Are You a Canadian Expat Living in California?

Structure your Canadian and U.S. financial assets to maximize growth and minimize tax all within the context of an integrated cross-border estate plan.

Your Canada-U.S. Cross-Border Financial Team

Cardinal Point is a Canada-U.S. cross-border wealth management firm that specializes in assisting affluent Canadian expats, Canada-U.S. dual citizens, Green Card and visa holders, and snowbirds with their cross-border investment, tax, estate, retirement and financial planning needs. With an office in Southern California, we serve a wide array of clients throughout the state with distinct cross-border planning needs including:

  • Executives and entrepreneurs working in Silicon Valley and the Bay Area
  • Small business owners, professionals and executives working throughout the state
  • Those in the entertainment industry living and working in Los Angeles
  • Professional hockey players playing for California-based teams
  • Retirees and snowbirds enjoying the warm weather in Palm Springs and Southern California

Options for your CAD Non-registered assets when moving to and/or living in the U.S

The strong U.S. dollar has created new challenges for those moving to the United States from Canada—but understanding these challenges, and your options, can help you to navigate the financial transition as smoothly as possible. Here’s the…

Complimentary White Paper: Manage Your Canada-U.S. Cross-Border Lifestyle

Whether you are transitioning residency between Canada and the U.S. or you have already made the move, it is important to understand the benefits of a cross-border financial plan. Learn how Cardinal Point can help when holding investment assets or financial interests in the U.S. or Canada.

Cross-border solutions for Canadians in California

As a Canadian expat living in California, your tax and financial planning challenges are far more complex compared to those faced by U.S. citizens. Cardinal Point has the expertise, credentials and the specialized registrations that allow us to assist expats in the following areas:

  • Management of Canadian and U.S. investment accounts under an integrated investment strategy where portfolios are customized to the client’s risk tolerance, goals, income needs, California residency and income tax bracket.
  • Cross-border financial, retirement and estate planning analysis and recommendations
  • Canadian and U.S. stock option, RSU and company bonus plan advice
  • Immigration advice
  • Guidance on cross-border real estate and businesses ventures
  • Health, life, disability, long-term care, business and property insurance review
  • Cash-flow and retirement planning and advice on retirement benefits such as CPP, OAS, Social Security and Medicare
  • Tax planning and preparation, foreign-based account disclosures and navigating the U.S.-Canada Tax Treaty

California’s tax treatment of RRSPs

The tax treatment of RRSPs by the State of California is different than any other state in the country. If you are resident of California and continue to hold a Canadian retirement account, such as an RRSP, the state of California requires that you report annual investment earnings on your Form 540. This means you must report all interest, dividends and capital gains annually and pay tax on those RRSP earnings. The California Franchise Tax Board does not recognize the tax-deferred status of a Canadian retirement accounts and treats the accounts as fully taxable.

At Cardinal Point, we assist individuals with RRSPs in California by using the following strategies:

  • Cross-Border Account Integration: We offer integration with your U.S. investment accounts so that the investment strategies of your Canadian and U.S. accounts complement each other.
  • Proper Tax Reporting: Our firm provides Canada-U.S. tax reporting and preparation services to ensure all IRS and state foreign account reporting and disclosures are done correctly.
  • Discharging Your RRSP: We advise on the best process, timing and tax strategy to distribute your RRSP.

Anyone who has tried to find an advisor who is legally licensed or authorized to provide financial advice on both sides of the U.S.-Canada border knows how difficult that search can be. Few firms comply with applicable regulations or have the appropriate structure in place. And those that do rarely have a qualified team dedicated exclusively to Canada-U.S. cross-border financial planning issues. At Cardinal Point, we are different. We have developed a service model and platform that is specifically designed to meet the needs of Canadians living in the United States, U.S. citizens living in Canada, Canada-U.S. dual citizens, and American and Canadian expatriates living abroad. Because we specialize in these areas, we have the ability to oversee all of your Canada-U.S. cross-border financial planning complexities.

Understand the benefits of working with a Cardinal Point cross-border financial advisor

Canadians Living in the U.S.
Whether you are transitioning residency between Canada and U.S. or you have already made the move but continue to hold investment assets or financial interests in both Canada and the United States, proper cross-border financial planning can integrate and coordinate the asset management of your investments, reduce taxes and maximize your estate.

Tax Planning
Our tax planning initiatives are fully integrated with our clients’ investment, financial and estate planning strategies. This coordinated approach to wealth management streamlines the financial planning process and helps our clients ensure lasting wealth for today, tomorrow and generations to come.

Investment Management
Goal based investing is a key tenet of our belief system. Instead of promoting performance chasing strategies, we believe strongly in a disciplined, customized portfolio design process focused on client objectives, targeted returns, and a strict adherence to client risk tolerances.

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