Professional Athletes
Relocating to Canada

 

American athletes frequently move to Canada to play for professional Canadian sports teams. We know that athletes are very tied up during the regular season, but that they value understanding the impact of being traded on their career and financial future. As such, we are comfortable working with both athletes and their advisors/agents, who may be the primary point of contact while athletes are working during the regular sports season.

American athletes moving to Canada typically have immigration questions. The most common question is, “What is the best immigration route to Canada?” Other important questions arise if the athlete seeks permanent residency in Canada and whether or not it’s necessary to relinquish US citizenship or Green Card status once Americans move to Canada.

Besides immigration, cross-border tax questions are also primary. For American athletes who move to Canada for only a short time, such as one sports season, questions arise regarding tax residency. Are such athletes tax residents of Canada or the US? What about athletes who move to Canada for multiple seasons but choose to return home to the US during the off-season?

Many Americans are familiar with the fact that the US taxes its citizens and permanent residents on their worldwide income, regardless of residency. American athletes who relocate to Canada therefore want to make sure that they are not caught in any cross-border tax traps, particularly if they have US business holdings or a US investment portfolio.

How to handle American retirement accounts such as IRAs in the most tax-advantageous way is yet another consideration for American athletes moving to Canada.

Making the decision to relocate to Canada necessitates careful pre-departure tax, estate, retirement, investment, and immigration planning. Keep reading for more information about these cross-border financial planning topics as they apply to American athletes relocating to Canada.

Please note that the topics covered below require detailed, comprehensive analysis before specific recommendations can be made to an individual client, which is the purpose of creating a cross-border financial plan prior to departure.

 
Explanation of the US System

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Tax Issues for US Business Interests/Corporations

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Tax Traps for Americans Living in Canada

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Situs Wills, Trusts, and Power of Attorney Documents

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US Estate Tax and Gifting

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Revocable Trusts

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Cash Flow Planning

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Canadian and US Pension Plans

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US Retirement Accounts and RRSP Withdrawals

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US Medicare

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The Canadian Health Care System

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Universal Life Insurance Policies

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Moving to Canada: Federal Skilled Worker Program – Express Entry

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Additional Considerations for US Citizens and Permanent Residents

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