Objective Financial Partners Blog
Retiring in Canada with American Ties
If you have worked in both Canada and the United States, retirement planning can involve many moving parts. You may eventually receive Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits, Old Age Security (OAS), U.S. Social Security, employer pensions, and withdrawals from Canadian and U.S. retirement accounts. Many…
Your Canadian Home Can Still Create a U.S. Tax Bill
For most Canadians, selling a principal residence is relatively straightforward from a tax perspective. If the property qualifies for Canada’s principal residence exemption, some or all of the capital gain may be tax-free. A U.S. citizen living in Canada has another tax system to consider. Selling a Canadian home can…
What to Do With Your U.S. Accounts Before You Move to Canada
If you are moving from the U.S. to Canada, your bank accounts, brokerage accounts, retirement plans, and other investments should be considered long before you move. Many Americans assume they should close U.S. accounts or consolidate everything in Canada. That is not always the best approach. Some planning opportunities are…
Why Canadian ETFs Can Be a Problem for U.S. Citizens Living in Canada
Ask a Canadian investor what they should own in a low-cost investment portfolio and Canadian exchange-traded funds (ETFs) will often be part of the answer. And mutual funds are still one of the most common investment vehicles for savers. For most Canadians, there is nothing unusual about these products. However,…
Canadian Tax-Free Does Not Always Mean U.S. Tax-Free
If you are a U.S. citizen living in Canada, one of the most useful things you can learn early is that account labels do not travel across the border. Canada generally taxes people based on where they live. The United States is unusual in that it generally taxes its citizens…
U.S. Social Security for Canadians: What You Need to Know Before You Retire
If you are a Canadian who has worked in the United States, or you are a U.S. citizen living in Canada, one of the biggest retirement planning decisions you may face is when and how to claim U.S. Social Security benefits. For many cross-border retirees, U.S. Social Security is one…
Cross Border Financial Planning: U.S. Citizens Living in Canada
As of November 2024, approximately 700,000 U.S. citizens reside in Canada. Additionally, between 2015 and the third quarter of 2024, over 93,000 Americans were granted permanent residency in Canada. These numbers illustrate a growing trend of Americans choosing to relocate to Canada for various reasons, including political, economic, and social…
Cross Border Financial Planning: Considerations for Americans Moving to Canada
Photo designed by Freepik There are numerous reasons why Americans are choosing to move to Canada, whether personal, political, employment-related, or otherwise. However, the process of financial planning for a move to Canada is complex and demands thorough preparation and strategic decision-making. Ideally, this planning should begin well before the…
Cross Border Financial Planning: Considerations for Canadians Moving to the U.S.
Photo designed by katemangostar on Freepik Financial planning for Canadians moving to the U.S. is a complex process that requires careful preparation and strategic decision-making. Ideally, this planning should begin well before the intended departure date to ensure a smooth transition. The financial systems and tax laws in both countries…
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