-Border Wealth Services, was recently featured in an article from Advisor.ca looks at how a recent ruling from the U.S. Supreme Court opened the door to new planning options for same-sex partners with ties to the U.S. The June decision struck down a key part of the Defense of Marriage Act and broadened the federal definition of marriage to include legally married same-sex couples. The new definition also applies to American couples who marry outside the U.S.

Following the decision, the IRS released the tax implications: “Same-sex couples will be treated as married for all federal tax purposes, including income and gift and estate taxes. The ruling applies to all federal tax provisions where marriage is a factor.” The article goes on to give examples of how advisors can help their clients benefit from these changes, specifically in the areas of tax filing, wealth transfer, and principal residence exemption. Read the full article here.

Got Snowbirds? Check These Tax Changes

By

In this article, Cardinal Point’s Terry Ritchie looks at new tax changes that took effect on October 31. The IRS released inflation adjustments for more than 40 tax provisions, including the 2014 tax rate schedules and other rates, exemptions and changes. In particular, advisors with U.S. citizens as clients, or those who help Canadian clients who own U.S. property/shares, should look at the U.S. estate tax exemption for 2014.