Cardinal Point Wealth Management is a registered investment advisory firm that provides personalized investment management and financial planning services to individuals, families, and businesses with crossborder wealth management needs. The firm has offices in the United States and Canada, and specializes in helping clients navigate the complexities of cross-border tax planning.
Cross border tax planning involves managing the tax implications of living, working, investing, and owning assets in multiple countries. This can be a complex and challenging process, as different tax laws and regulations apply in each country, and there may be a risk of double taxation or other complications.
Cardinal Point’s team of experienced advisors has extensive knowledge and expertise in cross-border tax planning and can provide customized solutions to help clients optimize their tax positions and minimize their tax liabilities. The firm can assist with a wide range of tax planning strategies, including tax-efficient investment planning, retirement planning, estate planning, and more.
Working with Cardinal Point can help ensure that your crossborder tax planning is integrated into your overall financial plan and that you are taking advantage of all available tax-saving opportunities. By partnering with a trusted advisor like Cardinal Point, you can gain peace of mind and confidence that your finances are well-managed on both sides of the border, whether you’re living or working in Canada or the United States.
I’m planning to move my family from Florida to Toronto, what tax considerations do I need to be aware of and can Cardinal Point Wealth Management help me with a cross border transition?
Moving from one country to another can have significant tax implications, and it’s important to be aware of the relevant tax rules and regulations in both the country of origin and the destination country. Here are a few tax considerations you should keep in mind when moving your family from Florida to Toronto:
- Residency status: When you move to Canada, you will become a Canadian resident for tax purposes. This means that you will need to report your worldwide income on your Canadian tax return and pay Canadian taxes on that income.
- Tax treaties: Canada and the US have a tax treaty in place to prevent double taxation of individuals who move between the two countries. The treaty contains provisions for determining residency, as well as rules for taxing different types of income, such as employment income, investment income, pension and retirement income, and capital gains.
- Tax filing requirements: As a Canadian resident, you will need to file a Canadian tax return annually, reporting your worldwide income. You may also need to continue filing US tax returns, depending on your level of US-source income and US immigration and citizenship status.
- Retirement accounts: If you have retirement accounts in the US, such as an IRA or 401(k), you will need to determine the tax implications of transferring those accounts to Canada or leaving them in the US.
- Estate planning: You will need to review your estate plan to ensure that it is appropriate for your new residency status and the tax rules in Canada.
Cardinal Point Wealth Management can certainly help you with your cross-border transition from Florida to Toronto. The firm has extensive experience in cross-border tax planning and can help you navigate the tax implications of your move. Their advisors can work with you to develop a customized financial plan that speaks to your unique situation and goals, including tax planning, retirement planning, investment management, and more.
Does Cardinal Point Wealth Management suggest that I need to immediately liquidate all of my assets before I move from the U.S. to Canada?
Whether or not you need to liquidate your assets before moving from the U.S. to Canada will depend on your individual circumstances, tax situation and financial goals. Cardinal Point Wealth Management does not have a one-size-fits-all approach to cross-border wealth management and will work with you to develop a personalized plan tailored to your unique needs.
That being said, many types of assets, such as stocks, bonds, and mutual funds, can be held in both the U.S. and Canada without triggering immediate tax consequences.
However, there are some types of assets that may require special consideration. For example, certain types of retirement accounts, such as 401(k) or 403(b) plans, may be subject to tax withholding if you move the funds to Canada. In some cases, it may be more advantageous to leave the funds in the U.S. and have them managed by a cross-border advisory team.
Real estate is another asset that may require special consideration. If you own property in the U.S., you may be subject to U.S. estate tax if the value of your estate exceeds the federal or state estate tax exemption. Cardinal Point can work with you to develop a plan for managing your real estate holdings, minimizing your tax liabilities.
Overall, the decision to liquidate assets before moving to Canada will depend on a variety of factors, including your financial goals, tax situation, and investment preferences. Cardinal Point can help you evaluate your options and develop a plan that is tailored to your individual needs.
I’ve read that not all Cross Border Financial Advisors are licensed and registered on both sides of the border. Does Cardinal Point Wealth Management have the proper credentials to manage assets on both sides of the U.S. and Canadian borders?
Cardinal Point Wealth Management is licensed and registered on both sides of the U.S.-Canadian border, which means they are authorized to manage assets for clients who have cross-border financial planning needs.
In the United States, Cardinal Point is registered with the Securities and Exchange Commission (SEC) as a Registered Investment Advisor (RIA). In Canada, Cardinal Point is registered with the relevant provincial securities regulators as a Portfolio Manager .
In addition to their regulatory registrations, the Cardinal Point team of advisors also hold various professional designations, such as Certified Financial Planner (CFP) U.S., Certified Financial Planner (CFP) Canada, Registered Financial Planner (R.F.P.) Canada, Chartered Financial Analyst (CFA), Certified Public Accountant (CPA) U.S., Certified Public Accountant (CPA) Canada, Enrolled Agents (EA) licensed to practice before the IRS, among others. These designations require rigorous training and ongoing continuing education requirements, and demonstrate the advisors’ commitment to maintaining the highest standards of professionalism and expertise.
Bottom line, Cardinal Point is well-qualified and properly licensed to provide comprehensive cross-border financial planning services, including investment management, tax planning, retirement planning, and more. Their team of experienced advisors can work with you to develop a customized financial plan that is tailored to your individual needs and goals, and can help you navigate the complexities of cross-border wealth management with confidence and peace of mind.
Where does Cardinal Point Wealth Management have offices and how can I contact someone for an initial introductory call?
Cardinal Point Wealth Management has offices in both the United States and Canada. Their U.S. offices are located in the following cities:
- Boca Raton, Florida
- Irvine, CA
- Phoenix, AZ
Their Canadian offices are located in the following cities:
- Toronto, Ontario
- Calgary, Alberta
- Winnipeg, Manitoba
You can contact Cardinal Point Wealth Management by phone or email to schedule an initial introductory call with one of their advisors. Contact information is below:
You can also visit their website, www.cardinalpointwealth.com, to learn more about their services and team of advisors. Once you contact them, a member of their team will reach out to schedule a consultation and discuss your cross-border financial planning needs.