PFPI40A Cross-Border Financial Planning: Tax, Compliance and Retirement Issues

Course overview

Presented by:
Salomon Gamache
PDUs 5 IPFP
Course type Virtual class
Duration 5 h
Price
Dates disponibles

Available dates



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PFPI40 Planification financière transfrontalière : Enjeux fiscaux, de conformité et de retraite

Description

Your clients have spent part of their careers in the United States. They now reside in Quebec, where they plan to live during their retirement, except for a few months in winter. They are wondering about the tax implications of American citizenship while living in Canada. In addition, they are wondering how to use their assets accumulated south of the border for their retirement. Between IRAs, 401k's and Social Security, they're confused and they're asking for your advice.

This training activity offered in English and in French consists of 1 hour of preparatory work in asynchronous format and a 4-hour virtual class.

Activity recognition

  • CSF: 5 PDUs in general subjects
  • FP Canada: 5 Financial Planning CE
  • OCRI-FC CEC: 5 Professional Development
  • OCRI – OCRCVM: 5 Professional Development

Objectives

At the end of this training session, you will be able to:

  • Describe the main accumulation regimes for US salary earners and understand the issues encountered when using them in Canada.
  • Explain the many consequences of owning real estate in the US.
  • Tell your clients the advantages and disadvantages of various disbursement methods for all the financial planning situations.

Key competencies

By taking this course, you will acquire key competencies in these areas of financial planning:

  1. Legal aspects
  2. Taxation
  3. Retirement

This course also helps develop the transversal comptency of global vision, since it involves analyzing complex situations and identifying optimizations and interrelationships between different areas of expertise, objectives and customer needs, thus offering integrated, customized solutions.

Who should attend

This course is intended for financial services professionals who support clients with ties to the United States, whether through citizenship, residency, or asset accumulation. It is particularly relevant for individuals seeking to deepen their understanding of the tax, compliance, and retirement issues involved in cross-border financial planning, in order to provide informed and tailored advice for complex situations.

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Course program

This course covers the key issues in cross-border financial planning between Canada and the United States, with a focus on tax, compliance, and retirement considerations. Participants will explore:

  • Tax residency
    • Criteria for residency in Canada and the United States, presence tests, citizenship, and green card status.
    • Tax consequences and reporting obligations for individuals with ties to both countries.
  • Tax compliance and asset reporting
    • Main forms and requirements: FATCA, FBAR, T1135, 8938, PFIC, CFC.
    • Risks associated with failing to report and strategies for regularization.
  • Managing U.S. retirement plans and accumulated assets
    • Options for 401(k), IRA, Roth IRA, and Social Security.
    • Analysis of the pros and cons of keeping, transferring, or repatriating assets.
    • Application of the Canada-U.S. tax treaty and tax optimization for withdrawals.
  • Owning real estate in the United States
    • Tax and legal impacts of owning property, especially in Florida.
    • Tax treatment of rental income, local taxes, and estate implications.
    • Comparison of ownership structures and analysis of investment profitability.
  • Practical cases and professional advice
    • Case studies illustrating real and complex situations.
    • Strategies to support clients in managing their assets and planning for cross-border retirement.

In summary, this training provides an in-depth understanding of cross-border issues and helps participants develop the skills needed to offer tailored advice to clients with financial interests on both sides of the border.

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Trainer

Salomon Gamache


Salomon Gamache is a financial planner and tax specialist with over 15 years of experience. He is recognized for his expertise in integrated financial advice and professional training within the financial services sector.

See LinkedIn profile


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