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Cross-Border Planning Full of Conflict

December 15, 2011 By Cardinal Point Wealth

This article from Advisor.ca discusses the complexities of financial planning for Americans and Canadians whose lives, assets and interests cross two borders. Cardinal Point’s James Sheldon points out that those in a dual-citizenship marriage or with cross-border assets need financial advice, investment planning, and wealth and estate planning that meet securities regulations in both the U.S. and Canada. Multiple tax jurisdictions need a more sophisticated level of advice, and one of the primary challenges of cross-border financial planning is navigating the big three: the U.S. Internal Revenue Service (IRS), the Canada Revenue Agency (CRA) and the Canada/U.S. Tax Treaty. Given the lack of continuity in how the three deal with assets, there is the potential for double taxation. The article also looks at what to consider in preparing for the Canadian departure tax and what to do with a will or tax-free savings account before making a move.

Filed Under: Articles, Canada-U.S. Financial Planning Articles, Cross-border Tax Planning, Cross-border Transition Planning Tagged With: Canada-U.S. financial planning, Canadians Moving to U.S., Cross-border tax planning, Transition Planning

Cross-Border Financial Advisors Are in Demand

November 29, 2011 By Cardinal Point Wealth

This article emphasizes the need to review financial planning and investment matters with a team well-versed in cross-border issues prior to any move, as a lack of proper planning can often result in higher taxation, poor estate planning and enhanced risk. It can be hard to identify an advisor who is qualified to offer financial advice on both sides of the border. The best strategy is to employ an advisory team that has the ability, platform and knowledge to manage assets in Canada and the U.S. under one cohesive strategy. A successful strategy requires in-depth knowledge of Canadian and U.S. tax systems and collaboration between cross-border professionals (financial advisors, CPAs, attorneys, etc.).

Filed Under: Articles, Canada-U.S. Financial Planning Articles, Cross-border Tax Planning, Investment Management Articles, news Tagged With: Canada-U.S. financial planning, Cross-Border Financial Advisor, Cross-border tax planning, Investment Management

Part 3: Preparing to Exit the United States for Canada?

November 25, 2011 By Cardinal Point Wealth

In the third series installment, Cardinal Point’s John McCord looks at how the differing tax systems of the U.S. and Canada can lead to the risk of “double taxation” for expatriates when both countries tax the same income for the same tax year. The Canada U.S. tax treaty helps mitigate this risk as does the exchange of citizen and resident tax information between the two countries. Established in 1980, the treaty asserts that residency—not citizenship—is the most important factor. The article also discusses tax credits and tax-withholding guidelines set forth in the treaty.

Filed Under: Articles, Canada-U.S. Financial Planning Articles, Cross-border Tax Planning, Cross-border Transition Planning, news Tagged With: Canada-U.S. financial planning, Cross-border tax planning, Moving to Canada from U.S., Transition Planning

Preparing to Exit Canada for the United States? (Part I)

August 1, 2011 By Cardinal Point Wealth

This is the first in a three-part series for the Canadian Expat Network (CEN) examining important aspects of cross-border financial planning.  In the first installment, Cardinal Point’s John McCord looks at the Canadian Departure Tax, a levy assessed by the Canadian Revenue Agency (CRA) when an individual or family becomes a non-resident of Canada. It discusses which assets are subject to the tax and which aren’t, as well as strategies that can be used to lower the tax.

Filed Under: Articles, Canada-U.S. Financial Planning Articles, Cross-border Tax Planning, Cross-border Transition Planning Tagged With: Canada-U.S. financial planning, Cross-border tax planning, Moving to U.S. from Canada, Transition Planning

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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.