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The Money Management Newsletter: Managing Money
Attention Snowbirds: Talk finances before you take flight

Getting ready to leave the bitter cold of Canadian winters for the balmy beaches of the sunny south? By getting your financial affairs in order before you depart, you won't need to worry about a GIC renewal when you could be enjoying an ocean breeze. As your aware Fiscal Agents provide a no-fee deposit placement service that can be easily accessed from south of the boarder.

More than 150,000 Canadians aged 55 plus spend three to six months in the southern United States each year. A full third of these "snowbirds" take flight from the Toronto area.

But before you pack your bags for an extended stay south of the border, you'll need to make sure you have a financial plan in place. Canadian snowbirds should pay particular attention to the rules and regulations that apply to Canadians during their stay in the States. Depending on how long you spend in the U.S., for example, you could be considered a U.S. resident and subject to U.S. tax. Remembering to review your investments with a financial adviser before you leave is key. It is also advisable to meet with your tax advisor to assess your tax residency status.

Some key financial considerations for snowbird clients:

  • Set up online and telephone banking before you leave, allowing you to monitor your finances and pay bills quickly and easily from anywhere.
  • If you have an investment savings account similar to the ING Bank account, you can move monies from that into you chequing account at any one of the other major banks or trusts. If you have GIC or term deposits maturing when your away, call Fiscal Agents GIC placement desk to learn more about how you can negotiate a higher rates and the renewal of your GIC investments over the phone or via email - its simple and save you lots of time or worry - Why because we are authorized agents for nearly all financial institutions in Canada, and can make the deposit on your behalf directly into the financial institution of your choice.
  • Consider arranging pre-authorized payments for your regular bills to avoid the hassle of writing cheques and mailing them on time. You'll avoid late fees and credit problems from late payments. As an added bonus, you'll save time and stamps!
  • Most importantly, ensure your overall financial affairs are in order while you are away and keep your money working hard while you take a break in the sunny south.
  • Review the travel insurance and out of country medical and health coverage before you leave.
Note: This article is not applicable in Quebec.

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© , Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700


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