Financial Planning for Americans moving to Canada
Manage Your Investments (and Financial Future) the Right Way
Americans moving to Canada often do not realize their US advisor isn’t licensed in Canada so they may be forced to liquidate their retirement accounts.
You Know About the Tax Issue, But What About Your IRA and 401k?
You’re likely aware that you have a continual obligation to file taxes in the US, but you might not realize your US advisor isn’t licensed to help you once you move to Canada.
In addition, did you know that certain investments in Canada cause an additional tax liability? Canadian mutual funds, ETF’s, RESPs and TFSA are seen by the IRS as a passive foreign investment company (PFIC) and leaving money in the US is against SEC guidelines.
Why You Should Work with a Dual-Licensed Financial Advisory Team
The solution is to work with an advisory team licensed in Canada and the US who can manage your retirement accounts whether you live in Canada or the US. At SWAN we have a team of experts who can help you avoid the common pitfalls a US person living and investing in Canada often experiences.
We can manage an IRA whether you live in Canada or the US and create a financial plan taking into consideration assets and pensions on both sides of the border.
Prevent State Tax Issues and Canadian Tax Issues
What you may not know is that using a friend or relative’s address in the US while you reside in Canada is against SEC (Security Exchange Commission) guidelines and may cause a state tax issue when you withdraw.
In addition, Canada has higher taxes than the U.S and certain investments are beneficial and taxed favorably while living in Canada. You may want to consider rolling over your IRA to a Roth IRA before you move to Canada creating a backdoor Roth IRA.
At SWAN Wealth Management we help in the following ways:
- Manage your IRA and retirement accounts from Canada or the US
- Offer a pre-immigration consultation from a tax perspective before you move
- Guidance on retirement benefits such as CPP, social security and medicare
- Transfer your investments from the USA to Canada keeping in tax deferred account
- Hold investments in US and/or Canadian currency on both sides of the border
- Minimize your tax burden by creating a tailored financial plan
- Manage your investments over the long-term so you can retire happy
- Provide access and management to your investments no matter what side of the border you live
- Understand the tax implications of various investment strategies
- Create a financial plan that serves you in the short and long-term
- Act following our fiduciary duties to ensure every aspect of your financial plan is in your best interest
To get started simplifying your cross-border finances and investments, schedule a call below.
Website legal disclaimers
Raymond James Ltd. is an indirect wholly-owned subsidiary of Raymond James Financial, Inc.
Securities-related products and services are offered through Raymond James Ltd., member Canadian Investor Protection Fund.
Insurance products and services are offered through Raymond James Financial Planning Ltd, which is not a member Canadian Investor Protection Fund.
Raymond James Trust Services are offered by Raymond James Trust (Canada) in the provinces of British Columbia, Alberta, Saskatchewan, and Ontario, and by Raymond James Trust (Québec) Ltd. in the province of Québec. Both entities are wholly owned subsidiaries of Raymond James Ltd. Trust Services are not covered by the Canadian Investor Protection Fund.
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