Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance by recommending tax saving strategies to maximize your after-tax income.
We make it a priority to enhance our knowledge of the current tax law, and new tax regulations by attending tax seminars in the U.S. and Canada.
Our speciality is helping Canadians plan their move from Canada to the U.S. There are a number of factors that make moving to the U.S. a good decision for tax reason. To begin with, living in the U.S. will generally result in a significant tax savings for most people. Due to the fact that Canada's basis for taxation is residency, there are some tax planning opportunities available to individuals that are not U.S. taxpayers at the time of the move. The fact that the U.S. offers deductions for taxes and mortgage interest, as well as other deducitons means that an individuals taxable income is typically much less than in Canada. Also, even though the tax rates in each country are similar, the marginal tax rates bands are much wider in the U.S. An individual does not pay the highest rates in the U.S. until their income is over US$300,000. Lastly, the tax treaty provides opportunites for significant tax savings on RRSP/RRIF and pension withdrawals and interest income. Our planning can include some or all of the following:
- Deemed disposition planning - how to reduce, delay and avoid double taxation
- RRSP/RRIF planning - to withdraw or not, and if withdrawing, how best to do it
- Immigration planning - timing and coordination with other tax planning
- Pre-immigration estate and income tax planning
- Foregin tax credit planning
- Investment strategies that help to utilize foreign tax credits
