Moving from the US to Canada brings a myriad of financial complexity with rules and decisions concerning wealth, retirement, investment and estate planning. Many of our cross-border clients maintain their US citizenship after moving to Canada. This results in the need for complex planning for tax obligations in both countries. The Steele Wealth Management team has the expertise and experience to manage these complexities. Our team is uniquely positioned because we can integrate Canadian and American wealth to form a coordinated strategy and we work closely with our clients to translate their personal needs into a plan specific to their unique situation. We are licensed and regulated in both Canada and the US, and therefore we can hold and manage investments for our clients in both countries simultaneously.

The Steele Wealth Management team has received a tremendous increase in inquiries from prospective cross-border clients regarding issues to consider when there is an obligation to report to both the Internal Revenue Service (IRS) and the Canada Revenue Agency (CRA). Our cross-border clients have unique investment, tax and estate planning challenges. Although each client’s situation is unique, we frequently address some common issues in our planning. This newsletter is a collection of these issues.

The end of the year provides a time to review financial plans and see how they should adapt considering your cross-border situation: your Canadian investments integrated with your US investments. It is imperative that you meet with Steele Wealth Management, coordinated with your tax professional, to examine nuances and changes that could impact your year-end planning while keeping in mind your long-term goals. This edition of Wealth Without Borders examines tax and financial planning moves to help prepare you for the upcoming tax season if you are obligated to file a US tax return.