US residents inheriting Canadian accounts

Similar to the case of Canadian residents inheriting US accounts (link to that case)

Americans can inherit Canadian-based accounts/investments, whether they be retirement or non-retirement.

This situation can play out in many different scenarios, each of which we can assist with. One of the most common situations is reflected in the case of Mary-Anne. Her parents lived in Canada and Mary-Anne was named as a beneficiary of their investment assets.

Her parents held a mix of investment/retirement accounts and owned their principal residence in Canada. The entire estate, including the sale of her parents’ property, was to be settled in Canadian dollars. Once the estate settled, Mary-Anne’s portion of her inheritance was ready to be moved to the U.S. where she resided. However, given the weakness in the Canadian dollar and her goal of vacationing in Canada on an annual basis, she wanted to maintain the proceeds in Canadian dollars.

Since Mary-Anne resides in the U.S., a Canadian wealth management firm was not able to set up an investment account for her, and the majority of U.S. wealth management firms only have a U.S. dollar account type, so Mary-Anne was not able to achieve her goals of keeping the funds invested in Canadian dollars.

Being licensed in both countries, and having a multi-currency platform, we were able help Mary-Anne achieve her investment objectives and avoid her having to convert funds to her home currency.

We can help you too. Reach out to discuss your case on a completely confidential, no-obligation basis.

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