Make sure to plan before moving to Canada – Ep.22
On episode #22 of Crossing the 49th Podcast we discuss why it’s important to make sure to plan before moving to Canada.
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Hello, dear readers!
In the latest episode of “Crossing the 49”, our host Newsglobal delves into the intricacies of tax and financial planning for those considering a move to Canada. As always, Phil’s insights are invaluable, especially for those who are in the midst of making such a significant decision.
Key Takeaways from the Episode:
- Importance of Pre-Move Planning: Phil emphasizes the need to seek advice before relocating to Canada. Many strategies beneficial for tax and investment planning are only available before establishing tax residency in Canada.
- Roth IRA Conversions: A strategy often employed can save a significant amount in future Canadian taxes. By converting from an IRA to a Roth IRA before moving, you can potentially save on taxes when withdrawing from the Roth in Canada.
- Revocable Trusts: While popular in the US for estate planning, revocable trusts can add tax complexity in Canada. It’s essential to understand the implications and possibly reconsider the structure before moving.
- US LLCs: Many run their businesses through US LLCs, which can be tax-efficient in the US. However, in Canada, an LLC is considered a corporation, leading to potential double taxation and complex filing requirements.
- Planning Duration: For most situations, a 3-4 month planning window is sufficient. This gives ample time to assess investments, possibly transfer them to Canada, and consider other financial strategies.
Phil’s message is clear: If you’re contemplating a move or return to Canada, it’s crucial to plan ahead. By doing so, you can navigate potential tax pitfalls and make the most of available financial strategies.
For a deeper dive into these insights and more, listen to the full episode here.
If you need personalized advice or have questions, reach out to Phil directly at phil@philhogan.com.
Stay tuned for more episodes and insights from “Crossing the 49”!
#MovingToCanada #TaxPlanning #CrossingThe49thPodcast #PhilHoganInsights
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Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
To the newsglobal.ca admin, Your posts are always interesting.