Americans with Canadian investment accounts
Similar to Canadians returning to Canada from the US, many Americans moving to Canada are surprised to learn that their US financial advisor can no longer manage their investments because they are not licensed in Canada. Consequently, their investment accounts have to be moved to a Canadian advisor — or cashed out, which can result in a significant tax hit.
In addition, differences in tax rules in Canada and the US make some investments more attractive than others. For example, Canadian mutual funds, exchange-traded funds, and TFSAs are considered “passive foreign” investments by the IRS that could result in an additional tax liability, given the requirement for Americans to report their world-wide income.
Because Stephen Bishop is licensed in both Canada and the US, we can manage your retirement accounts whether you live in either country.
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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.
This website may provide links to other internet sites for convenience of users. Raymond James (USA) Ltd. is not responsible for the availability of content of these websites, nor does the firm endorse, warrant or guarantee the products, services, or information described or offered by these other internet sites. Users cannot assume that these websites will abide by the same Privacy Policy that Raymond James (USA) Ltd. adheres to.
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