Understanding the ins and outs of the various Social Security benefits is difficult enough for financial professionals who reside in the US and work with clients who have spent their entire working lives in the US. Those financial professionals who work with clients who have spent time working in both Canada and the US must surmount an even greater wall of understanding when it comes to Social Security benefits, as well as how these benefits interact with Canadian social benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS).

It’s crazy how fast time flies – It’s already approaching the end of 2023! While tax and financial planning should take place all year long, here are several actionable strategies to consider before year-end deadlines while taking into account your cross-border situation: your Canadian Investments integrated with your US investments. Plan a meeting with Steele Wealth Management to examine nuances and changes that could impact your typical year-end planning. 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.

U.S. retirement accounts, such as IRAs and Roth IRAs, are excellent wealth-building and tax minimization tools that we use at Steele Wealth Management for planning with our cross-border clients. Our cross-border IRA account owners can name beneficiaries to inherit an IRA after they pass away, similar to naming beneficiaries for Canadian registered plans. There are significant benefits to having named beneficiaries on these accounts. However, the complexity involved with transferring an IRA at death can be a nightmare for non-residents of the U.S. without proper planning. This article discusses the implications of the IRS transfer certificate requirements and the extended wait time to access the funds.