Blog List
• How the U.S. Election Affects Cross-Border Clients and Their Taxes: Globe & Mail
• What if the Simpsons Moved from Springfield to Canada
• How life insurance gets complicated for cross border clients
• Which Types of Pension Income Can Be Split in Retirement for Individuals Holding Canadian and U.S. Accounts?
• Cross-Border Question of the Week: What Happens When You Contribute to Your 401(k) or IRA While Working for a U.S. Company and Living in Canada?
• Cross-Border Life Insurance Part 4: Moving Across Borders – What Happens to Your Term Life Insurance and Beneficiaries?
• Cross-Border Life Insurance Part 3: Death Benefit Clarity through Irrevocable Life Insurance Trusts (ILITs) Planning
• Cross-Border Life Insurance Part 2: The Hidden Risks of U.S. Individuals Buying Permanent Life Insurance While Living in Canada
• Cross-Border Life Insurance Part 1: Should a Canadian Living in the USA Consider Purchasing Permanent Life Insurance?
• IRS Issues Final Regulations Surrounding RMDs for Inherited IRAs
• Does Renouncing U.S. Citizenship While Living in Canada Cancel My U.S. Social Security?
• How to Handle Required Minimum Distributions (RMDs) for Multiple Retirement Accounts
• Should a US Person living in Canada have a TFSA?
• Canada ---> U.S.A.: Essential Steps Before Moving to the United States
• Registered Education Savings Plans (RESP) for U.S. Individuals: Various Applicable Scenarios
• Crossborder Pension Question of the Week: Can a U.S. Citizen Collect Survivor Pension from a Deceased Canadian Husband?
• Planning with a Simplified Employee Pension (SEP) IRA
• USA Professionals Moving to Canada: Navigating the Non-Registered Investment Account Maze
• Avoid Probate with a Transfer on Death Agreement for your U.S. Brokerage Accounts
• RMD Rules for Inherited IRAs Delayed…Again
• Moving to Canada With a Health Savings Account (HSA) - What You Need To Know
• Qualifying for Both Social Security and CPP - What You Need to Know
• What happens to an RRSP when a client relocates to the U.S.?
• Choosing A U.S. Resident as Your Executor Requires Caution
• A Guide to Rolling Your 403b into an IRA
• Discounted Bonds vs. GICs: Maximizing After-Tax Returns
• Reasons to Consider transferring your 401k to a Rollover IRA
• Social Security, CPP and OAS: What Happens When You Have Worked on Both Sides of the Border
• Cross-Border Wealth Management: Five Things To Know Before Moving From Canada to the U.S.
• Moving from Canada to the United States with Canadian Investment Accounts
• Comprehensive Reporting and Investment Expertise for Americans in Canada
• The Raymond James Advantage – Comprehensive Tax Reporting for U.S. Persons Residing in Canada
• Understanding Gift Tax: Your Obligations and When it Applies
• Consolidating Your TIAA Account
• Inheriting a Roth IRA: What You Need to Know
• The Thrift Savings Plan (TSP)
• The Top 5 Reasons to Keep Your IRA Instead of Transferring to an RRSP
• 60(j) Transfer: Should You Transfer Your U.S. Qualified Plan to an RRSP?
• What to Do as a U.S. Individual Inheriting Canadian Dollars
• The Implications of Using a U.S. Address on Investment Accounts When Moving Abroad
• Are you considered a Covered or Uncovered Expatriate?
• Required Minimum Distributions: FAQ
• Crossing Borders and Maximizing Investments: Navigating Your Finances
• Employee Stock Ownership Plan (ESOP): What you need to Know
• Restricted Stock Units (RSUs): A Comprehensive Guide
• FBAR (Foreign Bank Account Report): Top things to know about FBAR
• Why incorporated Business Owners should consider an Individual Pension Plan (IPP)
• BACKDOOR ROTH IRA – What Is It & When Does It Make Sense
• California Residents: Your Canadian retirement savings accounts DO NOT Grow Tax Free
• Understanding Inherited IRAs
• What To Do With Your U.S. Taxable Investment Accounts When You Become A Canadian Resident
• Why You Should Work with A Cross Border Financial Adviser
• Roth IRA: Moving To Canada with your Roth IRA
• Mistakes to Avoid When Moving to Canada
• U.S. Person Buying a Home in Canada
• Passive Foreign Investment Company (PFIC) and Why You Should Avoid Them
• 401(k) to IRA Rollover
Written by Carson Hamill CIM®, CRPC®, Associate Portfolio Manager and Assistant Branch Manager & Dean Moro BComm, CIM®, Associate Portfolio Manager
Living abroad comes with its share of complexities, especially when it involves financial matters and tax obligations. For U.S. persons residing in Canada, navigating the intricate web of tax reporting can be quite daunting. However, Raymond James in Canada, along with their subsidiary Raymond James (USA), have taken steps to streamline the process by providing the essential U.S. tax receipts for individuals falling under the U.S. tax purview.
Written by Carson Hamill CIM®, CRPC®, Associate Portfolio Manager and Assistant Branch Manager & Dean Moro BComm, CIM®, Associate Portfolio Manager
The obligations for U.S. gift tax vary for U.S. persons and aliens and depends on factors such as the value of the gift, the relationship between the parties, and exemptions. It's important to be aware of gift tax rules and regulations to ensure compliance when giving or receiving significant gifts.
Written by Carson Hamill CIM®, CRPC®, Associate Portfolio Manager and Assistant Branch Manager & Dean Moro BComm, CIM®, Associate Portfolio Manager
Introduction
Efficient retirement planning often involves streamlining your portfolio into a single account. One such retirement account you might encounter is the TIAA account, commonly provided by employers in the academic, medical, and nonprofit sectors. In this article, we delve into the world of TIAA accounts, examining what they entail and exploring the possibility of transferring them into an Individual Retirement Account (IRA).
