Clients who winter in the warmer U.S. states need to be aware of several important requirements in order to remain on the right side of U.S. and Canadian authorities. Owners of foreign property will have to take extra precautions
Terry Ritchie, director of Cross-Border Wealth Services with Cardinal Point Wealth Management, explains why it's important for snowbirds to keep count of their days in the U.S., particularly now that Canada and the U.S. are sharing more travel information on each other's citizens.
Exit controls will soon be in full force at the Canada-U.S. border, creating a range of tax and immigration issues for snowbirds
Ensure they pack a “border kit” and note provincial health-care limitations
Clients who winter in the U.S. may soon be able to stay longer
U.S. dollar deposits in Canadian banks are not covered by CDIC
Terry Ritchie, a registered financial planner and a cross-border tax and estate specialist, discusses U.S. estate planning issues for Canadians with property in the U.S. He spoke to Rudy Mezzetta, reporter with Investment Executive, at the TMX Broadcast Centre in Toronto.
Make sure they keep track of their time outside the country
The favoured place to retire may have financial negatives
With more Canadians heading to warmer climates, it's crucial they are aware of the laws that affect them