Tag: Canada-U.S. Retirement Planning

Bryan discussed the complexities of retirement planning for Canadians living in the U.S., highlighting six common mistakes that can lead to significant financial losses. He emphasized the importance of coordinating Social Security and Canada Pension Plan benefits, understanding OAS eligibility and benefits, and developing a strategic RRSP withdrawal plan to avoid unnecessary taxes.

We discuss the importance of estate planning for Canadians living in the United States. We explain the differences between wills and trusts, highlighting that a will is essential for asset distribution but does not avoid probate, while a revocable living trust can help bypass probate and provide more control over assets.

Bryan discussed the significant tax implications for Canadian residents with RRSPs who pass away in the United States, emphasizing the importance of proper estate planning to minimize tax burdens on heirs. He compared the differences between U.S. and Canadian retirement accounts regarding tax treatment upon death and inheritance rules, noting that U.S. accounts are generally more favorable for heirs. Bryan provided various strategies for managing Canadian retirement accounts to optimize estate planning and minimize tax consequences, including options for withdrawal timing and beneficiary designations.

This video focused on explaining changes to 401 plans in 2026, particularly how higher earners will be required to make catch-up contributions into Roth accounts instead of pre-tax contributions, which could increase taxes for some individuals. Bryan, a certified financial planner and chartered financial analyst, discussed the differences between pre-tax and Roth contributions, explaining that while pre-tax contributions offer an immediate tax benefit, Roth contributions provide tax-free growth and withdrawals, making them advantageous for cross-border retirees planning to return to Canada. He emphasized that while the 2026 tax increase may seem negative, it could actually benefit retirees in the long term by allowing them to pay lower U.S. taxes today and withdraw funds tax-free in the future, especially if they move to Canada, where tax rates are higher.

A new proposed bill would potentially eliminate the ability to claim dual citizenship. This would have significant ramifications for families that have lived in the U.S. and Canada.

In this video, we discuss different planning strategies to save money on taxes, both this year and in the long term, for Canadians in the U.S.

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.