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Americans Moving to Canada & Returning Canadians

There are a number of issues that  American citizens face when they move to Canada, or for Canadians coming home after working in the United States.

One of the most common surprises is that your retirement accounts will be orphaned when you move to Canada. Financial institutions must be registered where their clients are domiciled. In most cases, you will find your US retirement accounts, such as your IRA, will be frozen once you move. In some cases, your financial institution may even threaten to close your accounts and send your funds, after deducting for taxes and early withdrawal penalties.

The choice of investment products is also complicated. Many of the most popular Canadian investment vehicles are effectively “off limits” for American tax filers as they require onerous and expensive additional tax filings.

We understand the challenges that the American citizen or tax-filer faces and have developed connections and capabilities to fully support you. Importantly, as we are able to work with you while you are still resident in the US, we can plan to avoid the most difficult and complicated pitfalls even before you move.

For a more comprehensive guide to your transition to Canada, we encourage you to review the below attachment. Please do not hesitate to contact us if you have any questions.

Your Transition to Canada Checklist