Moving to the U.S. from Canada can be complex in regard to wealth management, and many people never quite grasp the intricacies of cross-border financial, retirement, and estate planning. They may even find themselves making costly mistakes due to poor investment decisions, taxation-compliance issues, reporting requirements, and even health care.
When it comes to planning your retirement, take pause and review your financial standing. While you may find added benefits to living in the U.S., ill planning could leave you with an unexpected bill from the Internal Revenue Service and the Canada Revenue Agency – a bill that is rarely cheap.Consider your tax-compliance liability), a federal law requiring American citizens and residents to report any foreign assets to the IRS.
FATCA is basically a measure used to combat offshore tax evasion. If, for example, you hold foreign accounts, you must file a Report of Foreign Bank and Financial Accounts . Non-compliance can result in serious penalties, so make certain you understand your tax liability and obligation prior to filing. . While living in Canada, chances are you made contributions to a Registered Retirement Savings Plan , a tax-deductible account that grows tax-free until withdrawal.
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