Cross border services for Canadians living in the U.S.

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

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

Is there such a thing as a U.S. RRSP?

No. A 401(k) plan and individual retirement account (IRA) in the U.S. are similar to an RRSP. However, you cannot “roll over” an RRSP into a 401(k) plan or IRA without first liquidating the RRSP, an action that could trigger significant penalties and taxes.

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

If you are a Canadian who moved to the U.S., you may be able to leave your RRSP in the hands of your Canadian brokerage, though the account may need to be self-directed. This means you would need to make all the investment decisions for your RRSP without the guidance of a financial advisor or investment manager. That’s where we can help. With Marnoa Private Wealth, we can hold your account and still provide ongoing investment guidance.

Are there special concerns about my existing retirement savings I need to consider in the U.S.?

RRSPs and TFSAs can create complex situations for taxpaying residents of the U.S.

Our cross-border advisors are dually licensed in both jurisdictions. We can provide guidance on how to manage those issues.

Canadian cash accounts can, in many cases, simply be moved to a U.S.-licensed firm. However, different actions may be required based on the types of assets. We can help you understand your choices and make decisions suitable for your personal situation and financial goals.

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.