Moving to the U.S. from Canada

How to Manage Your Wealth across Borders

Brian, a Canadian executive, smooth sailed to the U.S., but his wealth didn’t.

With Canada and the U.S. sharing a border, a language and a passion for sports, Brian didn’t think twice about starting a new life south of the border. Soon after he started living in the States, Brian learnt that managing his investment and retirement accounts on both sides of the border is anything but simple.

That’s because unlike cross-border financial advisors, most Canadian investment advisory firms aren’t registered to do business with Canadians who live in the United States.

Here’s a quick look at how Brian’s move to the U.S. complicated his financial situation and how our cross-border financial advisors can help him navigate the investment pitfalls and opportunities such a move can bring.

After building a stellar career in Toronto, Brian landed an exciting new job as senior executive with a big firm in New York. He had it all planned out: spend at least 15 years working in the U.S. then move back to retire in his native Canada.

Before leaving for the U.S., Brian had contributed to his RRSP and other non-registered investment accounts managed by his financial advisor in Canada. But since he became a U.S. resident, he wasn’t allowed to contribute to his RRSP as he only had U.S.-sourced income. As a result, Brian worked with a U.S.-based advisor who handled his 401(K), Roth IRA and non-registered savings in that country.

Cross-border Wealth Management Made Simple

Working with two advisors in different countries scattered Brian’s wealth between varying plans and firms. He had to move his non-registered investment accounts from a Canadian to a U.S. brokerage firm, partially cutting ties with his Canadian advisor of many years. Additionally, Brian suffered a financial loss because he had to convert Canadian assets held in Canadian currency to U.S. dollars at a time when the greenback was expensive.

That’s where a cross-border financial advisor comes in.

At Raymond James (USA) Ltd., our cross-border financial advisors are licensed in both the U.S. and Canada. We help professionals like Brian smoothly manage their financial assets across the Canada-U.S. border, so they don’t have to work with two advisors. We understand the investment challenges Canadians face when they move to the U.S. for work, and we develop comprehensive financial plans that enable them to meet their goals.

We can work with Brian to create a disciplined investment strategy and solid retirement plan with his North America-wide assets, all aimed at giving him financial peace of mind as he advances his career in the U.S. With our multi-currency platform, Brian can keep his Canadian assets in Canadian currency and wait for a more favourable time to convert them to U.S. dollars.

Considering a move from Canada to the U.S.? Reach out to us, so we can develop an effective financial plan and investment strategy that enable you to meet your lifestyle and retirement goals.

Raymond James (USA) Ltd. is a member of FINRA/SIPC. Raymond James (USA) Ltd. advisors may only transact business with residents of jurisdictions for which they are properly registered. Investors outside the United States are subject to securities and tax regulations within their applicable jurisdiction.