Your Cross-Border Tax Strategy
How SWAN Wealth Works with Your Accountant
Written by Tiffany Woodfield, Senior Wealth Advisor, Portfolio Manager, CRPC®, CIM®, TEP®
You need a cross-border advisor and an accountant.
Most cross-border clients have both a financial advisor and an accountant. But, you might be wondering who does what and how it works.
Your financial advisor manages your investments and builds your cross-border financial plan. Your accountant files your returns and keeps you compliant with the IRS and CRA.
But in cross-border situations, a coordinated strategy is what most people are missing. That’s where SWAN Wealth comes in.
Your Tax-Planning Architect
Think of cross-border financial planning like building your dream home.
You work with an architect who creates a blueprint, based on your goals and vision. Next, the contractor takes the plans and builds it — making sure it’s up to code.
At SWAN Wealth Management, we create a strategic and tax-savvy financial plan.
Your accountant takes that plan and implements it compliantly, filing your tax returns and confirming every move on paper.
Not everyone needs a complex tax strategy.
If your assets are simple, and you’re not facing major complexities, you may not require advanced tax strategies. But it’s best to have the right team in place who can help you no matter what your financial situation looks like — now and in the future.
Who does what?
Think of cross-border financial planning like building your dream home.
You work with an architect who creates a blueprint, based on your goals and vision. Next, the contractor takes the plans and builds it — making sure it’s up to code.
At SWAN Wealth Management, we create a strategic and tax-savvy financial plan.
Your accountant takes that plan and implements it compliantly, filing your tax returns and confirming every move on paper.
Not everyone needs a complex tax strategy.
If your assets are simple, and you’re not facing major complexities, you may not require advanced tax strategies. But it’s best to have the right team in place who can help you no matter what your financial situation looks like — now and in the future.
SWAN WEALTH MANAGEMENT | YOUR ACCOUNTANT* |
|---|---|
STRATEGY, PLANNING, & INVESTMENT MANAGEMENT | COMPLIANCE & FILING |
Manages and optimizes your investments | Reviews and implements tax strategies provided in your financial plan |
Recommends cross-border lawyers | Confirms and implements tax strategies |
Keeps your financial plan current as your life changes | Ensures all strategies are tax-compliant to your personal situation |
Builds your cross-border financial plan | Acts as the authority on your final numbers |
Coordinates with your accountant as needed | Communicates and responds to tax authorities (e.g., CRA, IRS) as needed |
Acts as a sounding board for all major financial decisions and milestones | Provides professional tax advice |
Guides estate-planning discussions | Reviews and implements tax strategies provided in your financial plan |
Identifies tax strategies and opportunities | |
Manages and optimizes your investments |
*Sometimes your lawyer may help you with compliance and filings. For example, if you would like to give up your green card, we will typically refer you to a legal team that will work with you on that process. The accountant would just do the tax filings.
Build your cross-border team with the right referrals
We often find that clients don’t know who to work with when seeking out a cross-border accountant and lawyer.
At SWAN Wealth, we identify and recommend specific professionals to clients through our planning process. This is exceptionally valuable, as once you have the right team in place, your real to-do list becomes clear.
How it works in practice
01
SWAN builds your financial plan
We assess your full cross-border picture — assets, income, tax exposure, estate considerations — and develop a strategy tailored to your situation. This is included as part of SWAN’s service.
02
We identify the right tax strategies
We look at what's possible and document our recommendations. Think of this as the blueprint your accountant will work from.
03
Your accountant reviews and implements
We share the relevant strategies with your accountant. They confirm what applies to your situation, implement it in your filings, and flag anything that needs adjusting based on compliance.
04
We stay aligned — together
When it makes sense, we can join a call with you and your accountant to make sure everyone is working from the same information. No crossed wires, no costly surprises.
Don't have a cross-border accountant yet?
Cross-border tax situations are specialized.
A regular accountant may not be familiar with Foreign Tax Credits, RRSP elections, or FBAR reporting requirements.
If you move back to the US, an accountant with no cross-border experience will likely be unfamiliar with reporting income from Canada with RRIF minimums, OAS, and CPP. It’s critical that you work with an accountant who is familiar with the U.S.-Canada Tax Treaty so that you report income correctly and claim all foreign tax credits to avoid double taxation.
The wrong advice (or a lack of advice) can be expensive.
At SWAN Wealth, we have an extensive network of cross-border accountants we trust. If you don’t have a cross-border accountant, we'll provide you with a few names to consider. You choose who you work with — we make sure you have a few good options.
Common Questions
Yes. Every cross-border client needs a qualified accountant to prepare and file their tax returns in both countries. We handle the strategy and planning — your accountant handles the compliance and filing. Both are required.
Most accountants will file your returns accurately, but they often won't proactively bring forward planning strategies. This is particularly true on the cross-border side. At SWAN Wealth, we focus on the strategy so your accountant can focus on implementation. This ensures that you get the best value and everything is taken care of the right way.
Your accountant may charge you for their time if a meeting or consultation is involved. However, SWAN’s tax strategy and guidance are included in your annual fees. There is no additional cost from SWAN for tax strategy guidance. If you wish to arrange a meeting with both SWAN and your accountant, we recommend confirming the fees with your accountant prior to the meeting.
Often, yes. Because we've already worked through the tax strategy as part of your financial plan, you're not paying your accountant separately to develop it.
For many clients, that's thousands of dollars in consulting fees they won't need to spend. But even more importantly, when you have a team that is connecting with you annually and looking at your needs strategically, you won’t make costly mistakes that could have been avoided.
However, there are some situations where SWAN may need your accountant to do a planning memo. For example, some clients may need complex departure tax calculations or trust structuring. Some of the strategies we may suggest will require your accountants to prepare further calculations or memos. While this adds cost at the moment, the goal with all tax strategy and tax planning is to ultimately save you money and keep you onside with the CRA and IRS.
Ready to Simplify Your Cross-Border Finances?
At SWAN Wealth Management we know that you want to be free to enjoy your life in Canada.
In order to do that you need a cross-border financial plan that’s tailored to your needs. Your US advisor can’t help you move or manage your investments in Canada, and you might be worried that you’re going to miss something during this transition.
We believe that moving your assets to Canada should be simple and easy. We understand how complex this process can appear — especially since it’s difficult to find clear information online.
That’s why we specialize in helping cross-border clients like yourself.
With over 25 years of experience as Certified Financial Planners and Portfolio Managers, we ensure your cross-border financial plan fits your needs and protects your assets.
Here’s how the process works:
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Schedule a 15-minute introductory call.
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Meet with a Financial Advisor.
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We create a cross-border plan.
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Together, we start the process.
To get started, schedule a 15-minute introductory call.
In the meantime, here’s our Cross-Border Moving Checklist, so you’ll be able to stop worrying about whether you’re missing something and instead relax and enjoy your next adventure.
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