Bryan discussed changes to the Affordable Care Act that occurred during the government shutdown, including reductions in tax credits that would result in higher health insurance premiums for cross-border clients. He presented a comparison of healthcare credits between 2025 and 2026, showing how credit thresholds would decrease for higher-income individuals in the latter year. Bryan emphasized the importance of tax planning for individuals on the ACA. He suggested strategies to minimize income and qualify for healthcare credits, inviting listeners to schedule a consultation for more information on cross-border retirement planning.
Category: Retirement Planning
How Much Will I Collect in Social Security, CPP, and OAS in Retirement?
Mike and Sandy have lived and worked in the U.S. and Canada for 20 years. They were shocked to learn just how much they would receive from U.S. Social Security, the Canada Pension Plan (CPP), and Old Age Security (OAS).…
Read More How Much Will I Collect in Social Security, CPP, and OAS in Retirement?
Cross-Border Retirees: Don’t Make This Social Security Mistake
Bryan discussed the complexities of Social Security benefits for cross-border retirees, particularly focusing on spousal benefits. He explained that while delaying Social Security can increase benefits for some, it may not be beneficial for those relying on spousal benefits, which do not increase past full retirement age. Bryan provided examples to illustrate this point, highlighting that for couples where one spouse qualifies for a high benefit and the other for a spousal benefit, delaying could result in a significant loss of income with no benefit. He advised caution for those considering early collection due to potential clawback of benefits and emphasized that every situation is unique, recommending personalized planning.
How Much Will I Collect in Canadian OAS in the U.S.?
I was reviewing a cross-border retirement income plan recently when a couple told me that they didn't believe they qualified for Canadian Old Age Security (OAS). After crunching the numbers, we determined they would receive over $700 a month from the Canadian OAS. This made a massive difference to their retirement plan. In this video, we discuss how to qualify for Canadian OAS and how much you may receive. Last, we discuss when you may want to turn on your Canadian OAS benefit.
Inheriting a $650k Canadian Estate in the U.S.
The discussion covered tax implications for U.S. residents receiving Canadian inheritances, including the need to file specific forms and understand distribution processes between initial and final distributions. Bryan explained various tax considerations for different types of assets, including RIF withdrawals, stock accounts, and family cottages, noting that while some assets may be tax-exempt, others could result in significant tax bills for heirs. The conversation ended with guidance on receiving Canadian inheritances, emphasizing the importance of prompt conversion to U.S. currency for better investment options and tax considerations, with recommendations to consult financial advisors for cross-border planning.
Should I Withdraw my U.S. or Canadian Accounts First?
Bryan, a certified financial planner, discussed strategies for U.S. residents with retirement accounts in both the U.S. and Canada. He emphasized starting withdrawals from Canadian accounts first to avoid complications and high taxes upon death, as Canadian accounts are subject to significant tax bills upon the account holder's passing. Bryan also highlighted the importance of estate planning for Canadian accounts, noting that most U.S. estate plans do not account for Canadian assets.
Cross Border Retiree: Why Your Social Security Statement May Be Wrong
Bryan explains how cross-border retirees can access their Social Security benefits, emphasizing that these benefits are often the largest monthly pension in retirement. He guides viewers through the process of creating an account on the Social Security website (ssa.gov) to obtain estimates, noting that while paper applications are no longer available, paper statements can be requested online. Bryan also discusses the importance of accurate benefit estimates and provides a sample statement for reference.
The 4 Biggest Benefits of Roth Conversions Before Moving Back to Canada
If you plan to move back to Canada, you may want to consider Roth conversions early and often before the move. Not only are there potential huge tax savings, but there are also other benefits. In this video, we discuss…
Read More The 4 Biggest Benefits of Roth Conversions Before Moving Back to Canada
Debunking 4 Myths About Collecting Canadian OAS in the U.S.
In today's video, we debunk some of the biggest myths regarding Canadian OAS.
5 Things To Do The Year Before Your Cross-Border Retirement
Transitioning into retirement can be stressful. In this video, we discuss five things that you should be doing in the lead-up to your retirement to make the shift as easy as possible. Watch the video here: https://youtu.be/8yMMRGLWeNw Need More Help?…
Read More 5 Things To Do The Year Before Your Cross-Border Retirement