Cross Border Clients
Return To Canada From The U.S.
Whether you are a snowbird or Canadian working in the US returning home, moving back to Canada can bring with it the joy of being closer to family and to the place where you’re originally from. While the prospect of coming back home can be exciting, from a financial perspective things can be quite complicated quite quickly. The case study below illustrates how our group at Sartorial Wealth of Raymond James Ltd. can help.
Canadian Citizens Return From the U.S. (The Case Background)
Tony and Jill have been married for over 30 years. As Canadian citizens they have been enjoying the second half of their careers in Florida for the past 10 years. As their grandkids mature, Tony and Jill have been itching to come back to Canada to be closer to them. They believe they have missed enough birthdays and school plays for their liking.
Canada Financial Advisor Required (The Case Issue)
Once Tony and Jill decide to move back to Canada, their US advisor can no longer manage their US assets as that advisor is not licensed in Canada. Tony and Jill will likely receive a letter from their current advisor stating they have approx. 30-60 days to move their account to a Canadian institution or their US advisor will be forced to liquidate their account causing a major taxable event.
IRA and 401k Accounts Move Cross Border (The Case Solution)
An ounce of prevention can go a long way. Having to sell out their US retirement holdings isn’t ideal. Any gains would be taxed and would diminish their ability to compound that amount moving forward. By working with a cross border licensed advisor, Tony and Jill would be able to keep their US investments as is. They would simply move their IRA or 401(k) accounts onto our cross border platform. We would then be able to manage these funds from Canada as if Tony and Jill were still in the US, eliminating a taxable event altogether.
Feel free to schedule a call and we would be happy to give you a complimentary analysis of your financial situation.
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.
