If you’re moving to Canada from the U.S. or you’re already a resident of Canada, we can manage your U.S. and Canadian-based investment accounts, such as IRAs, Inherited IRAs, 401(k) rollovers, and RRSPs, through a single relationship.
Managing Your Wealth Across Borders
Avoid having to liquidate your investment accounts or risk significant penalties and tax consequences as a result of your move to Canada. Our team will help you navigate the tax, regulatory, and investment challenges that many Americans face when moving to Canada.
Our financial plans will consider all facets of your wealth including taxes, insurance, estate, anœœd legacy planning. We are committed to helping you understand and simplify your cross-border financial concerns, so you caân pursue the opportunities ahead of you with confidence.
Frequently Asked Questions
Yes. We are licensed in both the U.S. and Canada. This allows us to serve clients and manage investment assets based in both Canada and the U.S.
No. The equivalent to a 401(k) plan in Canada is a Group Registered Retirement Savings Plan (Group RRSP). Both 401(k)s and Group RRSPs are employer-sponsored retirement savings plans.
You cannot directly transfer or “roll over” a 401(k) or an IRA account into an RRSP without first collapsing or liquidating them, which can result in significant penalties or tax consequences.
At Marnoa Private Wealth, we can help you maintain IRAs in Canada.
Related: Transferring an IRA to an RRSP
If you're an American living in Canada, most U.S. brokerage firms cannot hold your 401(k)s in Canada or IRAs in Canada. This is due to regulatory restrictions that prevent most U.S. financial institutions from servicing accounts for non-U.S. residents.
At Marnoa Private Wealth, we can help you maintain your IRAs and other U.S.-based accounts in Canada. We can also assist you in transferring your 401(k) to a rollover IRA. This would allow you to maintain the tax-deferred status of your retirement savings. You won’t have collapse or liquidate them, which can result in significant tax consequences.
Our team can help you navigate these complexities and manage your U.S. retirement accounts effectively.
Related: 401(k) in Canada
If you move to Canada and don't transfer your U.S. retirement accounts, you should be aware of the following:
Many U.S. brokerages or U.S. plan administrators will often give you 30, 60, or 90 days to transfer your assets to an eligible firm once you’re no longer a U.S. resident. If you don’t act within that window, they may liquidate your account at the current market value, withhold taxes and penalties, and send you a check with the remaining balance. These actions could potentially trigger significant penalties and tax consequences.
At Marnoa Private Wealth, you can avoid these penalties or tax consequences by working with us. We can maintain your IRAs and/or other U.S. investment accounts in Canada.
Our team can assist you in setting up an account that is suitable for your loved one’s gift that is consistent with your financial objectives and takes into account the tax consequences of the benefit.
Related: Inheriting an IRA