cross-border and beyond™
One wealth management team, two countries
Our cross-border services enable us to provide investors, both US- and Canadian-based, with comprehensive, consolidated wealth management regardless of where they reside. Sandhu Wealth, in conjunction with our partners, brings simplicity and clarity to these complex and sometimes difficult issues.
Not only do we know what to do, we know what to avoid.
What to avoid
For US Persons
- Canadian Mutual Funds, ETFs and REITs. Holding these investments in non-registered or taxable accounts can create extra tax filing requirements and increased accounting costs. Most of these investments fall into the category of PFICs (Passive Foreign Investment Companies) and should be avoided.
- RESP and TFSA accounts may need to be closed – or not opened in the first place.
- Gains on property in Canada. US tax filers may incur tax liabilities on the sale of a home in Canada, even if it’s considered a primary residence. The tax liability may not be fully offset by the Principal Residence Exemption.
- US-based family trusts. These trusts don’t receive the same benefits in Canada as they do in the US, and may need to be wound up.
- ROTH IRAs. Making deposits to ROTH IRAs after becoming a Canadian resident can lead to these accounts losing their tax-exempt status with CRA. To maintain tax-exempt status, you must also make a one-time election with CRA in the year of your move, under the Canada-US Income Tax Treaty.
We will work closely with your tax and legal professionals to mitigate and prevent as many of these issues as possible.
-
You’re a US person – a US citizen, Green Card holder or resident – who’s moved to Canada from the United States. Only afterwards does your US-based investment advisor inform you that they can no longer serve you, as they are not licensed to do so.
What now? Click here to read on.
-
You may have heard: moving to Canada can be very costly. But here’s the thing: the moving truck can be the least of your expenses if proper planning is not done in advance – because there are substantial tax implications confronting your investments. In fact, in addition to your investments, there are a multitude of things to consider. It can all seem overwhelming, but it doesn’t have to be.
Want to save money, time and hassle? Click here to learn how.
-
The two most common reasons why Canadians move to the United States are to try to escape the cold, or to follow a new employment opportunity. When they do, they can find themselves in the unfortunate situation of being “orphaned” by their existing Canadian-based investment advisors – as most Canadian investment advisory firms are not properly registered to do business with Canadians in the United States.
Click here to learn how.
-
Contrary to popular belief, Canadians can inherit US based accounts. Here’s the challenge: financial advisors based only in Canada, or only in the United States, cannot help a Canadian beneficiary of US retirement accounts.
What’s the solution? Read on.
-
If you are a resident of the United States, can you inherit a Canadian account or estate?
Yes. Read on.
We also help with:
- Individuals moving to Canada from a country other than the US
- Individuals moving to a country other than the US
- Canadian residents with US-domiciled trusts
- Canadian residents inheriting US accounts or estates
- US residents inheriting Canadian accounts or estates
Raymond James (USA) Ltd. All rights reserved. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability. This website may provide links to other Internet sites for the convenience of users. RJLU is not responsible for the availability or content of these external sites, nor does RJLU endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy that RJLU adheres to. Investing in foreign securities involves risks, such as currency fluctuation, political risk, economic changes, and market risks.
