Inheriting an IRA while living in Canada
Get a Financial Plan that Optimizes Your Inheritance
When you inherit an IRA while living in Canada, you might not know all the options available to you.
When you work with an advisory team licensed in Canada and the US, they can manage IRAs whether you live in Canada or the US. We offer solutions on how to withdraw the money if you inherit in Canada or the US and offer advice on how it can be managed.
Prevent Cross-Border Complications
What you may not know is that an IRA keeps its tax-deferred status regardless of whether a spouse, children or grandchildren are named as beneficiaries. Additionally, the SECURE Act in the USA mandates that a non-spouse inheriting an IRA must take distributions that empty the account within 10 years.
At SWAN we offer a multi currency platform, so we can manage investments in Canadian or US currency regardless of which side of the border you live on.
At SWAN Wealth Management we help in the following ways:
- Manage your IRA and retirement accounts from Canada or the US
- As a portfolio manager we are not limited to just investing in mutual funds but can choose holdings tailored to your individual needs
- 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.
Information in this article is from sources believed to be reliable, however, we cannot represent that it is accurate or complete. It is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. The views are those of the author, SWAN Wealth Management, and not necessarily those of Raymond James Ltd. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Raymond James Ltd. is a Member - Canadian Investor Protection Fund. Raymond James (USA) Ltd., member FINRA/SIPC. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered.
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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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