MOVING TO CANADA FROM THE U.S. MANAGING U.S. ACCOUNTS IN CANADA


Moving from the United States to Canada can be an exciting opportunity, but it also comes with its fair share of challenges, particularly when it comes to wealth management.

For those who have built up retirement accounts in the United States, the move can be particularly complex, as they need to navigate the tax and regulatory differences between the two countries.

If you are moving to Canada from the United States or are already a Canada resident, we can help you manage your cross-border investment assets including your 401(k), IRA and other U.S.-based accounts (See Frequently Asked Questions).


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MOVING TO CANADA THINGS TO CONSIDER

Here are 10 things to consider when moving to Canada from the United States:

  1. Start planning your move as early as possible to ensure you are able to maximize tax and financial planning opportunities before becoming a tax resident of Canada. The more tax years you have to plan your move, the more tax opportunities are available.
  1. Inform your financial, accounting, and legal professionals that you are considering a move to Canada.
  1. Take an inventory of all your assets and their geographic locations.
  1. Understand the tax implications of the move and the ongoing Canadian tax treatment of foreign assets. Our Raymond James tax professionals can assist you with preliminary guidance.
  1. Find a Canadian tax accountant who specializes in cross-border tax to assess the tax implications of your move and to determine your tax filing status in each country.
  1. Consult your tax advisor on possible Canadian residency start dates and the impact on your Canadian and U.S. tax filings.
  1. Determine the U.S. tax and immigration implications of giving up your U.S. work visa, U.S. lawful permanent resident status (green card), or renouncing U.S. citizenship.
  1. Discuss the options available for certain assets such as 401(k)/403(b) and similar employer plans, Roth employer plans, IRAs, Roth IRAs, 529 qualified tuition plans, Coverdell education savings accounts, investment accounts, annuities, bank accounts, life insurance, medical insurance, real estate, and personal belongings. Take into account transfer costs, disposition costs, tax, customs, duty, and physical moving logistics for each asset. Certain assets may not be transferrable, such as vehicles that are not permitted for import into Canada.
  1. Consider timing certain types of income to be recognized in the U.S. to avoid Canadian taxation, such as bonuses, stock option exercises, capital gains dispositions, 401(k) or IRA conversions, employer stock net unrealized appreciation withdrawals, gifting, and other tax planning opportunities.
  1. File the appropriate exit documentation with the Internal Revenue Service and U.S. Customs and Border Protection. Certain filings must be completed weeks before leaving the country.

Our cross-border financial advisors are experienced in helping Canadians and Americans with investment and retirement accounts on both sides of the border. We are licensed and regulated in both Canada and the U.S. and have the ability to service U.S. retirement accounts for Canadian residents in addition to all types of Canadian investment accounts.


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