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Old 27.05.2019, 19:39
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Need advisor for investing, and also Canada/Swiss tax

We are dual citizens, returned to CH permanently. We really need someone to help us figure out our finances moving forward, and how to do taxes for the coming year (2018 paid in Canada) as we will be filing in CH for 2019.

We need to plan carefully so we can make this work for the next 20-30 years. Helpful, thoughtful suggestions please? Thanks very much. :-)
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Old 28.05.2019, 05:01
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Re: Need advisor for investing, and also Canada/Swiss tax

You have to advise the CRA of the date you moved out so they won't demand you pay taxes on your CH income.


For the year you moved, you'll have to file a Canadian tax return and be taxed on the money you earned up to the date when you moved.


If you have registered accounts, you can't add to them anymore (unless you still have contribution room, but why would you use these if you're not in Canada anymore).



TFSA can be withdrawn without penalties, RRSP incur a 30% flat rate tax on withdrawals (mostly, I think if you're over 70 or something there is no penalty anymore)


If you had property then it gets very hairy, especially if it's not liquidated before you changed your country of residence. Haven't been in that situation so can't advise but hearing from others who went through it: good luck.


HTH!
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Old 28.05.2019, 08:01
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Re: Need advisor for investing, and also Canada/Swiss tax

Thank you, that was helpful. For the Canadian part, it's pretty straight forward. Our house was sold almost two years ago as we cared for my mum the last year there. Cdn. tax return for 2019 will be a breeze. My other concern at this time is how to manage monies coming here from Canada... any other pointers or know of someone reliable here? We are in the Solothurn general area. Thanks again for the info. :-)
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Old 28.05.2019, 15:37
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Re: Need advisor for investing, and also Canada/Swiss tax

If you mean how to invest your money, I'm a DIY type of person so I wouldn't want to use any advisor and pay their ridiculous fees for no benefit. I believe in index funds. They're pretty straight forward to do yourself and they don't require too much knowledge. Stock picking is a losing strategy in my opinion, but banks and advisors love it because they can charge you high fees.


This blog looks like it has Swiss-specific recommendations and it also has good information on investment strategies with a minimal number of index funds: https://www.mustachianpost.com/2016/...wiss-investor/
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Old 28.05.2019, 23:03
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Re: Need advisor for investing, and also Canada/Swiss tax

If you already have a Canadian pension it may be in your best interest to file taxes in Canada every year. My husband always gets some money back. His pension is taxed 25% before he even gets it, so by filing he pays a lot less.
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Old 29.05.2019, 08:32
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Re: Need advisor for investing, and also Canada/Swiss tax

Thanks, Swisscanmom :-) I'm thinking that this principle would apply to withdrawals from RRSP as well - My husband's is already a RRIF, but mine not yet. My previous understanding is that, because of the Swiss/Can tax agreement, we pay tax on income in only one of the countries. Do you know someone here in CH that can further advise on tax issues between countries? Even though our situation is not ultra-complex, it is for US as neither of us is particularly gifted in this area :-(
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Old 29.05.2019, 16:13
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Re: Need advisor for investing, and also Canada/Swiss tax

Not very gifted in that area either. My husband has a RRIF as well as CPP, on both he gets taxed on the income in Canada. We do not claim this income on our Swiss tax return. However, we do have to claim the amount sitting in the RRIF account, which gets taxed here as wealth. Since there is no tax on wealth in Canada, we do not get around that.
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Old 29.05.2019, 18:52
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Re: Need advisor for investing, and also Canada/Swiss tax

*sigh* I wish it would all just go away! :-D I thought we were to do one tax return, either for Canada or Switzerland... Ok, so I love how we pay "wealth" tax, but it's just post tax savings that we are planning to live on. Ugh. I think I need to find a tax person so we don't screw this thing up! :-/ Thanks for your help!
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