The Globe and Mail: What to Consider Before Moving Back to Canada to Retire

by Aug 19, 2022Article, Retirement Planning

Irina Matco was recently interviewed by Helen Burnett-Nichols from the Globe and Mail to explain the U.S.-Canada Totalization Agreement and how it impacts returning retirees and their retirement accounts. The article was published on July 27, 2022 and discusses taxation, residency, retirement planning and more.

See the excerpt below or read the full article at the Globe and Mail HERE.

What to consider before moving back to Canada to retire

Irina Matco, director, cross-border financial planning, at MCA Cross Border Advisors Inc. in Montreal, says many individuals may not be aware of the Canada-U.S. Totalization Agreement, for example, which allows those who have made less than the required 10 years of contributions to qualify for U.S. social security, to count years of CPP contributions toward their eligibility.

More broadly, Ms. Matco says she and her colleagues have seen a shift in the past few years in which more clients are looking to move back to Canada after having worked in the U.S.

But returning retirees who are considered U.S. persons – whether citizens or green card holders – face added complications as they are taxed based on citizenship rather than residency. That brings additional filing requirements as well as rules around how certain investments will be taxed […] 

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.>