Do you need tailored tax planning and wealth management solution that fits your cross-border financial needs? When it comes to cross-border financial planning, a “one size fits all” approach doesn’t work. For this reason, it becomes necessary to find an expert who specializes in cross-border financial and legal matters. Hiring a cross-border financial advisor has become crucial for professionals working and living across the border. Many Canadian and American citizens continuously move between countries, often holding dual citizenship and having assets in both countries. Such an arrangement requires proper financial and tax planning to avoid legal and double taxation issues.
Canadians moving to the United States or Americans livings in Canada need to find a solution to avoid double taxation. With the help of cross-border financial planning experts, people can claim tax credits and avoid paying excess taxes in both countries. Also, when assets are spread across countries, you need to have a competent financial advisor in countries where assets are held. But remember that you can’t hire just any local financial consultant. Whether you have moved for professional or personal reasons, you need to find a cross-border financial planning firm that offers services in the United States and Canada. To help you avoid hiring the wrong professional, here are some tips to find a competent cross-border tax, estate, and investment management firm.
Credentials & Professional Affiliations
You should start finding a financial advisor by searching online for cross-border financial firms. When checking their websites, find out the qualifications and credentials of their team. Make sure they have professionals specializing in the type of services you need. Before you start your search, it’s a good idea to find out what type of certification these professionals need to obtain in your country of residence. Typically, professionals offering financial planning services have designations like Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), or Certified Investment Management Analyst (CIMA). These designations ensure that the professional has obtained a proper degree and training to offer related services. Besides qualifications, the best financial planners also have membership or certifications from professional organizations that show how credible they are.
Look for Cross-Border Financial Planning Specialist
Professionals working across the border or businesses with branches on both sides of the border can’t rely on the services of financial consultants. Whether you’re a Canadian retiring in the United States or an American returning to the United States, you need to hire a cross-border financial, tax, and estate planning firm. To ensure that the firm specializes in cross-border financial planning services, check their licensing, registration in both countries, and experience. The professionals should be licensed financial advisors in Canada and the US with CFP designation from Canada and CRPC from the US. They should have relevant experience to help you stay compliant with the Internal Revenue Service (IRS) or Canada Revenue Agency (CRA). This will ensure that they understand the tax system and retirement plans in both countries.
Schedule a Meeting
Online research will help you shortlist a few candidates but to find out which one suits you best, you need to schedule an in-person or a video conference meeting. During this meeting, you can discuss your specific financial needs such as cross-border taxation, retirement plan, or estate planning. This initial consultation will also help you evaluate their experience and the type of services they offer. The financial advisor should also discuss fee structure to help you understand if their services suit your budget. Besides discussing services and fees, feel free to ask about their clients and network of professionals to ensure that you will receive the best services.
