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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