Cross-Border Clients
We help Americans and Canadians who find themselves in the unique situation of having investment accounts on both sides of the border. Whether you are a Canadian resident moving to the US, an American living in Canada, or a US resident who expects to inherit Canadian dollars, we can help.
We are currently one of the only retail investment advisory practices in Atlantic Canada that is licensed and capable of servicing accounts on both sides of the Canada/US border. We are affiliated with both Raymond James Ltd (Canada) and Raymond James USA Ltd (US) and have all of the necessary individual registrations and licensing to deal with all account types and situations that might arise from US residents moving to Canada, or Canadian residents moving to the US (permanently or temporarily). Your accounts will all stay with us, within Raymond James, and will be managed efficiently according to the appropriate Canadian/US financial, tax, and regulatory systems.
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Canadians tend to move to the United States to try to escape the cold or to follow an employment opportunity. When they do, they can find themselves in the unfortunate situation of being 'orphaned' by their existing Canadian based investment advisor as most Canadian investment advisory firms are not properly registered to do business with Canadians in the United States.
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An American living in Canada can end up in the unfortunate situation of being 'orphaned' by their existing U.S. based advisor as most U.S. broker dealer and investment advisory firms are not properly registered to do business in Canada.
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Inheriting money from a Canadian relative? The weakness in the Canadian dollar versus the U.S. dollar can mean you will be in the unfortunate situation of receiving 15–25% less than you thought your inheritance would be. We can assist you by creating a disciplined investment strategy in Canadian dollars, and when there is a better time or a particular need for U.S. dollars, we can handle the foreign exchange conversion for you.
We are licensed and regulated in both Canada and the U.S., and work closely with clients to translate their personal needs into a strategy for their cross-border accounts. We can also advise clients on cross-border issues such as PFIC rules, IRA and 401(k) rollovers and we maintain professional networks to assist with planning, taxation and legal services.
FAQ
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It is advisable to seek the services of an advisor experienced in cross-border issues and situations. A Canadian advisor can provide local expertise, help you navigate Canadian tax laws and investment options, ensure regulatory compliance, and offer tailored guidance based on your financial situation and goals.
Managing finances independently can be risky, especially for cross-border individuals with assets in multiple countries. For instance, as a U.S. citizen living in Canada, you must avoid specific investments to prevent complicated U.S. tax reporting and higher rates. You also need to report investment income to both countries, making it easy to make costly mistakes without complete tax documentation.
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- Provide insights on retirement benefits, including CPP, Social Security, and Medicare.
- Oversee and manage your registered and non-registered accounts, whether you’re in Canada or the U.S.
- Conduct pre-immigration consultations to prepare you for your move.
- Maintain investments in both U.S. and Canadian currencies across borders.
- Develop a financial plan that aligns with your short- and long-term objectives.
- Clarify the tax implications of different investment strategies.
- Facilitate the transfer of your U.S. investments to Canada while preserving tax-deferred status.
- Support the long-term management of your investments to ensure a fulfilling retirement.
- Ensure you have continuous access and oversight of your investments, no matter where you are.
- Create a personalized financial strategy to reduce your tax liabilities.
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Yes. Because we are both Canadian and US-licensed, your accounts can remain domiciled in the US in their current structure while we manage them with you from Canada.
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No. It’s best to seek advice before taking any action since selling your IRA holdings may trigger capital gains taxes, while withdrawals from a traditional IRA are taxed as ordinary income. If you plan to move to Canada and maintain the IRA, you may want to consider how distributions will be taxed in both countries. We can help with this.
Cross-border Solutions
Part of the Raymond James Financial family of companies, Raymond James (USA) Ltd., or RJLU, is a Canada-based US registered investment firm offering integrated cross-border wealth management solutions to Americans living in Canada and Canadians living in the US. As RJLU advisors, we are licensed and regulated in both Canada and the US, and work closely with clients to translate their personal needs into a strategy for their cross-border accounts. We also advise clients on cross-border issues, such as Passive Foreign Investment Company (PFIC) rules and IRA rollovers, and maintain professional networks to assist with planning, taxation and legal services, as required.
RJLU enables US resident clients to hold both Canadian and US currency accounts. This allows Canadian equities and Canadian dollar denominated fixed income to be added to client portfolios without having to settle in US currency, thus avoiding foreign exchange spreads. US clients can gain expert access to quality Canadian investment grade instruments with our assistance.
How Does Stephen Bishop and Associates Help?
First, Raymond James (USA) Ltd., "RJLU", unlike most investment firms registered with FINRA and the SEC, operates in and across Canada. RLJU is a subsidiary of Raymond James Financial (NYSE:RJF) and has completed an exemption from registration application in Canada to be able to help American citizens living across Canada.
Second, we at Stephen Bishop and Associates are registered as advisors in both Canada and the United States. We understand the challenges that the cross-border American citizen faces and have strong connections with other cross-border professionals in areas like tax, trust and estate planning, and insurance and immigration.
By being registered in both countries and well connected to other cross-border centers of influence, we can offer you more than just a Canadian wealth management solution. We can offer you a holistic wealth management solution and coordinate your entire portfolio of assets to keep you on track to achieving your financial goals.
Some of the accounts we manage for clients include:
- RRSPs and RRIFs for Canadians living in the US.
- IRAs for Americans living in Canada.
- Investments for Americans wanting Canadian securities.
- Investment accounts for US-resident children of Canadian-resident parents.
For case studies of the types of cross-border situations we can assist with, click here.