Hello everybody!
I am new on this forum and this is my first post. I must say that you are great, I'm happy I found this board in my research for answers to my problem. Some of you might find it a little bit off-topic, I apologize in advance for any inconvenience. So here it is:
I am Canadian (Ontario) and I am about to marry and live in the USA (Pennsylvania). My assets are my savings in a Canadian bank, RRSP and DCPP. My fiance is not confortable talking about money, and I'm sure he will not be happy with a pre-nuptial agreement either. As all of you know, each and every marriage has an end, but in the beginning nobody knows if this will be by death or divorce. Without a pre-nuptial agreement, how do you think I can keep my money safe and have them back in the end (or my grown-up child, if I am to die first)? I intend to keep the money in Canada, how do you think is the best way? Of course I will pay the tax (to CRA/IRS) on any interest or gain that I might get (the smaller the tax, the better though [:)] )
Any information/link/suggestion/thought would be greatly appreciated.
Thank you!
marriage in US, money in Canada
Moderator: Mark T Serbinski CA CPA
And you should know that "keeping the money in Canada" (whether by chioce or by necessity) does not grant it any special protection from any future claims (estate tax, litigation, etc).
Pre-nuptual agreements are a LEGAL matter, not a tax matter, so see a lawyer.
I agree with rhollan's comments regarding your intended's reticence to discuss this ort any other matter.
The US financial industry does not have the same checks and balances regarding personal debt that the Cdn system has. There is nothing stopping a person in US from racking up $2-300,000 of simple credit card debt (an impossibility in Canada). You would be liable for these debts, even if your "silent partner" didn't discuss them with you.
You are very correct to be concerned and should protect your self.
<i>nelsona non grata... and non pro</i>
Pre-nuptual agreements are a LEGAL matter, not a tax matter, so see a lawyer.
I agree with rhollan's comments regarding your intended's reticence to discuss this ort any other matter.
The US financial industry does not have the same checks and balances regarding personal debt that the Cdn system has. There is nothing stopping a person in US from racking up $2-300,000 of simple credit card debt (an impossibility in Canada). You would be liable for these debts, even if your "silent partner" didn't discuss them with you.
You are very correct to be concerned and should protect your self.
<i>nelsona non grata... and non pro</i>