Transferring Is Simple
Transferring your account from one investment firm to another is easier than you might think.
In fact, moving your assets to Raymond James will require very little effort on your part. The transfer is almost entirely electronic in most cases: investors simply sign a transfer form and about 10 days later their investment portfolio is transferred over to the new firm.
The transfer process has been simplified because of advances in securities holding practices.
Most investments held by Canadian investors are held electronically, not as physical certificates; however, some security types, such as GICs and foreign held securities, take longer to transfer.
These certificates are now mainly held in electronic form by the Canadian Depository for Securities (CDS), a reliable depository subject to legislation and regulations under both federal and provincial law. Because it acts as the principal depository for securities traded between investment dealers, CDS is able to facilitate a fairly quick transfer of most client assets between firms.
Transferring an account from one brokerage firm to another takes about two weeks, depending on the particular investments within the account.
The majority of transfers are executed electronically through a CDS system called Account Transfers Online Notification (ATON). Transfers that are not eligible to transfer through ATON, such as bank held GICs, pension plans, or insurance products, will take longer to complete.
The Three Basic Steps for Transferring Account(s)
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Read through the "Transfer form" for completeness and accuracy and then sign and return it to your Raymond James Financial Advisor.
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Raymond James will then use the ATON system to request the transfer from your previous firm.
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Your previous brokerage firm will respond to the request within 10 days. It's as simple as that.
Other Considerations
If you are transferring a RRIF account, your previous firm is legally required to make your current year minimum RRIF payment before transferring your account.
If you are transferring a registered product, all book values (cost) will be transmitted to Raymond James. Non-registered accounts do not transmit this information when they are transferred. If you wish to retain this data, get the original cost information from your most recent client statement and give it to your Raymond James Financial Advisor who will store it for future reference.
While we endeavour to make the transfer process as simple and straightforward as possible, we understand that you may still have questions about certain procedures. We encourage you to speak with your financial advisor about any concerns or questions you may have.
At SWAN Wealth Management we help in the following ways:
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Manage your IRA and retirement accounts from Canada or the US
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Offer a pre-immigration consultation from a tax perspective before you move
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Guidance on retirement benefits such as CPP, social security and Medicare
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Transfer your investments from the US to Canada keeping them in a tax deferred account
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As a portfolio manager we are not limited to just investing in mutual funds but can choose holdings tailored to your individual needs
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Hold investments in US and/or Canadian currency on both sides of the border
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Minimize your tax burden by creating a tailored financial plan
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Manage your investments over the long-term so you can retire happy
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Provide access and management to your investments no matter on which side of the border you live
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Understand the tax implications of various investment strategies
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Create a financial plan that serves you in the short- and long-term
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Act in accordance with 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.
Ready to Simplify Your Cross-Border Finances?
At SWAN Wealth Management we know that you want to be free to enjoy your life in Canada.
In order to do that you need a cross-border financial plan that’s tailored to your needs. Your US advisor can’t help you move or manage your investments in Canada, and you might be worried that you’re going to miss something during this transition.
We believe that moving your assets to Canada should be simple and easy. We understand how complex this process can appear — especially since it’s difficult to find clear information online.
That’s why we specialize in helping cross-border clients like yourself.
With over 25 years of experience as Certified Financial Planners and Portfolio Managers, we ensure your cross-border financial plan fits your needs and protects your assets.
Here’s how the process works:
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Schedule a 15-minute introductory call.
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Meet with a Financial Advisor.
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We create a cross-border plan.
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Together, we start the process.
To get started, schedule a 15-minute introductory call.
In the meantime, here’s our Cross-Border Moving Checklist, so you’ll be able to stop worrying about whether you’re missing something and instead relax and enjoy your next adventure.
Raymond James (USA) Ltd. All rights reserved. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability. This website may provide links to other Internet sites for the convenience of users. RJLU is not responsible for the availability or content of these external sites, nor does RJLU endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy that RJLU adheres to. Investing in foreign securities involves risks, such as currency fluctuation, political risk, economic changes, and market risks.
