Canadians Moving from USA to Canada

Minimize Taxes and Simplify Your Cross-Border Financial Plan

Once you move to Canada, your US advisor can no longer manage your assets as they aren’t licensed in Canada. You’ll likely receive a letter from your investment firm stating you have 30-60 days to move your account or they will liquidate your retirement account causing a major taxable event.

This can create undue stress, and it’s preventable if you work with an advisor before you begin your move.

Keep It Simple

When you work with an advisory team licensed in Canada and the US, your life will be a lot more simple. At SWAN we can manage an IRA, 401(k) or RRSP whether you live in Canada or the US. We create your financial plan taking into consideration assets and pensions on both sides of the border.

What’s the Best Solution?

What you may not know is that moving an IRA or 401(k) into a RRSP, while possible, isn’t the best solution. An IRA is a superior vehicle because it allows you to name multiple beneficiaries and stretch the tax liability out longer. In addition, rolling an IRA into a RRSP is complicated due to a 15% withholding tax and needing to top up your RRSP with another source of funds. We can prevent these complications because we are licensed in both countries and can manage your IRA from Canada or the USA so you don’t need to collapse.

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
• As a portfolio manager we are not limited to just investing in mutual funds but can choose holdings tailored to your individual needs
• 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.

Schedule a Call