Cross-border Complexity for Snowbirds: Bring on sunshine without double taxation
Elena and Darren talk about the less than sunny side of being a Canadian who spends the winter months south of the border.
In episode 3, the cross-border discussion continues with a look at the many U.S. tax considerations for “snowbirds”, including health coverage, tracking days spent in the U.S., buying property, and cross-border banking and investment instructions. Listen to a candid discussion on the following topics.
- The Substantial Presence Test and Closer Connection Exception – When does a snowbird become a U.S. resident for tax purposes?
- The difference between worldwide taxation vs. worldwide reporting obligations.
- Structuring U.S. real estate assets to avoid estate tax and double taxation.
- Financing cross-border property purchases when you can’t obtain a mortgage in the U.S.
- The complexities of engaging with your Canadian financial institution(s) to make transactions while on U.S. soil.
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
