Globe and Mail – U.S. persons living in Canada could benefit from aid on both sides of the border

by May 7, 2020Article, News, Retirement Planning, Tax Planning

Matt Altro was recently interviewed by Brenda Bouw from the Globe and Mail to explain the various financial relief programs available to US persons living in Canada from both the US and Canadian governments. The article was published on May 7, 2020 and discusses the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), US relief payments, the Canadian Emergency Relief Benefit (CERB), withdrawals from 401k & IRA accounts, and more.

You can see part of the article below, or you can click here to view it in-full on the Globe and Mail website.

U.S. persons living in Canada could benefit from aid on both sides of the border

Brenda Bouw
The Globe and Mail

May 7, 2020

U.S. persons living in Canada could benefit from COVID-19 government relief packages on both sides of the border – and financial advisors can help these clients determine where they might be eligible for help.

Both the U.S. and Canadian governments have introduced a series of financial support measures to help working people, business owners and retirees cope with the economic fallout of the public health crisis including job losses, business closures and a steep drop in stock markets.

For U.S. persons in Canada, many of whom have been hit hard by changing tax measures under the Trump administration, it’s a unique circumstance in which they may benefit from both national programs, says Matt Altro, president and chief executive officer at MCA Cross Border Advisors Inc. in Montreal.

“U.S. citizens in Canada often have the worst of both worlds from a tax perspective. This is one time when they’re going to be able to benefit from payments in both countries,” Mr. Altro says. […]

Matt C. Altro

Matt C. Altro

President & CEO

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.>