Investment services for Americans living in Canada
If you are moving to Canada from the United States or are already a Canada resident, we can help you manage your finances, assets and investments including your 401(k), IRA and other accounts. Our financial advisors are dually licensed to work in both jurisdictions and are experienced in helping clients manage their separate finances in alignment with their goals.
Frequently asked questions
Is there such a thing as a Canadian 401(k)?
No. The equivalent in Canada to a 401(k) plan is a Registered Retirement Savings Plan (RRSP). You cannot “roll over” 401(k) and IRA accounts into RRSPs without first collapsing the account and taking potentially high taxes and penalties.
My financial advisor or investment manager said they can no longer manage my accounts. What do I need to do?
Most U.S. brokerage firms cannot hold 401(k)s or IRAs for people residing in Canada. But Raymond James (USA) Ltd. can. We can help you maintain these accounts, so you won’t have to collapse or liquidate them, actions that risk significant penalties or tax consequences.
What will happen if I don’t transfer my retirement investment account?
Most U.S. brokerages will give 30, 60 or 90 days for clients to move their assets to an eligible firm. But others may sell off invested assets at the current market value and simply send a cheque for the balance, potentially leading to significant penalties or tax consequences.
Can a Raymond James (USA) Ltd. financial advisor manage both my Canadian and U.S. investments?
Yes. Raymond James (USA) Ltd. advisors are dually licensed to work with U.S.- and Canada-based clients and investment assets.
I am a resident of the U.S. or Canada, and I have received an inheritance from a relative across the border. What do I need to know to handle this appropriately?
We can help you open an account appropriate for your loved one’s gift that is consistent with your financial goals and is informed by the tax implications of the benefit.
