American In Canada, Revised , livre ebook

Ecw Press - D. Wruk Brian

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167 pages

English

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Hundreds of thousands of Americans are living in Canada today - and the tax issues for everyone from green card holders living in Canada to Canadians returning home from years in the U.S. are astounding and complex. In easy-to-understand language, The American in Canada focuses on the eight key areas of transition planning: immigration, customs, cash management, income tax, retirement, estate planning, risk management and investments. Revised and updated with 2013 tax law.

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Personal finance

Self-help

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Publié par	Ecw Press
Date de parution	01 février 2015
Nombre de lectures	0
EAN13	9781770906488
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0524€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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“ The American in Canada is an invaluable resource for anyone trying to understand the untold complexities associated with Americans living in Canada. Brian Wruk does a wonderful job at providing helpful insights in a very understandable way.”
— Tim Cestnick, author and president, Waterstreet Family Offices
“An excellent resource book for any U.S. citizen or Green Card holder living in Canada and any U.S. resident contemplating relocating to Canada. This book is a required resource for any advisor dealing with Canada-U.S. clients.”
— Doug Macdonald, MBA, RFP, Macdonald, Shymko & Company, Fee Only Financial Advisors
“This book is a fantastic reference tool for all Americans living in Canada. It really highlights the complexities of cross-border issues for taxes, estate planning, medical coverage, immigration, and investments. Advance planning is required on all these fronts. Reading this book will help you get educated before seeing a professional — lowering your stress and fees!”
— Mo Ahmad, partner, Trowbridge Professional Corporation
“ The American in Canada is the perfect resource and should be the starting point for any American wanting to move to Canada. The American in Canada makes clear the need for good transition planning and highlights the key areas to be considered in the process.”
— Joshua Sohn, Canadian immigration lawyer
“Timely and updated, the second edition of The American in Canada is a comprehensive, readable, and, yes, entertaining guide for our southern friends who’ve relocated to Canada. I highly recommend this book as a resource for not only taxes, but all the many issues the cross-border traveler into Canada faces, whether they’ve been here 30 days or 30 years or are contemplating a move to Canada.”
— Carol Sadler, CA, CPA, TEP, Numeris LLP Chartered Accountants
“A must-read for any American thinking of moving to Canada, not to mention an American already living there.”
— Kevyn Nightingale, CA (ON), CPA (IL), TEP, international tax partner, MNP LLP
“The revised second edition of The American in Canada is an invaluable guide to the complexities of financial and lifestyle planning spanning two countries with their attendant tax laws, estate planning rules, customs and immigration issues, and a tax treaty sitting on top of all of these. The book is also an invaluable practical guide to dealing with the everyday issues of relocating, traveling, and dealing with quirky government agencies and cultural complexities between the two countries. The second edition has been expansively updated and is an invaluable resource. The book is ideally a starting point for the layperson and professional to grasp the complexities of the issues and the complex relationships between planning, legal, and regulatory regimes in order to ask intelligent questions of an expert in this area. Brian should be commended for providing this valuable information to the public and profession.”
— Thomas J. Connelly, CFA, CFP®, president and chief investment officer, Versant Capital Management, Inc.

The American in Canada
Real-Life Tax and Financial Insights into Moving to and Living in Canada
REVISED 2nd Edition
Brian D. Wruk
ecw press

I dedicate this book to my wife, Kathy, my American in Canada,
and Corrine and Emily, my Canadians in America.
You made my dream come true.
Proverbs 18:22
He who finds a wife finds what is good
and receives favor from the Lord.
Psalm 127:3
Sons are a heritage from the Lord,
children a reward from Him.
In memoriam to J. Pierre Lacroix, my very first manager and mentor.
You took this newly minted university graduate and taught me how to write.
Thank you for making me the author I am today.

ACKNOWLEDGEMENTS
Given the vast complexities and issues surrounding our own moves to Canada, we are unashamed to say we don’t know everything! However, we view ourselves as the quarterback of a team of people to effectively coordinate your move. To that end, our firm relies on a large network of trusted, competent professionals to assist with the variety of issues our clients have. We view our knowledge as being a mile wide and a foot deep, but we have experts in all areas whose knowledge is a foot wide but a mile deep. We have drawn on these experts to review various parts of this book and want to thank them individually for their assistance in making this large undertaking possible.
Richard Brunton, a fabulous Canada-U.S. tax accountant in Boca Raton, Florida, thank you for imparting your wisdom and knowledge whenever needed.
Bruce Cohen, author of The Pension Puzzle and The Money Advisor , thank you for your review of the pension and saving alternatives in Canada.
Ed Northwood, a one-of-a-kind and much-sought-after Canada-U.S. estate planning attorney in Buffalo, New York, who reviewed the highly complex estate planning section.
Veronica Choy, an excellent immigration attorney with Miller Thompson in Calgary, Alberta, who helped this Canadian citizen to better understand the alternatives for immigrating to Canada.
Mitch Marenus, our chief investment officer, my partner, my friend. Thank you for helping me through the difficult times and keeping our clients and my investment strategies focused on the long term.
Eva Sunderlin, our Canada-U.S. paraplanner and a cherished associate, thank you for all the work you did to make this book possible. Thanks for all you do for our clients and us!
Jorge Alonso, our Canada-U.S. investment associate and a cherished associate, thank you for all you do in implementing our unique investment approach.
Our clients in Canada and the United States, without whom our firm would not exist — we enjoy our relationships with you and appreciate your excitement about this project.
Our friends in the United States and Canada, who have lent their support to this project and encouraged us along the way, thank you for your useful insights and comments.
My family, especially Dad and Mom, thanks for all you have done for me over the years and your support of whatever I did (including moving to the U.S., which I know caused you to worry). I appreciate the home cooking, your prayers, and the wisdom you imparted along the way.
And finally my wife, Kathy, and our daughters, Corrine and Emily (my little Americans) — I love you and thank you for your support in this endeavor. Again, I apologize for underestimating the time I’d be away from you during the revision of this book. You’d think I would have learned by now.
And to our readers, thank you for buying the first edition of this book. We trust you will find it a useful reference for those of you who are already “Americans in Canada” or as you begin, undertake, and com plete your move to Canada. Thanks to all of you who have purchased The Canadian in America (coming in our third edition) as well. Our hope is this book will save you more time, money, and frustration than we experienced in our Canada-U.S. moves. If you have any questions, comments, edits, or things you’d like to see in later editions, please email us at book@transitionfinancial.com and tell us what is on your mind. For more information, articles, and other publications, or to chat with us live, please visit our website at www.transitionfinancial.com.

INTRODUCTION
I want to start by thanking all of you who made the first edition of this book such a success. I knew there was a need for this information, but I am truly overwhelmed by your kind comments and great suggestions. I have incorporated many of them along with all the law changes that have occurred (the latest changes to the Canada-U.S. Tax Treaty, the host of new disclosure and tax regulations as a result of FATCA for American tax filers living abroad) to continue making this book the definitive resource available for those in America considering moving to, or already located in Canada. The complexities associated with moving to Canada are astounding, yet, according to the Association of Canadian Studies in the U.S., more than 9,000 people moved from the United States to Canada in 2012 to become permanent residents. Citizenship and Immigration Canada approved 34,185 temporary and permanent visas for U.S. residents in 2011, just short of the record in 2010 of 35,060. The question is “How many moved with little or no idea of these complexities?” In addition, there are hundreds of thousands of U.S. citizens and green card holders already living in Canada with no idea of the Canadian and U.S. tax and estate planning issues that apply to them. Interestingly enough, fewer than 20,000 Canadians moved to the U.S. over the past two years … the lowest number in nearly a decade. What causes people to move to another country without understanding the financial impacts or opportunities a move presents? We believe it is the similarities in culture, currency, language, and goods consumed between the United States and Canada that lead people to think their situations are simple. In fact, the differences in taxation, investing, health care, wills, and estates are profound. It was mind-boggling, the complexities I had when I moved back to Canada in 1992 with my American-born wife before moving back to the United States permanently in 1996, as the following story illustrates.
MY STORY
My fascination with the U.S. started in high school when I took a bus trip to Portland to participate in a school band competition. I became interested in U.S. culture, geography, and so on. Then I took another bus trip with Campus Life that went through Montana, Idaho, Utah, and Las Vegas to Los Angeles. There I experienced Disneyland, Knott’s Berry Farm, Magic Mountain, and Universal Studios. These experiences combined with the oceans, beaches, and warm weather had me hooked. From that point on, I decided I woul