I am moving to the USA from Canada. How do I find a cross-border financial advisor?

If you have U.S. investment/retirement accounts and are planning to move, or have already moved, to Canada, then you may be facing a dilemma. Your current U.S. financial brokerage firm may have informed you that you will no longer be able to keep your accounts active once you move to the Great White North.

You’re not alone! Many have faced this similar situation and are now frantically in search of a cross-border wealth manager who can make a home for their U.S. accounts.

That’s why Raymond James Ltd. has created Raymond James (USA) Ltd. – a Canadian-based U.S.-registered investment firm set up to provide specialized advice to Americans living in Canada regarding their cross-border investment needs.

What is a dual-licensed financial advisor?

A dual-licensed financial advisor is registered in both Canada and the U.S., giving clients one central point of contact for all their cross-border accounts.

What can a dual-licensed financial advisor help me with?

A dual-licensed USA-Canada financial advisor can manage and offer financial advice and planning on all of your cross-border accounts held with Raymond James USA. You will also have access to professionals in the tax planning and trust space who can assist with more complex questions.

We can help you avoid costly mistakes by educating you on the positives and negatives of certain withdrawals, investments, and tax vehicles in both the USA and Canada. Working with us not only provides you with a long-term financial plan but also gives you one point of contact when any cross-border issue arises with your wealth.

What if my U.S. company will let me keep my accounts with them when I move to Canada?

Though you may find that a financial firm or broker will allow you to keep your accounts active, there may be certain restrictions or limitations placed on some of your accounts (i.e., placing trades).

Also, be sure you do not fall into the trap of “fooling” the IRS by keeping your old U.S. address on your U.S. accounts, in order to maintain them at your financial firm. If you have received this advice or recommendation, be sure to understand that it is illegal.

Here’s how we can help:

A dually licensed financial advisor in the U.S. and Canada who can offer cross-border services and provide advice on any account type offered in both the U.S. and Canada.

Look no further than Huston Wealth Management! You now have a single point of contact for your assets on both sides of the U.S./CDN border whether you work or live on the other side. We can assist U.S. and/or Canadian citizens in the following situations (and more):

  • Working and/or living in the United States
  • Working and/or living in Canada
  • Returning home from working and/or living in the United States
  • Retired in the United Sates
  • Looking to retire in the United States
  • Sports athletes working and living on both sides of the border
  • Inheriting money from a relative in the United States and/or Canada
  • Requiring generational planning for relatives living in the United States and/or Canada
  • Requiring oversight of money invested in Canadian-based accounts (RRSPs, pensions,
  • non-registered accounts) and U.S.-based accounts (IRAs, 401(k)s, pensions, trusts, taxable accounts)
  • And more!

We offer a full suite of services to assist with all your individual and varied needs

  • Wealth management through Raymond James’ North American platform
  • Cross-border transfer and wealth planning
  • Canadian and U.S. currency accounts
  • Multi-currency and global investing accounts for U.S. residents
  • Privileged access to tax and estate specialists
  • Wealth advice from a team licensed in financial services in both countries

Have more questions?

Reach out to us and we would be happy to help you start planning for your move up north!

Disclosure: The information above is from sources believed to be reliable, however, we cannot represent that it is accurate or complete and it should not be considered personal tax advice. We are not tax advisors and clients must seek independent advice from a competent professional advisor on tax-related matters before withdrawing from their U.S. retirement plan.

Disclosure: This material has been prepared by Dean Huston and expresses the opinions of the authors and not necessarily those of Raymond James Ltd. (RJL). Statistics, factual data and other information are from sources RJL believes to be reliable but their accuracy cannot be guaranteed. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. This newsletter is intended for distribution only in those jurisdictions where RJL and the author are registered. Securities-related products and services are offered through Raymond James Ltd., Member-Canadian Investor Protection Fund. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not a Member-Canadian Investor Protection Fund.

Raymond James (USA) Ltd. advisors may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Raymond James (USA) Ltd. is a member of FINRA/SIPC

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