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 Advisory Group, 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.
Website legal disclaimers
Raymond James Ltd. is an indirect wholly-owned subsidiary of Raymond James Financial, Inc.
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 Trust Services are offered by Raymond James Trust (Canada) in the provinces of British Columbia, Alberta, Saskatchewan, and Ontario, and by Raymond James Trust (Québec) Ltd. in the province of Québec. Both entities are wholly owned subsidiaries of Raymond James Ltd. Trust Services are not covered by the Canadian Investor Protection Fund. Use of the Raymond James Ltd. website is governed by the Web Use Agreement | Client Concerns.
Raymond James (USA) Ltd. All rights reserved.
Raymond James (USA) Ltd. advisors may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Investors outside the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this website.
Raymond James (USA) Ltd. is a member of FINRA/SIPC.
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