Moving from Canada to the U.S.?: Here's What You Need to Know to Move Your Financial Assets with You

Here’s What You Need to Know to Move Your Financial Assets with You

Are you looking into pursuing a career opportunity across the border? A life that spans borders can be exciting. But moving your investment and retirement accounts across the Canada/U.S. border is anything but simple. It can sometimes lead to having your investment assets scattered between varying plans, firms, and advisors. That’s where a cross-border financial advisor comes in.

Take William for example. He is a medical specialist who completed his medical training in Canada and launched his career in Montreal. After several years working for the pharmaceutical industry in Montreal and Toronto, he received a plum job offer in Dallas.

William did a good job focusing on RRSP contributions over the years. Once those contributions were maximized, he started to build a sizeable non-registered investment account. He also had a small IRA with a Florida-based advisor.

The Issue

When William decided to relocate, he could leave his RRSP investments with his Canadian advisor but would have to move his non-registered investment accounts to a U.S. brokerage. He had his primary investment advisory relationship and most of his wealth with his Canadian advisor. Now, this relationship would be partially severed.

The Solution

Licensed in both Canada and the U.S. through Raymond James (USA) Ltd., we were able to help William create a disciplined investment strategy and financial plan with his North America-wide assets, enabling him to achieve his financial goals. With our multi-currency platform, William can retain Canadian assets in Canadian currency to wait for a more favourable time to convert to U.S. dollars. He can also hold an IRA with us.

If you, like William, hold financial assets on both sides of the border, reach out to us so we can help you align the distinct pieces of your financial life with one another.