(August 2003) Do you have a client base that knows no boundary? Extending the three-part guide to helping Canadians with U.S. ties found in August's Advisor's Edge, Advisor.ca has assembled the following special report to ensure your knowledge and access to resources in this area are anything but borderline:
A few years ago, it was basically impossible for most Canadian advisors to look after the investment needs of their clients who were stateside on business or holidays. Today, this situation has changed somewhat with regards to at least the management of retirement funds of Canadians in the U.S.
Here's a full update on what you can and cannot do with your snowbird clients.
Canadian tax guru Jamie Golombek was in Washington, D.C., recently to help lobby for a less "burdensome" filing process for Canadians living in the U.S. who make contributions or receive distributions from an RRSP or RRIF. Now back in Toronto,
Golombek gave Advisor.ca the straight goods on why the Internal Revenue Service introduced this process, who exactly it affects and the interim relief that has already been granted.
Even though the U.S. Congress has passed an act that will do away with that country's estate tax over the next 10 years, it's a little premature to be celebrating with your clients, as the tax will only be removed gradually and there's always the possibility of the legislation not being renewed. Because it's still a relevant issue for some of your clients, here's a look at some of the
pitfalls of U.S. estate tax and how you can help your affected clients avoid them.
Looking to expand your cross-border knowledge to better assist your clients with U.S. ties?
Here are some links to additional background information, recent regulatory updates and key U.S. tax forms.
