Cross-Border Financial Planning for Canadians Moving to the United States
Moving from Canada to the U.S. is a major endeavour with many new rules to navigate. If you’ve already started sorting out the logistics of your cross-border lifestyle—visas, housing, banking—you’ve probably realized that managing money across two countries is a whole different challenge.
We work with Canadians moving to the U.S., helping them handle every financial layer of the transition. With i2 Wealth as your cross-border financial planning firm, you get an experienced team that will help you make sense of your finances before, during, and after the transition.
Certified Cross-Border Financial Planners
Tax laws regarding residency can be complicated. If you still have strong ties to Canada—like a home, business, or various financial accounts—the CRA might still consider you a Canadian tax resident under domestic law. That can lead to additional complexity and possible double taxation. The IRS, on the other hand, has its own rules on residency, which are different from the Canadian laws. Fortunately, the two countries have a Treaty.
Whether you’re a Canadian moving to the US for work, family, or retirement, this is where planning ahead makes all the difference. We work with Canadian citizens, permanent residents, and dual citizens to determine tax residency, reduce exposure to double taxation, and structure assets in a tax-efficient way before they become a liability. And it’s not just taxes. We also help with:
- Retirement accounts: What happens to your Registered Retirement Savings Plan (RRSP) when you move? Should you withdraw, hold, or roll them over? What about your TFSA, which suddenly isn’t tax-free anymore? Our retirement planning services can help you find the best approach.
- Investment accounts: Compliance issues will often arise once you notify the financial institution you are dealing with that you moved to another country. This will require planning to ensure that you can transfer money between financial institutions without excessive fees, or worse, triggering unwanted tax consequences.
- Real estate decisions: If you’re planning to rent your home in Canada, you need to be prepared for the tax compliance that comes with earning rental income as a non-resident of Canada. Selling? That’s another tax situation to plan for.
- Pension Income: Becoming a non-resident can impact your Canadian public pension, such as CPP/QPP and OAS. We help clients understand the benefits they are entitled to and how they are taxed.
Immigration status and financial impact: Whether you’re moving with a work visa or a Green Card your status can have an impact on your immediate and long-term tax situation and we can help you make those distinctions.
Consultations
Our process begins with a conversation—understanding where you are now, the changes ahead, any financial concerns on your mind and the opportunities available to you. Whether you’re moving from Canada to the US permanently or testing the waters, we build a customized plan around your situation, assets, and long-term goals. No one-size-fits-all solutions—just a tailored strategy from an experienced cross-border advisor, designed to align with your move, assets, and long-term goals.
Cross-Border Planning
Managing finances in one country is complicated enough. Now add a second one, with different tax rules, retirement accounts, pensions , and investment rules. Even the most organized person can end up paying more than necessary or missing a key filing requirement. Our job is to make sure that doesn’t happen.
Some of the biggest issues we tackle:
- How to handle cross-border tax planning to minimize your tax burden
- How to avoid triggering unnecessary taxes when transferring assets
- What happens to your assets when you change residency
- What financial institutions need to know about your move
- Provide guidance on the types of accounts to leverage after your residency change
- Ensuring healthcare coverage is maintained after the move
- How to optimize currency exchange without excessive fees
No two moves are the same. Some clients have businesses in both countries. Others are Canadians moving to the U.S. for retirement but keeping ties to Canada. Some aren’t sure how long they’ll stay and want flexible options. We take all of that into account.
Ongoing Financial Planning Services
Moving from Canada to the U.S. isn’t just a one-time financial event. Once you settle in, new questions come up. How should you file taxes next year? What if you inherit money from Canada while living in the U.S.? Should you take out money from RRSP to invest in a U.S. retirement account, or leave it as is?
Our services extend beyond simply providing a cross border financial plan. Our ongoing financial planning services are here to make sure your finances stay on track as your life changes . That could mean adjusting retirement account contributions or investment strategies, optimizing cash flow planning, or making sure your estate plan works across both borders.
Contact us today. One conversation with a cross-border financial advisor could save you a lot of time, stress, and money down the road. Every Canadian moving to the U.S. has a different story—and different financial needs. Let’s talk about yours.
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Montréal QC, H2Y 2W2
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