If you have questions regarding your pension or retirement funds, financial emigration or building your wealth portfolio, our qualified team of Accountants and Actuaries can help you. Navigating and understanding taxation, the double tax agreements between South Africa and Canada is complex and each situation unique. Reach out to our team to help you simplify the process.
We answer the questions that can set you up to build your wealth portfolio and help you reach your financial goals in Canada.
HOW WE CAN HELP
Helping you to realize your financial goals is our passion and through the planning process, we ensure a smooth transition from every perspective including financial emigration. We have access to a team of specialists that maximize your position through the alignment of tax-efficient strategies with the correct product set.
We are licensed for financial services in both Canada and South Africa giving you the unique opportunity to have your questions answered in both jurisdictions.
CREATING YOUR CANADIAN FINANCIAL PLAN
The broad components of a financial plan in Canada are similar to that of a holistic goal-based plan in South Africa but because of the different investment return expectations, longevity assumptions and inflation rates one is not able to plan effectively without a Canadian based goal-based plan. In Canada, we are fortunate to have a number of tax-friendly products and rebates available for clients that make financial planning all the more important. Ensure you make use of this in your financial plan.
RA'S AND PENSION FUNDS STILL IN SOUTH AFRICA
There are a number of options available to clients when it comes to their retirement funds in South Africa when they move to Canada. Because some of our advisors are dually licensed in Canada and South Africa (under the Hereford Group name) we assist our clients with the correct investment and tax advice from the start.
It is important to understand what your options are before and after age 55 and what your options are with or without financial emigration.
The tax, return and currency impact on your decision could be significant. Our team of Actuarial, Accounting and Tax professionals assist our South African clients with the appropriate advice.
IMPLICATIONS OF FINANCIALLY EMIGRATING
Talk to us to understand how your South African Tax Residency, Financial Emigration, and how 1 March 2020 impacts you.
TRANSFER MY NON-RETIREMENT FUNDS TO CAD
We have a registered currency broker located in our South African office that assists our clients with the South African Reserve Bank certificates (where necessary) and
administration when it comes to exchanging currencies.
Because we are not a big bank, you will not be just a recipient of currency spot prices, instead, you will be direct contact with our currency broker to establish together the price you prefer to trade.our currency broker to establish together the price you prefer to trade.
BUILD AN INVESTMENT PORTFOLIO IN CANADA
As advisors, it is important that we focus first and for most on your goal-based plan and then implement the plan with the best investment products. We are not investment managers, but instead, we have done due diligence (aka research) on a number of different offerings
for our clients here in Canada. We offer our clients a choice of:
– Low cost “robo-type” Exchange Traded Fund (ETF) portfolios
– High touch active portfolio management
– Or then a selection of normal mutual funds, alternative investments and insurance
Depending on your goal-based plan and your own requirements, we are confident that we can put an attractive solution on the table for you that will globalize your asset base.
ADVICE ON MY SOUTH AFRICAN AND CANADIAN INSURANCE PRODUCTS
We are duly licensed in Canada and South Africa (under the Hereford Group brand) to
advice on and implement life, disability and critical illness insurance products for our clients.
We often start consulting to our clients while they are still in South Africa. It is important for us that our clients remain covered during their transition to Canada. We often find that this is a process where we slowly “switch off” the cover in South Africa and “switch on” cover in
Canada. It is very important for our clients and potential clients do not cancel any
products before they have implemented the correct products in Canada. Again, there are some real tax beneficial products and structures we can implement that are not available in South Africa
We can help you with your financial journey inquiry!
Our Financial Blog
When we think of a savings plan for retirement, we imagine packing away quarters and dollar bills into a glass piggy bank until we are 65 years old. Little do most people know, there are several ways you can plan and save for your retirement. One of those is Registered Retirement Savings Plan.
It’s not hard to see why people consider moving to Canada with the socially progressive government, Universal healthcare, and the abundance of beautiful scenery year-round. If you have decided to make this journey, one of the first things to know is the expectations are in terms of the cost of living.
Learn about tax deadlines and how they differ between Canada and other countries. We will also discuss what documentation to bring with you.
Do you need to submit your tax returns? How do you go about submitting one? Learn from Anneli in this interview just what you need to know!
Melanie and Anneli discuss what it looks like to submit your own tax return, documents you will need, and other keys pointers for submitting your taxes.
Let’s take a look at your tax returns and what can be considered deductions on your return. Anneli discusses RRSPs and your first year in CA.
Vincent explains the difference between tax residency and financial emigration. They also discuss what could happen in the long run if you don’t have your financial matters in place.
If you’re of a certain age and immigrating to Canada, one important question you may be asking is what strategies should you put in place to start saving for retirement here in Canada.
Having a continuity plan in place to protect and take care of your loved ones should something happen to you is critical. What needs to be included in this plan?
In a recent webinar, we discussed hot topics around financial emigration, government initiatives to assist during COVID-19, how to become a non-tax resident and more.