Financial interests on both sides of the border?

We can help.

Financial interests on both sides of the border?

We can help.

There are many complications that can arise when relocating across the border. If you’re not careful, you could find yourself paying thousands of dollars in unnecessary taxes and fees. We have made it our mission to help people avoid potentially costly mistakes when navigating their cross-border finances. 

If you're an American living in Canada, your retirement accounts may be exposed to:

Liquidation Icon

Forced Liquidation

Double Taxation Icon

Double Taxation

Redemption Fees Icon

Redemption Fees

If you're a Canadian living in the United States, your retirement accounts may be exposed to:

Deemed Disposition Icon

Deemed Disposition

TFSA RRSP Recognition

RRSP & TFSA not Recognized

Liability Exposure Icon

High Liability Exposure

Healthcare and Insurance Icon

Loss of Healthcare & Insurance

How We Help

How We Help

If you now reside in Canada and have been asked to transfer your IRA account or have inherited an IRA from a family member or relative in the US, then we can help. We are licensed both in the US and Canada which provides the unique ability to offer Individual Retirement Account “IRA” solutions to Canadian residents. This gives investors in Canada the ability to be patient with the IRA distribution decisions and also benefit from the flexible IRA beneficiary options. Contact us for help and your free IRA information brochure.

If you now reside in Canada and have 401(k), SEP, Simple or other group retirement plans in the US with different advisors in different jurisdictions may cause your retirement portfolios to become poorly diversified or out of balance. So, having a team of advisors who can manage investments on both sides of the US and Canadian border creates a solution to ensure investments are properly diversified and balanced and a financial plan that can continued to be added on to vs having to continue to rearticulate over and over again if you find yourself in this situation again in the future. To learn more about our cross-border services please contact us.

If you’re a Canadian inheriting a US account you may be exposed to:

  • US estate tax liabilities
  • Inability to access your inherited IRA or Roth IRA
  • Freezing of your inherited US accounts for over 18 months
  • Advisors may be unable to manage estate accounts.
  • Liquidation fees and taxes
LT Wealth Raymond James Co-branded Logo

Backed by Raymond James and Raymond James (USA) Ltd., we are licensed and regulated in both Canada and the US.

Performance

$796 billion in client assets worldwide ($48 billion in Canada). $11 billion market cap.

Analysts

76 analysts globally covering more than 1,300 companies. 17 analysts in Canada covering 260 companies.

Reputation

Added to the Fortune 500 list in June 2016. Added to the S&P500 index in March 2017.

Protection

Member of the Canadian Investor Protection Fund. Regulated by IIROC.

More than just a Canadian cross-border investment solution.

We offer a holistic wealth management solution to coordinate your entire portfolio of assets, keeping you on track to achieve your goals.

Meet our dedicated cross-border specialist:

Chris Mills, CIM, BComm

Financial Advisor

“Financial decisions can be stressful and complicated, and as a Financial Advisor I feel that I have an incredible opportunity to enhance the lives of my clients and their families. Your financial future will dictate your goals and your dreams, and I remain committed to all of my clients that I will work as hard as I can to make those dreams a reality.”

Crossing the border for life and work often means cross border tax issues, especially when it comes to your US retirement accounts. US retirement plans reserve the right to kick you out of the plan due to non-residency in the US. They will often only give you 30 to 60 days to transfer your account. If your account doesn’t get transferred out in that time frame, your holdings will be liquidated, you will pay the tax and a penalty and you will get a cheque in the mail for the remaining balance. The bad news is that those taxes and penalties can be incredibly steep with 10% penalties and the standard withholding tax reaching up to 30%. That could be a 40% hit to your retirement account.

 

Fortunately there are options. My name is Chris Mills, I’m a financial advisor based in Vancouver BC that specializes in helping clients that have financial interests on both sides of the border. This includes Americans living in Canada with 401ks or IRAs. As the co-founder of Long-Term wealth management partners and a as member of Raymond James USA, I am licensed and registered in both Canada and the USA. I help people develop cross border financial strategies every single day. There are options available for you, feel free to reach out, I’d love to see if we can help you too.

Your Cross-Border Solution

Our mission is to help people avoid potentially costly mistakes when navigating their cross-border finances. We know discussing your finances is a personal subject, which is why we want to assure you that the information you share will be completely confidential. Let's have a candid discussion about your financial situation and your life goals. We look forward to helping you with your finances on both sides of the border.

(604) - 659 - 8061

LTwealth@raymondjames.ca

Suite 2100 - 925 West Georgia St

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Insurance products and services are offered through Raymond James Financial Planning Ltd. which is not a member of the Canadian Investor Protection Fund (CIPF).
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