Canadians moving to the US, or back to Canada from the US

The two most common reasons why Canadians move to the United States are to try to escape the cold, or to follow a new employment opportunity. When they do, they can find themselves in the unfortunate situation of being “orphaned” by their existing Canadian-based investment advisors – as most Canadian investment advisory firms are not properly registered to do business with Canadians in the United States.

Consider the case of John. He is a senior-level executive who built his career in Canada, but seized an opportunity to take a promising position in the United States. He and his spouse planned to relocate and spend at least 10 years south of the border, leaving their RRSP and other investments in Canada, where they would eventually retire.

Though the move was good for John’s career, it complicated the family financial picture. He and his wife would have to enlist a US advisor to handle his IRA, 401k, Roth IRA and their non-registered savings – which would have to be moved to the US – while keeping their Canadian advisor solely for their RRSP accounts.

Because we are licensed in both Canada and the US, John and his spouse no longer needed two advisors to accomplish their goals. We maintained their RRSP accounts in Canada, moved their non-registered accounts onto our US platform and also managed their US retirement accounts there. When they ultimately move back to Canada, the non-registered accounts will transfer back to our Canadian platform and the US retirement accounts will continue to be managed on our US platform.

Want to learn more? We are always available to discuss your case on a completely confidential, no-obligation basis.

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