Discover the intriguing differences between the Canadian and U.S. financial systems, including retirement accounts and social security parallels. Explore the complexities faced by Canadians marrying Americans, from residency to tax implications. The discussion also highlights investment strategies for efficient wealth management across borders. Listeners gain insights into decumulation, static asset allocation, and UTMA accounts for future generations. Additionally, the importance of personal relationships in times of political and social change is thoughtfully emphasized.
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Jim Dahle's Canadian Adventures
Jim Dahle shares his personal climbing and heli-skiing experiences in British Columbia, Canada, highlighting its outdoor recreational paradise.
He also describes the practice and high pay of a family physician friend in Southern Alberta, which challenges common U.S. perceptions about Canadian healthcare.
insights INSIGHT
Overview of Canadian Retirement System
The Canadian retirement system includes the Canadian Pension Plan (CPP) and Old Age Security (OAS), similar but distinct from U.S. Social Security.
Canada also has RRSPs like Traditional IRAs and TFSAs like Roth IRAs, with notable differences in contribution rules and benefits.
volunteer_activism ADVICE
Advice for Canadian-US Spouse Status
If a Canadian spouse plans to live in the U.S., apply for permanent residency, get a social security number, and work toward citizenship.
Be cautious of dual citizenship costs like potential double taxation and consult experts on cross-border benefit implications.
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The Canadian financial system is similar but not quite the same as the U.S. financial system. In this episode we talk about the Canadian retirement system, the programs they have similar to the U.S. social security system. We discuss their versions of our Traditional and Roth IRA accounts. Considering our close proximity to each other, it is no surprise that a couple of listeners have questions about working in one country and living in another as well as Americans married to Canadians and what to do about citizenship. We cover the pros and cons of those situations in this episode. For those with no connection to the Great White North we also answer other questions about separately managed accounts, over-contributing to the 457(b), marketing timing in the de-cumulation phase, UTMA accounts, and the CARES Act tax deductible student loan payment.
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