We provide our clients with an Action Checklist of tasks to be accomplished as part of every Cross-Border Plan we write. This Action Checklist typically includes 30-40 items that need to be addressed in order to successfully exit Canada and set up your affairs properly in the US. These items can include:
- Review of immigration options
- Review and preparation of US and Canadian tax returns
- Procedures for importing vehicles, obtaining a mortgage and US credit card
- Managing a US investment portfolio
- Setting up truss prior to and/or after departure from Canada to avoid probate and US estate tax
- Having estate planning documents written in the US
- Obtaining appropriate US insurance coverage
- Withdrawing your RRSPs/RRIFs/LIRAs/etc. in the most tax efficient manner
- Managing the investments within your registered accounts once you are a US resident
- Strategies for dealing foreign currency risks
Most Canadians need assistance understanding the importance of each action item and completing them in a timely fashion. Your KeatsConnelly advisor team will guide you through the implementation of these Action Checklist items. An advisory team is typically made of a senior planner, staff planner, tax professional, investment professional and a paraplanner.