Case Study: Managing a Cross-Border Move From California to Montreal
SWAN Wealth Management
The Problem: Moving to Canada with Large US Retirement Accounts
Background
Anne* and Michael are a married couple who were preparing to move from California to Montreal.
Both held US and Canadian citizenship or permanent residency status, which meant the move was more than a change of address.
Their move would touch their taxes, their jobs, and where their money lived.
The couple had built up meaningful savings in US retirement accounts while living in California. Before they became Canadian tax residents, they wanted a clear plan for those accounts, and for how their household finances would work during the move itself.
Big Questions They Faced
How to prepare their US retirement accounts before becoming Canadian tax residents
How to manage cash and account transfers while living between two countries
How to keep their finances steady while one spouse was on sabbatical and the other was transitioning from a US job to a Canadian one
Accounts and Issues on the Table
401(k) accounts
Traditional Individual Retirement Accounts (IRAs)
Roth IRAs
Non-registered investment accounts
Canadian registered accounts still to be opened
The Solution: Planning Every Detail from Exercising Stock Options to Purchasing a New Home
Preparing US retirement accounts for the move
SWAN's team reviewed the couple's 401(k), Traditional IRA, and Roth IRA accounts well before the move date.
A major focus was Roth conversions. SWAN walked the couple through this timing so they could decide what made sense for their situation.
Opening and funding Canadian accounts
Once the plan was set, SWAN moved the couple through a full onboarding process.
This included secure document collection, regulatory paperwork, a review before accounts were opened, an Investment Policy Statement (IPS) to record their risk tolerance, online account access, and the paperwork needed to transfer assets in.
Moving and consolidating assets
Transferring accounts across the border is rarely a single step. SWAN tracked transfer statements and forms, followed up on cash that was still in transit, and confirmed that all of the couple's retirement assets had actually arrived and were accounted for.
Building and rebalancing the portfolio
With the accounts open, SWAN reviewed the couple's holdings and confirmed their risk tolerance.
From there, the SWAN team proposed an updated portfolio mix and rebalanced the accounts. Along the way, the team paid close attention to capital gains, aiming to avoid triggering taxes that weren't necessary, and kept some funds in short-term, liquid investments so cash stayed accessible when needed.
Managing cash flow across the border
Day-to-day cash management was its own project.
SWAN coordinated wires, deposits, and the funding needed to keep bills paid on both sides of the border. When the couple sold assets at their former US brokerage, SWAN tracked the wire proceeds to make sure the money landed and settled properly, and followed up on any delays.
Planning around employer stock options
One spouse held stock options from a former US employer.
SWAN brought in its cross-border tax team to help decide which option lots to exercise, weighing the strike price, the taxable income each choice would create, and the best timing. SWAN continued to monitor the gains from this stock activity after the initial decisions were made.
Deciding how to fund a home purchase
When the couple bought a home in Montreal, SWAN helped them think through how to use their available cash for the down payment.
The team walked through the trade-offs between putting more cash down up front and borrowing through a line of credit tied to the home, so the couple could see the full picture before deciding.
Setting up Canadian registered accounts
SWAN helped the couple make sense of Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) now that they were Canadian residents.
Before opening an RRSP, SWAN first checked whether either spouse had access to employer matching through a workplace plan, since that can be worth more than a personal contribution. From there, SWAN opened the right accounts, arranged funding and transfers, and followed up to confirm deposits landed and were invested.
Aligning estate planning with Quebec law
Quebec's estate rules work differently than the rest of Canada.
Wills are generally handled through a notary, and a legal concept called patrimony affects how assets pass to family. Recognizing these complexities, SWAN connected the couple with its internal tax and trust specialists for a consultation to review their beneficiary designations and discuss how those designations would work alongside their will. This provided added confidence that their estate plan would operate as intended.
Coordinating tax preparation
When the couple received a tax-preparation quote that seemed high, SWAN helped them find another qualified preparer at a more reasonable price, and checked back in with them after their taxes were filed.
How SWAN coordinated it all
Throughout the process, SWAN held regular review meetings and check-ins, rather than treating this as a single onboarding event. That let the team catch small issues, like a delayed transfer, before they became bigger problems.
Why This Approach Worked
One coordinated plan. Retirement accounts, cash flow, and Canadian tax questions were handled together instead of one at a time.
Careful tax timing. Roth conversions and stock option decisions were built around reducing taxable income and unnecessary capital gains.
Steady follow-up. Regular check-ins caught issues like delayed transfers early.
Local knowledge. Quebec's distinct estate rules were built into the beneficiary planning from the start, instead of being an afterthought.
The Outcome: Happy Living in Montreal and Enjoying Their New Home
The move is complete, and Anne and Michael are now settled in Montreal as ongoing SWAN clients.
Their US retirement accounts were moved, invested, and are being managed as part of their overall portfolio.
They bought their home in Montreal with a clear plan for their down payment, their registered Canadian accounts are open and funded, and their estate documents are aligned with Quebec's rules.
What started as an overwhelming cross-border move — two countries, two tax systems, and a long list of things to sort out — has settled into an easy rhythm.
*The case studies and client examples presented on this website are for informational purposes only. Names and identifying details have been changed to protect client confidentiality. These examples are based on real scenarios but do not constitute financial advice. Individual circumstances vary, and you should consult a qualified financial advisor before making any financial decisions.