Cross Border Clients

Americans Moving to Canada

Many Americans living in Canada have found themselves in the unfortunate situation of being 'orphaned' by their existing U.S. based Advisors as most U.S. Broker Dealer and Investment Advisory firms are not properly registered to do business in Canada. The case study below illustrates how our group at Sartorial Wealth of Raymond James Ltd. can help solve the issue residents of Canada with U.S. retirement accounts have faced.

The background

Jim and Janis had lived in the U.S. their entire lives until they relocated to BC when they were in their 30's. Jim was a corporate executive and Janis was a homemaker. They had four children and built their lives in Canada for the next 25 years.

Jim and Janis have done a good job focusing on RRSP contributions and Jim was also fortunate while working to accumulate a significant concentrated position in a blue chip dividend paying stock in his IRA and 401(k).

The issue

For the past 25 years, they were investing with two different investment advisors, one for their Canadian portfolio, and another in the U.S. for Jim's IRA and 401(k). Then one day out of the blue, Jim received a call from his U.S. investment advisor saying the rules had changed and he would no longer be able to service Jim's IRA and 401(k). He told Jim he had 30 days to find a new advisor or they would liquidate the IRA and 401k accounts and mail him the net proceeds.

The solution

With advisors registered across Canada who are licensed both in the U.S. and Canada, Sartorial Wealth of Raymond James Ltd. can help. Not only would you avoid this taxable (and potentially penalized) IRA and 401(k) distribution, we would also be able to create a disciplined investment strategy and comprehensive retirement income plan that would take your entire portfolio into consideration.

Feel free to schedule a call and we would be happy to give you a complimentary analysis of your financial situation.


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