With the weakness in the Canadian dollar versus the U.S. dollar, you could be in the unfortunate situation of receiving a Canadian dollar inheritance that is 15–25% less than you thought it would be. The case study below illustrates how the Private Client Division of Raymond James (USA) Ltd. can help.
Samantha’s mom passed away in Canada. She inherited an IRA, a 401k and a Roth IRA account. The accounts have settled and the estate is now ready to move her portion of the inheritance to the U.S. where Samantha resides; however, given the weakness in the Canadian dollar and her goal of vacationing in Canada on an annual basis, she would like to maintain the proceeds in Canadian dollars.
Since Samantha lives in the U.S., a Canadian wealth management firm is not able to set up an investment account for her, and the majority of U.S. wealth management firms only have a U.S. dollar account type, so Samantha is not able to achieve her goals of keeping the funds invested in Canadian dollars.
With advisors registered across Canada who are licensed both in the U.S. and Canada and who also have the ability to set up multi-currency investment accounts, Raymond James (USA) Ltd. can help. Samantha would not have to make the decision to move her inheritance funds to U.S. dollars. Her Raymond James (USA) Ltd. advisor would be able to create a disciplined investment strategy in Canadian dollars, and when there is a better time or a need for U.S. dollars, Samantha’s Raymond James (USA) Ltd. advisor could handle the foreign exchange conversion.