KeatsConnelly Cross-Border Weekly Best of the Web 2015-9-11

web-search-greyEvery week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.

This week we jump from an article discussing continued travel by Canadians to Arizona to a piece reviewing some of the tax complications for US citizens in Canada and finish with a blog post reviewing the importance of financial planners really understanding what drives a client.

Expert: Canadians still heading to Arizona despite lagging loonie (http://www.ktar.com/) – Canada’s dollar is declining but Arizona experts believe it will not substantially impact the state’s tourism industry. Canadian economists are warning travelers that they will not get as much bang for their buck — or in this case, their loonie — if they visit the U.S. after the Canadian dollar dropped in value. Glenn Williamson, founder and CEO of the Canada Arizona Business Council, said he is not concerned…

U.S. citizens living in Canada have a lot of extra tax-filing hoops to jump through (http://www.financialpost.com/) – U.S. citizens living in Canada face an enormous tax-filing burden. Not only do they have to file Canadian tax returns, but they also must contend with U.S. tax-filing requirements as the U.S. imposes taxes based on citizenship, not residency. What’s particularly challenging is the enormous cost of U.S. tax compliance, which goes well beyond simply filing a U.S. tax return. For example, all foreign financial accounts — including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account over $10,000 — must be disclosed annually to the U.S. Department of Treasury. If the value of those accounts is large, they must also be disclosed on an additional form to the IRS…

One Question Your Financial Advisor Isn’t Asking You – but Should (www.fool.com) – It starts with a speed-dating-like vetting process, where you court a few potential candidates and cover the basics of the advisor’s credentials and fee structure, as well as what you’re looking to get out of the relationship. If you two click, the union progresses to the next level, and the conversation gets more personal. You reveal the details of your financial life — your assets, liabilities, goals, favorite movies. The advisor takes that information and creates a formal plan, with dates and dollar amounts and various scenarios and recommendations, all illustrated with charts and graphs, and maybe a stock photo of happy retirees making footprints in the sand as they walk hand-in-hand back to their beachfront property…

Come back next week for more interesting news and articles. Enjoy your weekend!

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Cross-Border Series
The Border Guide
Now available in its 11th edition, The Border Guide has sold over 80,000 copies and is considered the definitive cross-border financial tool for Canadians living, working and investing in the United States.
A Canadian's Best Tax Haven
This book will show you how to realize your dream of living a lifestyle in a climate that allows for year-round golfing and sandy beaches while lowering your taxes and cost of living.
Taxation of Canadians in America
This book addresses individual US taxation and estate planning issues you will face as a Canadian living in the US.
Taxation of Americans in Canada
US citizens and green card holders are subject to US tax regardless of where they reside in the world. Are YOU at risk?

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