This edition of Wealth Without Borders discusses the elimination of the WEP. Read about the possibility that it will be repealed. We also examine tax and financial planning moves to help prepare you for the upcoming tax season if you are obligated to file a US tax return. Have you thought about 2024 tax planning? Read about actionable strategies to consider before year-end deadlines while considering your cross-border situation: your Canadian Investments integrated with your US investments. Plan a meeting with Steele Wealth Management to examine nuances and changes that could impact your typical year-end planning.

You may have been advised to transfer your Individual Retirement Account to a Registered Retirement Savings Plan. This misguided advice is usually a terrible mistake! You may keep and maintain your IRA when you become a Steele Wealth Management client. There is no need to collapse your IRA. There is no need to transfer your IRA to an RRSP. Transferring your IRA to an RRSP is not necessarily in your best interest.

At Steele Wealth Management, we’re here to make estate planning a positive, life-affirming endeavour that leads to the preservation of your family values. Consider adding a Transfer on Death (TOD) agreement to your RJLU investment accounts as part of your overall cross-border estate plan. A TOD agreement is easy to implement and avoids the probate process.