U.S. Citizen, Canadian Resident Inheriting IRA

When Canadian residents inherit IRAs from US persons, the US brokerage firm holding the account cannot hold or manage the account for the Canadian beneficiary. The beneficiary must make alternate arrangements with a brokerage firm that can hold IRAs for Canadian residents.

The Background

Kelly’s father deceased earlier this year and Kelly was one of the beneficiaries of her father’s IRA along with her brother who is a resident in the U.S. She was told by her father’s broker that they would not be able to hold the inherited IRA for her. Kelly and her husband were at a loss for what to do.

The Solution 

Licensed both in the U.S. and Canada and also having the ability to hold and manage inherited IRAs through Raymond James (USA) Ltd., we can help.

Kelly and her husband found us through an internet search. They came and met with us and were pleased to learn that we could help them not only with the Inherited IRA, but we could help them manage other inheritance assets and set up RRSPs and design an insurance program for their young family.

Other Case Studies

Raymond James (USA) Ltd. All rights reserved. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability. This website may provide links to other Internet sites for the convenience of users. RJLU is not responsible for the availability or content of these external sites, nor does RJLU endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy that RJLU adheres to. Investing in foreign securities involves risks, such as currency fluctuation, political risk, economic changes, and market risks.

Raymond James (USA) Ltd., member FINRA / SIPC.

BrokerCheck logo.