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.