Summary

Bryan Haggard, CEO of Retire Mitten Financial, specializes in cross-border retirement planning for US-based families with ties to Canada. Retire Mitten helps US resident clients navigate the complexities of managing retirement accounts and benefits from both the US and Canada.

Andrea and Bryan focus on the challenges and complexities of cross-border retirement planning for US residents with Canadian exposure. The main themes include tax planning, estate planning, and the difficulties of finding knowledgeable cross-border financial planners. Key takeaways include the importance of early planning, understanding tax rates and potential exit taxes, and the value of working with professionals who specialize in cross-border planning. The conversation provides valuable insights for individuals considering a move from the US to Canada.

Takeaways

• Cross-border retirement planning involves navigating the complexities of managing retirement accounts and benefits in both the US and Canada.

• Currency management is an important consideration, with factors such as exchange rates and tax implications influencing decisions.

• Retirement planning should focus on providing income in the native currency required for the desired lifestyle, especially for snowbirds or those with a cross-border retirement lifestyle. Early planning is crucial for individuals considering a move from the US to Canada.

• Understanding tax rates in Canada, which are generally higher than in the US, is essential for effective cross-border retirement planning.

• Potential exit taxes should be taken into account when planning a move from the US to Canada.

• Finding knowledgeable cross-border financial planners can be challenging, but their expertise is invaluable in navigating the complexities of cross-border retirement planning.

• Working with professionals who specialize in cross-border planning, such as cross-border lawyers and tax preparers, is important for comprehensive and effective planning.

• The focus of cross-border financial planners is on comprehensive planning rather than just investment management.