I spent part of last week visiting South Florida connecting with some experts and strategic alliances in cross-border tax and estate planning issues. All were extremely helpful. All have had a great deal of experience dealing with Canadians who spend (at least) part of their year in the US.
High net worth families need to be careful to be wary of the rules of what constitutes residency (substantial presence test) and the implications on your estate and tax matters.
As the Canadian$ remains strong and housing prices in the US remain depressed there are some great opportunities to purchase property at values that we haven't seen for years.
As my clients pursue these opportunities, I am creating relationships with experts who have the ability to help them understand some of the complexities that they might face.
As a Wealth Management Consultant it is my role to help fill the "gaps" in my clients' Wealth Management plans to ensure that all the key advisors are coordinated to ensure efficiency.
In this case, we are developing expertise for those who may want to, or already spend part of the year in South Florida.
Interestingly enough, it may be financially beneficial to become a "resident alien" of the US, depending on your circumstances, there could very well be some tax savings provided under the Canada/US Tax Treaty, depending on how your estate is structured. However, I stress that the rules are complex and every family's situation will be different and it is important to look at the whole picture from a wealth management perspective.
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