Frequently Asked Questions

We specialize in comprehensive wealth planning for clients with connections to both Canada and the United States, particularly those navigating the complexities of an international move, or living and working in both countries. Our services include cross-border tax planning, retirement strategies, multi-currency investment portfolios, estate planning, risk management, education funding, and cash-flow solutions tailored to residents of either country.

We offer multi-currency investment solutions that enable clients to hold and transact in both Canadian and U.S. dollars. Our advanced reporting tools provide clear, consolidated views of your portfolio in your preferred currency, ensuring transparency and ease of management for your cross-border financial goals.

Yes, we help clients design retirement plans that consider residency, taxation, and government pension benefits in both countries. Whether you’re drawing from IRAs, RRSPs, pensions, or other sources, we optimize your strategy to minimize your tax burden and maximize retirement income across borders.

Cross-border taxation can be complex, with implications for income, investments, and estate planning. There is a deemed disposition tax when you exit Canada and sever your Canadian tax residency. Those who are moving to Canada and relinquishing their U.S. Visa or Green Card can face an Expatriation Tax. U.S. citizens living abroad are still U.S. tax residents responsible for reporting their worldwide income on both their U.S. and Canadian tax returns. Both countries have a foreign tax credit system to minimize double taxation, if done correctly. We collaborate with your tax preparer to ensure compliance with both CRA and IRS regulations while optimizing your tax strategy. Our goal is to help you avoid double taxation, minimize your tax liability in both countries, and retain more of your wealth.

Absolutely. Dual citizens often face unique financial challenges, including dual tax filing and cross-border compliance. We provide tailored solutions to address these complexities, ensuring your finances remain in order regardless of where you reside or earn income.

Scheduling a consultation is easy. You can call us at 647-670-1203, email us at info@49thparallelwealthmanagement.com, message us on any of our social media platforms, fill out the form on the Contact Us page of our website, or use the chat box on our website to tell us how we can help. Our team will reach out to arrange a convenient time to discuss your needs and how we can help. 

Maybe, the rules vary depending on your residency status, income, available contribution room, and the type of account. For example, contributing to an RRSP while residing in the U.S. may have different tax implications than contributing to a U.S.-based IRA. We help navigate these rules and align contributions with your long-term retirement goals.

We use multi-currency accounts and investment strategies to minimize the impact of exchange rate fluctuations. When creating investment and cash-flow plans, we consider which currency will be needed in the future, timing, exchange rates, and taxation. Speculating on exchange rates is not part of our investment strategy. Our approach to currency exchange management focuses on minimizing risk, mitigating taxes, and being opportunistic as markets and rates change. Our goal is to make sure you have the currency you need when you need it. Additionally, our team continuously monitors currency markets to provide proactive guidance on when to convert or hold currencies based on your financial goals.

Yes, we specialize in helping clients move investments between Canada and the U.S. while adhering to regulatory and tax requirements. International transfers can take much longer than domestic ones. We streamline the transfer process as much as possible, ensuring compliance and minimizing potential tax liabilities during the transition.

Government pension benefits like Social Security, CPP, or OAS are accessible regardless of where you reside. However, taxation on these benefits varies depending on your country of residence and which benefits you are entitled to. These benefits are only taxable in your country of residence. Social Security gets a 15% deduction for Canadian residents. CPP and OAS are taxed like Social Security for U.S. residents so only 85% of the benefit is taxable for most people. The Windfall Elimination Provision used to reduce your Social Security based on your CPP benefits, but that was repealed in 2024. The OAS “clawback” does not apply to U.S. residents. We guide you through this process to optimize your benefits while minimizing tax burdens.

Yes, cross-border estate planning is one of our core services. We are not attorneys and cannot prepare legal documents, but we will work with your estate planning attorney(s) to coordinate your estate plan on either side of the border. Cross-border estate planning can be tricky. We can refer you to a cross-border estate planning attorney if needed, or we can consult with your existing estate planning attorney(s) to ensure your estate plan meets your objectives. We address differences in gifting laws, estate taxes, the deemed disposition tax, and probate processes between Canada and the U.S. to create a seamless estate plan that protects your family’s legacy across both jurisdictions.