TAX PLANNING
At Cardinal Point, we guide our clients through a full range of Canadian, U.S. and cross-border tax planning strategies. These strategies are designed to minimize our clients’ tax liabilities, maximize their cash flow, and help them to realize their financial goals.
TAX PLANNING
At Cardinal Point, we guide our clients through a full range of Canadian, U.S. and cross-border tax planning strategies. These strategies are designed to minimize our clients’ tax liabilities, maximize their cash flow, and help them to realize their financial goals.
Our tax planning initiatives are fully integrated with our clients’ investment, financial and estate planning strategies. This coordinated approach to wealth management streamlines the financial planning process and helps our clients ensure lasting wealth for today, tomorrow and generations to come.
Canada and U.S. Tax Preparation
Our domestic and cross-border taxation services also include tax preparation and tax compliance for clients living, working, investing, transitioning residency and/or conducting business in the U.S. and Canada. Our team of professionals specialize in providing the following list of services:
- Canada and U.S. tax preparation, including all provinces and states
- Tax preparation for Canadians living, working or investing in the United States
- Tax preparation for Americans living, working or investing in Canada
- Tax planning for Canadians moving to the U.S. and Americans moving to Canada
- Reporting of Canadian financial accounts in the United States, e.g., FinCEN Report 114 (FBAR), Form 8938
- U.S. and Canadian tax residency status determination, including any applicable exemptions
- Canadian departure return and deemed disposition filings
- U.S.-Canada Tax Treaty elections review to eliminate double taxation
- Canadian foreign tax credit claims in the United States
- Comprehensive review of CPP/OAS taxation in the United States and social security-CPP equalization
- Tax advice for Canadians returning to Canada and Americans returning to the U.S., as well as on the Offshore Voluntary Disclosure Initiative
- Review of reporting requirements for RRSP, TSFA, RESP accounts in the U.S. and cross-border inheritances
- Integrated tax planning on Canadian tax positions and evaluation of U.S. estate tax issues for Canadian residents holding U.S. investments (including U.S. real estate)
- Tax preparation and planning for owners of cross-border rental properties
Whether you are a Canadian or American living in your home country, a Canadian living in the U.S., an American living in Canada or an expat living abroad, Cardinal Point can handle all aspects of your tax needs to help you comply with the relevant tax laws and regulations in Canada and the U.S.
Do you file both Canada and U.S. taxes?
Our team can handle all of your cross-border tax planning needs
Moving across the border?
Important tax planning initiatives must be considered prior to any move.
OUR RECENT PUBLICATIONS
Secure Act 2.0
There are a number of rules changes proposed by Congress that will impact retirement accounts. The changes will benefit US residents and also Canadians with IRAs and other retirement accounts. There are many ways this could be advantageous for you, possibly deferring tax or extending benefits. Cardinal Point, as the leading cross-border specialist, can show you how.
Infographic: Lifetime Capital Gains Exemption & Qualified Small Business Corporation
The Lifetime Capital Gains Exemption (LCGE) is available to all Canadian residents and Americans living in Canada as a tax deduction on the sale of a Qualified Small Business Corporation (QSBC). It is indexed to inflation, and it can be used in part. Three tests must be met to claim an LCGE, and there are complicated regulations governing each of these.
Infographic: Cross-Border Implications of Holding a 529 Plan Infographic
Canadian families returning to Canada from the US must consider significant tax implications associated with any existing 529 Plans, including whether a Canadian higher education institution is eligible under the Plan. Also, there is the likelihood of new Canadian tax liability as well as the possibility the 529 may be deemed a resident trust. Transferring ownership of the 529 may avoid triggering new taxes.