Cross border services for Americans living in Canada

Can Marnoa Private Wealth manage both my Canadian and U.S. investments?

Yes. We are dually licensed to work with U.S. and Canada based clients and investment assets.

Is there such a thing as a 401(k) in Canada?

No. The equivalent to a 401(k) plan in Canada is a Registered Retirement Savings Plan (RRSP). You cannot “roll over” 401(k) and IRA accounts into RRSPs without first collapsing the account and taking potentially high taxes and penalties.

My financial advisor or investment manager said they can no longer manage my accounts. What do I need to do?

If you’re an American living in Canada, most U.S. brokerage firms cannot hold your 401(k)s in Canada or IRAs in Canada. But Marnoa Private Wealth can manage your 401(k), IRA and other U.S.-based accounts.

We can help you maintain 401(k)s and IRAs in Canada, so you won’t have to collapse or liquidate them, which can result in significant penalties or tax consequences.

What will happen if I don’t transfer my retirement investment account?

Most U.S. brokerages will give 30, 60 or 90 days for clients to move their assets to an eligible firm. But others may sell off invested assets at the current market value and simply send a cheque for the balance, potentially leading to significant penalties or tax consequences. You can avoid these penalties or tax consequences by working with us.

I am a resident of the U.S. or Canada. I have received an inheritance from a relative across the border. What do I need to know to handle this appropriately?

We can help you open an account appropriate for your loved one’s gift that is consistent with your financial goals and is informed by the tax implications of the benefit.