By Andrea Thompson
Clients will often reach out to us to discuss what to do with their accounts prior to moving to the US.
Recently, we have had a slew of ad hoc consultations to discuss this very subject.
What can clients do who have RRSPs that are leaving Canada? Where can that RRSP live? What are their tax obligations? What pitfalls might they encounter?
This blog post aims to address most common questions associated with a cross border move and existing RRSP assets.
Moving to the US? Let’s Talk About Your RRSP
So, you’re excited about your move to the US! But what do you do about your Registered Retirement Savings Plan (RRSP)? Let’s break down what you need to know.The Good News: Tax-Deferred GrowthThanks to the US-Canada tax treaty and revenue procedure, in many US states, your RRSP can continue to grow tax-deferred, just like it does in Canada. This means your money can keep working for you without immediate tax implications. You do not need to take any action to apply this.The Not-So-Good News: St
Andrea Thompson
Discussion