However, you will only be able to use these credits on your US tax return to offset other foreign passive income. Owing to the additional legal complexity, heightened business risk, and regulatory reporting workload associated with operating in another country, most firms are unwilling to embark on the registration process because of their focus on domestic or regional clients. Consulate in Montreal. Once you officially exit Canada and become a tax resident of the US, it is very likely that your current investment professionals will no longer be able to continue to work with you due to regulatory and compliance restrictions.
If you are outside of the United States, you would apply for an immigrant visa at the U. We assist our clients by reviewing their estate planning needs and determining the optimal course of action based on their assets; for example, it may be clear that it is more prudent to prepare a US revocable trust in addition to or instead of a US-situs will to avoid or minimize state-levied probate fees and the time-consuming probate process. Owing to the additional legal complexity, heightened business risk, and regulatory reporting workload associated with operating in another country, most firms are unwilling to embark on the registration process because of their focus on domestic or regional clients. With the proper guidance and knowledge, it is possible for Canadians marrying Americans to receive excellent, comprehensive medical coverage once they move to the US. Advance Parole With the exception of those in H-1B status or L-1 status , Canadians with a pending adjustment of status application through marriage with USCIS cannot travel outside the United States until their green card is approved. Moreover, the unlimited marital deduction that US citizen spouses enjoy, which effectively allows the tax-free transfer of assets from first-to-die to surviving spouse, is not available to non-US citizens. These credits create additional cross-border tax planning opportunities. Since US tax residents must report foreign bank accounts and financial assets that they retain offshore to the IRS, US tax filings can become complex, with several moving pieces. Such clients should therefore have a Canadian estate plan that covers Canadian assets retained post-move and a US estate plan for all assets that will be held in the US. It is only available for those adjusting their status in the U. Consulate in Montreal. This is the most important part of a case and it is crucial to have an experienced immigration lawyer prepare an application that ensures all criteria are met. Our primary intention is to help clients protect their assets from estate tax on both the federal and state-wide levels so their estates will be as robust as possible for future generations inheriting wealth. Medicare is immediately available to a Canadian who is aged 65 or older and has a green card for five years. Valid status may include a work visa , investor visa , or student visa. While there are recognition and reciprocity of investment credentials on both sides of the border, investment professionals who are licensed only in one country need to formally apply for registration with the relevant regulatory entity in the other country so that their education, training, and work experience is recognized. Canadians looking to permanently move to the US should be aware of the following investment planning and portfolio management issues. It is likely that Canadian moving to the US have already drawn up Canadian wills and incapacity documents, such as powers of attorney for property and health care. Our clients can also take comfort in two facts: i at 62, even if they have never worked in the US, they will be eligible to receive spousal Social Security payments if their US spouse is receiving benefits; and ii the IRS treats CPP income more favourably than the CRA does. If needed to bridge the gap before Medicare becomes available, private insurance can provide coverage for a wide range of needs, from outpatient care to prescription drugs, emergency room visits to surgery, and everything in between. We therefore assist our clients with selecting a US taxpayer filing status, as well as with organizing their filing obligations and planning for maximal foreign tax credit use. Once granted permanent residency, although you will be able to permanently live and work in the US, you will not be able to enjoy the same rights as US citizens, who can vote in elections and receive important tax and estate planning benefits. In such cases, we can help build, transition, and oversee an optimized and compliant cross-border investment portfolio that remains aligned with your strategic investment objectives, risk tolerance, and time horizon, and complements other aspects of your cross-border financial plan. Employment authorization is not available to those applying for a green card through consular processing. Moreover, we will coordinate total portfolio reporting, manager monitoring, optimized tax management, and comprehensive cross-border advice to help you avoid tax traps, penalties, and other issues. We advise our clients on the potential tax liability of their Canadian life insurance policies, and we suggest tax-advantageous ways of surrendering these policies prior to moving stateside, if necessary.
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