Globe & Mail – Four Tax and Other Financial Considerations for Americans Moving to Canada

We are delighted to share that Matt Altro and David Altro were asked to prepare a special for The Globe and Mail, which was published on March 25, 2019. Their article titled “Four Tax and Other Financial Considerations for Americans Moving to Canada” provided an overview of some key issues that Americans moving to Canada should consider. Such as the higher Canadian tax rates, as well as how to organize: your U.S. retirement accounts, your U.S. revocable trusts, and your U.S. business interests. 

To read the article you can see it in part below, or click here to read the full article.

 

Four Tax and Other Financial Considerations for Americans Moving to Canada

 

Matt Altro and David Altro
The Globe and Mail
March 25, 2019

A record number of Americans were looking to leave the United States, with 26 per cent of those polled last year who would like to move looking to Canada as their country of choice. That’s up from 12 per cent in 2016, according to a Gallup survey conducted last month.

These statistics are consistent with what we are seeing in our practice. Over the past few years, we’ve seen a significant increase in the number of Americans interested in moving to Canada and in Canadians living in the United States who want to return home.

Whether you are returning to Canada or moving here for the first time, it takes more than a warm winter coat to fully protect you from all the challenges – and to reap the benefits – of living in this country. There will be government-funded health care, lots of hockey and, most likely, higher taxes. Below is a primer on a few of the key issues that Americans moving to Canada should consider.

HIGHER TAX RATES

Although there are exceptions, tax rates are generally significantly higher in Canada than in the United States. For example, residents of Washington State and Florida pay a top marginal tax rate of 37 per cent while residents of Ontario and Quebec pay top marginal rates of nearly 54 per cent. […]

Matt C. Altro

Matt C. Altro

President & CEO

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David A. Altro

David A. Altro

Executive Vice-President

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MCA Cross Border Advisors, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.>