How one cross-border accountant views Trump accounts
Jordan Novack, a chartered professional accountant in Toronto, spoke with Globe Advisor about some nuances to consider with these retirement accounts. What is your general impression of Trump accounts?A lot of folks don’t have planned savings, so this is a mechanism that allows someone to put away money for their child in hopes that it will benefit them in the future. What are you telling your cross-border clients about these accounts?We’re still waiting to see whether the Canada Revenue Agency (CRA) releases specific guidance on Trump accounts.
- ▪Jordan Novack, a chartered professional accountant in Toronto, spoke with Globe Advisor about some nuances to consider with these retirement accounts.
- ▪What is your general impression of Trump accounts?A lot of folks don’t have planned savings, so this is a mechanism that allows someone to put away money for their child in hopes that it will benefit them in the future.
- ▪What are you telling your cross-border clients about these accounts?We’re still waiting to see whether the Canada Revenue Agency (CRA) releases specific guidance on Trump accounts.
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Open this photo in gallery:Trump accounts launched earlier this month in the United States, and U.S. persons who reside in Canada are deciding whether to set one up for their children.CHARLY TRIBALLEAU/AFP/Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountEarlier this week, I wrote about the recent launch of Trump accounts, investment accounts for children, and the questions cross-border clients have about them. Jordan Novack, a chartered professional accountant in Toronto, spoke with Globe Advisor about some nuances to consider with these retirement accounts.
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