COVID-19 and the New Economy: Keep planning for the future or embrace the apocalypse?
Elena and Darren talk about the economic impacts of the novel coronavirus pandemic on both sides of the border.
Elena and Darren discuss the fallout of COVID-19 from an economic and crossborder tax perspective. Tune in to find out how you should approach the current situation in terms of financial mindset and how you can plan for life after quarantine. Topics in episode 4 include:
- Measures the Canadian and U.S. governments are taking to support families / workers and stimulate the economy during this unprecedented downturn
- Differences between Canadian and U.S. stimulus packages and tax systems
- Positive steps to take to mitigate financial hardship (hint: make sure you work with a knowledgeable advisor)
- Capital losses / gains as a tax planning tool in times of economic uncertainty
- How behaviourial changes resulting from the pandemic will shape the future economy (online shopping vs. malls, increased telecommuting, etc.)
- A reminder to stay one hockey stick apart!
This podcast is brought to you by Hanson Crossborder Tax Inc. If you need expert advice on cross-border tax matters, contact us toll free at 1-855-640-1730 or visit us at hcbtax.com. If you are a US or a Canadian person living, studying, working, doing business, vacationing, or retiring across the border, have you considered all your possible tax obligations? And are you sure you’ve done proper planning to maximize your tax savings and minimize risks? We can help! Call us at 1-855-640-1730 or visit hcbtax.com.
This podcast is also brought to you by Darren Coleman at Portage Cross Border Wealth Management of Raymond James, specializing in assisting successful people with the complicated financial matters of having money and family on both sides of the border. Darren and his team are uniquely licensed as Advisors in both Canada and the USA and can often solve problems domestic financial institutions cannot. For more information, call us at 416-597-7906 or visit portagewealth.com
