Navigating finances, whether personal or for a business, can be tricky. That’s especially true if you’re a new Canadian or a European looking to move assets in or out of the country. Manning Elliott addresses the diverse business landscape and individuals with ties to foreign countries through its specialized services in Vancouver.
The company previously established arms that offer such services to Vancouver’s Chinese and Japanese communities. Now, in 2024, Manning Elliott has launched the German Specialty Group, an exclusive German-speaking CPA accounting team.
During the 2021 Canadian census, more than 3 million people living in Canada reported German origins. In partnership with Manning Elliott, we examine how they, along with individuals and businesses from Germany, Austria and Switzerland, can use the German Specialty Group to navigate their personal finances and investments within Canada.
The importance of specialized advice
Manning Elliott designed its German Specialty Group to help three factions of Europeans: Immigrants to Canada, non-resident clients investing in the country, and Canadian taxpayers considering relocating from Canada.
According to Britt Lampe, a partner at Manning Elliott in Vancouver and the head of the firm’s German Practice Group, coming to Canada and trying to understand complex Canadian taxation laws can be a challenge. That’s why it’s essential to protect yourself by seeking professional advice.
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“It’s important to have an accountant evaluate what you need to do, especially if you have assets or ties to other countries,” she says. “I often have clients who show up three, four, or five years into their stay in Canada and have never filled out forms that are required if you hold foreign investments.”
Lampe adds that many new Canadians don’t realize the legalities around specific Canadian investment accounts, such as the Tax-Free Savings Account. Incorrectly using those accounts can result in a bad penalty situation. Meanwhile, Lampe notes that many European clients aren’t used to Canadian filing deadlines, which are essential to meet.
“In Europe, you can usually can extend your filing deadline,” she explains. “Canada doesn’t offer such flexibility.”
Building a stronger business
German-speaking clients investing in Canada can also benefit from specialized advice. By going to the German Specialty Group first, investors can rest assured they are setting up the right structure for their situation, says Lampe.
“We come up with a strategy after talking to them about their goals here in Canada, how long they want to stay, and what they want to invest in,” she says. We also usually speak with European advisors to ensure it’s sustainable on both sides.”
She explains that European investors often look to Canada, assuming the same rules apply, and are later surprised when specific regulations or legalities emerge.
“We look at tax treaties, inheritance tax and other specific filings to make sure they have the proper requirements and know their deadlines,” Lampe adds, noting the company does the same for German-speaking clients considering relocating or investing outside of Canada.
Based on personal experience
Lampe was born in Germany and earned an accounting certification there before coming to Canada in 2003. As a result, she has firsthand experience with finances and tax laws in both countries.
She reiterates how her team has extensive knowledge in the business space and can help with market entry, planning and tax compliance, as well as cross-border taxation and other investment transitions for German immigrants who plan to leave Canada. The team is also there for current residents who need support and guidance with their tax filings, though, and can help break down complex concepts.
The professional notes that she and others on her team speak German, which can make it easier to communicate with clients and explain their options.
“I often explain the differences between the countries and how clients need to look at a situation differently,” she adds. “Of course, if you do that in their first language, it’s often much easier for them to understand.”
To learn more about the German Specialty Group, visit Manning Elliott.