Global News – Make the most of your money

Matt Altro answers a question from Global News, specifically about the various considerations around cross-border gifting.

Investment Executive – How the Democrats’ proposed tax policy could affect cross-border clients

Matt Altro was recently interviewed by Michelle Schriver from Investment Executive to explain the potential tax impact the 2020 US Presidential election may have on US citizens living in Canada.

Non-residents and Registered Retirement Savings Plans (“RRSPs”)

Non-residents of Canada can continue to hold RRSPs after leaving Canada. Income and gains in an RRSP are considered tax-free in Canada and in many foreign countries with which Canada has tax treaties and where non-residents may live.

As such, non-resident taxpayers may consider contributing to RRSPs for various reasons, if they have Canadian taxable income and RRSP contribution room.
For one, taxpayers can enjoy an immediate tax savings as RRSP contributions are deducted from Canadian taxable income.

Moving Back to Canada with US Stock Options

Employee stock options have become an increasingly popular form of compensation, especially for start-ups and tech companies in Canada and the US. They are designed to be mutually beneficial to employees and employers.

Non-residents and Registered Retirement Savings Plans (“RRSPs”)

Non-residents of Canada can continue to hold RRSPs after leaving Canada. Income and gains in an RRSP are considered tax-free in Canada and in many foreign countries with which Canada has tax treaties and where non-residents may live.

As such, non-resident taxpayers may consider contributing to RRSPs for various reasons, if they have Canadian taxable income and RRSP contribution room.
For one, taxpayers can enjoy an immediate tax savings as RRSP contributions are deducted from Canadian taxable income.

Should You Include Private Equity in Your 401(K) Plan?

On June 3, 2020, the US Department of Labor published an information letter assuring that private equity investments may be included in 401(K) plans. The inclusion is permitted if private equity is a component of an asset allocation fund, target-dated fund, or balanced fund. Plan sponsors are not allowed to offer private equity as direct investments in defined-contribution plans such as 401(K)s.

Archives

Subscribe to our Newsletter

    Subscribe to The Altro Group’s newsletters which include updates on the Firms, cross border news & blogs and information on upcoming seminars:

    Yes, I would like to receive The Altro Group’s newsletters which include updates on the Firms, cross border news & blogs and information on upcoming seminars.

    [recaptcha]