Moving to a new country and changing your residency is a significant step in everyone’s life. It will affect your work life, personal life and last but not least – financial life. Understanding and getting used to new rules, laws and customs of the new country is another challenging task. The transition may not be smooth and easy, often requiring some time to get used to it.
Your financial position is an essential aspect whenever you move somewhere. Whether you moved because of your career advancements, political beliefs or other reasons, consulting with a financial advisor specializing in Canada – USA cross border moves is a prudent move. From income taxes, property taxes and value added taxes applied differently in USA and Canada, not to mention the need to file income tax returns in both countries – such an advisor may save you thousands or even hundreds of thousands in the long run.
Top Reasons to Hire a Cross Border Advisor
- They’ll help you plan your investments.
- Help you estimate and minimize tax obligations.
- They will help with property sales
- Help you with a smooth move to the country.
They’ll help you plan your investments.
You may be an expert in planning your investments and maximizing your returns, but due to differences in taxation rules between USA and Canada, your investment portfolio may take a hit once you move. An experienced cross border planner would thoroughly evaluate your investments and make the best recommendations concerning your investments and point out ways to optimize your tax obligations after your move.
Help you estimate and minimize tax obligations.
This brings us to the second point – tax obligations. Tax laws in the United States and Canada may seem similar, but there are vast differences on how tax is applied on income, properties and goods in both countries. Moreover, depending on the state and the province you are moving from and to, the differences get even more visible. A reputable cross border planner will help you plan and minimize your tax obligations.
They will help with property sales.
If you move from one country to another and plan on selling your current property and buying a new property in your new home country – you will need to understand and familiarize yourself with intricate tax laws. Whether capital gain tax is applicable on the current property sale or any other fees are due; are just few of the questions that may come up. Moreover, land transfer taxes as they are known in Canada and real estate transfer taxes as they are known in the United States could also be tricky to navigate. A cross border planner will save you many hours of research and provide you with relevant information so that you can make the right decisions.
Help you with a smooth move to the country.
Cross border advisors can make your move to United State from Canada and vice versa a much smoother experience compared to you making all the research on your own. Cross border planners can help you with transfer of your assets, property taxes, income taxes and other financial obligations resulting from a move that would save you many hours of bureaucratic dealings and help you transition into your new life smoothly.