Moving to the U.S. from Canada: Case Study
HOW TO MANAGE YOUR WEALTH ACROSS BORDERS
John, a Canadian executive, smooth sailed to the U.S., but his wealth didn’t.
Soon after he started living in the U.S., John learned that managing his investment and retirement accounts on both sides of the border is anything but simple.
That’s because most Canadian investment advisory firms aren’t registered to do business with Canadians who live in the U.S.
Here’s a quick look at how John’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, John 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., John 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, John 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 John’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, John suffered a financial loss because he had to convert Canadian assets held in Canadian currency to U.S. dollars at a time when the U.S. dollar was expensive.
That’s where our cross-border financial advisors come in.
At Marnoa Private Wealth, our cross-border financial advisors are licensed in both the U.S. and Canada. We help professionals like John 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 individuals like John to create a disciplined investment strategy and 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, John can keep his Canadian assets in Canadian currency and wait for a more favorable time to convert them to U.S. dollars.
Simplify your cross-border investments
Considering a move to the U.S. from Canada?
Our cross-border financial advisors are experienced in helping Canadians and Americans with investment and retirement accounts on both sides of the border.
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