Cross-border U.S. and Canadian clients have significant regulatory and taxation considerations, experts say
Whether retirees are moving back to Canada or clients are heading south for a new career opportunity, requests for cross-border financial advice are on the rise.
“They need somebody who can basically steer the ship on both sides of the border and if they don’t, there’s a lot of things that can get missed,” Mr. Linton says. For individuals moving back to Canada who are maintaining U.S. exposure, he says, finding an advisor who can develop an overall wealth plan that integrates cross-border issues such as estate planning with a co-ordinated investment strategy for assets on both sides of the border is crucial.
Ms. Chung has built a network of financial planners in the U.S., as well as cross-border accountants and tax lawyers with whom she can liaise to ensure clients have answers to questions that arise from uncommon circumstances. “The thing that they almost always [say] is they didn’t even know it was possible for a Canadian advisor who has a cross-border business to manage that IRA account,” he says.
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