If you are moving to the United States from Canada or are already a resident of the U.S., we can help you manage your assets and investments on both sides of the border through a single relationship.
Managing Your Wealth Across Borders
Our team will help you navigate the tax, regulatory, and investment challenges that many Canadians face when moving to the U.S. Our financial plans will consider all facets of your wealth including taxes, insurance, estate, and legacy planning.
We are committed to helping you understand and simplify your cross-border financial concerns, so you can 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. While 401(k) plans and Individual Retirement Accounts (IRAs) in the United States share similarities with Canadian Registered Retirement Savings Plans (RRSPs), there are important distinctions in their transferability. Unlike the straightforward process of rolling over funds between certain U.S. retirement accounts, transferring funds from an RRSP to a 401(k) or IRA is not directly possible. Such a transfer would require first liquidating or “cashing out” the RRSP, which could potentially trigger significant penalties and tax implications.
Canadians residing in the U.S. often have the option to maintain their Registered Retirement Savings Plan (RRSP) with their Canadian brokerage. However, this arrangement may require converting the account to a self-directed status. In this scenario, the account holder assumes full responsibility for making investment decisions within their RRSP, operating without the direct assistance of a financial advisor or investment manager. This approach allows Canadians living in the U.S. to retain control over their Canadian retirement savings while complying with cross-border financial regulations.
That’s where we can help. At Marnoa Private Wealth, we can hold your account and still provide ongoing investment guidance because we are licensed to serve clients on both sides of the border.
RRSPs and TFSAs can create complex situations for taxpaying residents of the U.S.
For example, TFSAs lose their tax-free status in the U.S. and are considered foreign trusts by the IRS. As a U.S. taxpayer, you'll be required to report and pay taxes on any income earned in your TFSA.
We can provide guidance on how to manage those issues.
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