Explore the upcoming changes to Canada’s capital gains tax and how they could affect your investment strategies. Learn why transferring assets before June 25, 2024, may be advantageous and gain insights into potential tax implications for individuals and corporations. Take proactive steps with guidance from MCA Cross Border Advisors.

Canadians moving to the U.S. often ask about tax saving opportunities which await them as future U.S. residents. One such opportunity available to U.S. residents that we love explaining due to the powerful tax benefits it provides is the Health Savings Account or “HSA.” This should not be confused with the Canadian Health Spending Account which typically refers to a cafeteria health spending plan offered by Canadian group plans. The U.S. HSA is an individual savings vehicle that offers triple tax savings to eligible accountholders as I explain below.
HSAs can be opened at a variety of U.S. banks and other financial institutions. Being allowed to contribute to one requires being: 1) a U.S. resident; and 2) enrolled in an accompanying High Deductible Health Plan (HDHP).

Predicting the housing market is already challenging due to interest rate fluctuations and other factors. Throw non-residency into the mix, and for someone departing Canada, it becomes a complicated decision whether to maintain one’s principal residence or to rent it out as a non-resident owner.
If you decide to maintain your property when you leave Canada, and then rent it out as a non-resident, you may be interested to learn about the tax compliance involved for non-resident owners, and what tax planning options are available.

The 2023 federal budget announced significant changes to the Alternative Minimum Tax (AMT) regime to better target the AMT to high income individuals. On August 4, 2023, the Department of Finance released draft legislative proposals to modify the AMT regime, effective as of the 2024 tax year.
These AMT changes will have a significant impact on Canadians who are planning on exiting Canada for tax purposes after Dec 31, 2023.