A growing number of our clients have businesses, assets, and families on both sides of the Canada/US border. This can create both issues and opportunities in the areas of capital preservation, tax planning, estate administration and the delivery of long-term investment returns that enable you to maintain the lifestyle you worked so hard for.
Recognizing the importance of a practical approach in a complex area, we combine the skills and knowledge of our lawyers with backgrounds in tax, estate planning, trusts, estate administration, corporate law, and immigration law. With practitioners in both Canada and the US, our team has extensive experience in addressing the specific needs of cross-border families and businesses. We have a deep understanding of the tax, estate, business, and immigration issues arising from owning assets and carrying on business in multiple jurisdictions.
Our team works with Canadian and US high-net-worth (HNWI) and ultra-high-net-worth (UHNWI) individuals with assets and/or beneficiaries located in the US or Canada, Canadian and US residents seeking to move assets or relocate to the other side of the border. We are also called upon to work with their financial and accounting advisors.
If you live a cross-border lifestyle or do business between Canada and the US, we can help you reduce the risks of double taxation, penalties, fines, or other complications through the following services:
- Cross-border corporate planning and structuring
- Corporate tax planning
- Commercial transactions
- Integration of business and immigration planning
- Business immigration/emigration for all levels of personnel
- Trust planning for families with assets in multiple US and Canadian jurisdictions
- Trust residency issues
- Administration of US, Canadian, and Offshore trusts
- Family advisory for high-net-worth and ultra-high-net-worth clients in multiple US and Canadian jurisdictions including:
- Personal cross-border and dual resident tax planning
- Estate planning for Canadians with assets in the US
- Estate planning for Americans with Canadian assets
- Ancillary Grants for US estates with Canadian assets
- Temporary or permanent immigration/emigration for individuals
- Personal succession planning
Planning for a Cross-Border Retirement
Where We Began: Our client, who had active businesses in Canada, was looking for an exit strategy so that they could retire in the US.
Our Approach: By constructing a bespoke plan, our client was able to depart Canada without triggering additional taxes or penalties.
The Result: Our client was able to achieve their goal of retiring to the warmer southern US states, and had the benefit of a simplified, cost-efficient structure.
Juggling Family and Business Plans in Multiple Jurisdictions
Where We Began: A client approached us after becoming frustrated with juggling family and business objectives in multiple jurisdictions.
Our Approach: We worked with the client to help them prioritize their goals and implement a corresponding legal structure.
The Result: The revised structure allowed our client to focus on their family and business objectives without undue tax and compliance burdens.
Holding Canadian Assets as a Foreign Resident
Where We Began: Foreign clients inherited various pieces of property in Canada without a clear ownership structure or means to maintain operations from overseas.
Our Approach: We constructed a bespoke tax and estate plan, which including tailored and specialized wills designed to interact concurrently with the administration of their foreign estates, in order to allow their next generation to continue to hold the properties.
The Result: The clients are able to hold Canadian assets as foreign residents in an efficient and effective way, whilst adhering to the wishes of their deceased relative.
Q: I have family in both Canada and the United States, should I set up a trust?
A: There is no one size fits all solution. In some cases, a trust can be a practical and effective way to hold and administer property between generations. However, there are certain tax provisions that are designed to target cross-border families that use trusts with connected contributors and non-resident beneficiaries. Our dedicated team will be able to assess your unique family situation and provide guidance on the solutions that works best for you and your specific circumstances.
Q: I have never worked with financial advisors on my cross-border issues, can you help me?
A: While it is strongly advised for clients to use accountants and advisors in the jurisdictions where they are resident or do business, our team has access to a deep network of accountants and advisors to assist where needed.
Q: Can I continue to use my existing advisors?
A: Yes! Our cross-border services team prides itself on maintaining and strengthening relationships with financial advisors and accountants and would be pleased to work with any of your existing advisors. In fact, we strongly believe that by taking a more holistic approach to cross-border planning, the better solution for you.