Cross-Border Financial Planning for Americans Moving to Canada
Moving from the U.S. to Canada? Whether you’re heading north for work, family, retirement—or just a slower pace of life—you’re probably already knee-deep in logistics. Immigration paperwork, housing, maybe even scoping out local healthcare options. But there’s one piece most people underestimate until it gets complicated: managing your money across two tax systems.
At i2 Wealth, we specialize in guiding Americans moving to Canada through every step of the financial transition. As a trusted cross border financial management firm, our team has the accreditation, expertise, and practical insight needed to tackle the complexities of cross-border life.
From tax planning and retirement account optimization to cross-border compliance and asset protection, we help you build a plan that aligns with your life, your goals, and both countries’ laws.
Certified Cross-Border Financial Planners
If you’re an American moving to Canada, the IRS doesn’t stop tracking your income just because you’ve changed addresses. And the CRA? They’ll want their share too—depending on your residency, where your assets are held, and how your financial accounts are structured.
That’s where we come in.
We work with U.S. citizens, Green Card holders, and dual citizens making the transition to life in Canada. Whether you’re permanently relocating or planning to maintain ties in the U.S., it’s crucial to understand your tax residency status, reporting obligations, and how your assets will be taxed—on both sides of the border. Our cross-border financial planning services help you build a clear strategy before problems arise. Here’s how:
- Retirement accounts: What happens to your 401(k), IRA, or Roth IRA when you relocate? Can you contribute to an RRSP or open a TFSA as a U.S. citizen living in Canada? How will withdrawals be taxed by the CRA and the IRS? Our retirement planning services will help you make informed decisions that protect your long-term financial wellbeing.
- Investment accounts: Many U.S. brokerage firms limit service to non-residents. If you’re moving to Canada, you may need to restructure your portfolio to maintain access and compliance. PFIC rules also apply—complex IRS regulations that treat Canadian mutual funds and ETFs as tax traps for Americans unless properly handled.
- Real estate and property planning: Are you keeping your home in the U.S. as a rental? Selling? Buying property in Canada? Each of these comes with distinct tax implications—especially when calculating capital gains or foreign income.
- Government pensions and benefits: How will your U.S. Social Security benefits be taxed in Canada? Are you eligible for CPP or OAS? Our planners help you coordinate benefits from both countries while avoiding taxable income surprises.
Consultations
Every cross-border move is unique. Some clients are relocating to join a partner or reunite with family. Others are retiring to cottage country or starting a new job with a Canadian company. Regardless of your story, we begin with a detailed conversation—learning about your current assets, income sources, goals, and concerns.
From there, we create a personalized cross-border financial plan that accounts for your specific situation. Our approach is never cookie-cutter. It’s built around who you are, where you’re going, and how you want your financial life to evolve.
Cross-Border Planning
If managing money in one country feels complicated, try two. Different tax systems, retirement structures, reporting requirements—even different rules about who owns what and how it gets taxed.
We help you sort through the complexity.
Some of the key challenges we tackle include:
- Determining your tax residency and provide guidance on tax filing obligations with CRA and IRS
- Managing the impact of currency exchange on savings and investment income
- Avoiding unnecessary taxes when transferring retirement or investment accounts
- Structuring accounts to comply with both U.S. and Canadian financial regulations
- Coordinating healthcare coverage to avoid coverage gaps
- Understanding how your employment relationship may change across borders, particularly for executives or professionals subject to different employment laws
- Planning ahead for cross-border inheritance or estate issues
No matter your reason for moving from the U.S. to Canada, the financial implications follow you. Some of our clients are executives working remotely across borders, retirees who want to get the most out of their golden years, or dual citizens returning to Canada after years abroad. We help each one build a plan that protects their assets, reduces stress, and sets the stage for a secure future.
Ongoing Financial Planning Services
Relocating isn’t a one-and-done financial event—it’s the beginning of a whole new chapter. Once you’re settled in Canada, new questions inevitably arise. Should you convert your IRA to an RRSP? Can you still contribute to a 401(k)? What happens if you receive a settlement from a Canadian employer—how is that taxed?
And let’s not forget life changes: marriage, divorce, starting a business, or inheriting wealth from the U.S. or abroad. We stay with you through all of it.
Contact us today to start planning a cross-border strategy that suits you. That might mean restructuring your investment portfolio, optimizing cash flow for Canadian tax efficiency, or working with an employment lawyer in Peterborough if workplace issues impact your financial picture.
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