Tax Planning for a Canadian Living in the U.S.

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Tax Planning and Preparation

At Cardinal Point, we help clients navigate a comprehensive range of Canadian, U.S., and cross-border tax planning strategies designed to reduce tax liabilities, enhance cash flow, and support long-term financial goals. Our tax planning is seamlessly integrated with each client’s investment, financial, and estate planning strategies. This coordinated approach simplifies the financial planning process and helps ensure lasting wealth—today, tomorrow, and for future generations.

Canada and U.S. Tax Preparation

Our cross-border tax advisors understand the domestic and cross-border taxation and compliance requirements for individuals living, working, investing, transitioning residency, or conducting business in the United States and Canada. We assist with the comprehensive Canadian, U.S., and cross-border tax services that our clients require in the following areas:

The Coordination of Tax Projection and Preparation and Services

Tax projections and preparation for both Canada and the U.S., including all provincial and state filings
Canadian tax returns for individuals living, working, or investing in the U.S.
U.S. tax returns for Americans living, working, or investing in Canada

Relocation & Expatriate Tax Planning

Strategic tax planning for Canadians moving to the U.S.
Tax advice and filings for Americans relocating to Canada
Guidance on how relocation affects residency status, filing requirements, and tax obligations in both countries

Cross-Border Real Estate Tax Services

Tax planning and compliance for Canadians buying or selling U.S. properties
Tax planning and compliance for Americans buying or selling Canadian properties
Tax filings for Canadians owning U.S. rental properties and Americans owning Canadian rental properties

International Compliance & Residency

Foreign account reporting, including FBAR, FATCA, and Canadian foreign income disclosures
Determination of Canadian and U.S. tax residency status under domestic rules and the Canada–U.S. Tax Treaty
Application of tax treaty exemptions and resolution of dual residency situations
Departure and Re-Entry Tax Planning*
Preparation and filing of Canadian departure returns, including deemed disposition reporting
Tax planning for Canadian and U.S. expatriates returning to their home country

Cross-Border Tax Optimization

Elimination of double taxation through strategic use of the Canada–U.S. Tax Treaty
Application of Canadian and U.S. foreign tax credits to reduce overall tax liability
Advice on Canada Pension Plan (CPP) and U.S. Social Security equalization

Cross-Border Accounts & Reporting

U.S. reporting requirements for Canadian-registered accounts, including RRSPs, TFSAs, and RESPs
Tax reporting guidance for cross-border inheritances and estate transfers

Voluntary Disclosure & Compliance

Assistance with the IRS Offshore Voluntary Disclosure Initiative (OVDI) and streamlined filing programs
Evaluation of Canadian tax positions and U.S. estate tax exposure for Canadians holding U.S. investments (including real estate), with tailored tax planning strategies

Whether you’re a Canadian living in the United States, an American living in Canada, or an expat residing abroad, Cardinal Point can coordinate and manage all aspects of your tax needs—ensuring compliance with the relevant tax laws and regulations in both Canada and the United States.

Cross-Border Tax Planning for Canadians Moving to the U.S.: Key Considerations and Retirement Account Strategies

Tax Implications for Canadians Immigrating to the U.S.

Immigrating from Canada to the United States involves more than just a change in address − it brings a host of tax implications that, if not planned for properly, can result in significantly higher tax burdens. This article delves into the key tax issues Canadians must consider before making the move to the U.S., including income tax differences, retirement account taxation, and potential double taxation. By understanding these complexities, Canadians can strategically plan their move to optimize their financial situation and avoid unexpected tax liabilities.

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.

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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, PEI, SK, NS, NB, AB, BC, PEI). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This brochure is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.