Tax tips for cross-border clients

The U.S. government may plan to beef up border security, but capital knows no bounds–especially when Uncle Sam thinks he deserves a cut of your client’s wealth.

Whether they are Americans working in Canada, dual-citizens or simply snowbirds, your clients may require expert advice on navigating the U.S. tax system.

Cross-border planning full of conflict

Financial planning is a knotty exercise at the best of times. Imagine then the complexity of it when it must be done around assets, owners and interests that straddle borders.

Tax planning and dual citizenship

If you work with dual citizens of Canada and the United States, it’s important to be aware of the unique financial, tax and estate planning issues these clients face. Given the recent tax changes in the United States, these clients and their advisors will need to be ahead of the curve.

Advising non-resident Canadian clients

Given the number of Canadians who vacation in the U.S. each year, as well as those who move between borders for employment or other reasons, it’s important for financial advisors to be aware of the regulatory and income tax issues faced by clients who regularly spend time south of the border.

Americans in Canada: A taxing situation

Much has been written about the planning issues of Canadians moving to the U.S. But how many advisors are aware of the issues Americans face when they move to Canada or already reside here?

U.S. transplants face harsh FBAR penalties

In recent years, the Internal Revenue Service (IRS) has increased its focus on reporting of foreign financial accounts by U.S. persons. This is evidenced by the renewed IRS emphasis on receiving the Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, (also known as FBAR reporting).

U.S. extends its tax reach

One in four financial institutions are unaware of impending U.S. tax legislation which will have global reach, according to a report by RBC Dexia Investor Services.

Watch the taxes on foreign investments

When clients receive their T3 and T5 slips, be prepared to have an open and knowledgeable conversation with them should they ask why they are being asked to pay tax on the various income and/or capital gains amounts they’ve reported.

Beating the cross-border tax rap

For all the bloody mayhem he unleashed, Al Capone went to Alcatraz for simple tax evasion. It just goes to show, you can get away with murder but not with dodging the tax man.

Taxing questions for snowbirds

With the Canadian dollar rising to its highest level in 32 months in February 2011 and the appeal of warm weather, more and more Canadians are considering migrating to the U.S.

Hidden costs of American property

An American vacation home appears to have a double advantage for Canadians: both as an investment and as a chance to escape to sunnier climates during the winter.