Optimizing Cross Border Finances: Comprehensive Reporting and Investment Expertise for Americans in Canada

Written by Dean Moro BComm, CIM®, Associate Financial Advisor & Carson Hamill CIM®, CRPC®, Associate Financial Advisor and Assistant Branch Manager

Embarking on a cross-border journey entails more than just a change of scenery; it requires a strategic approach to managing your financial assets. At Snowbirds Wealth Management, we specialize in cross-border investment management, particularly for Americans moving to Canada. In this blog, we will shed light on three key aspects that set us apart: comprehensive reporting for U.S. persons in Canada, specialized solutions for residents with U.S. retirement accounts, and our expertise in navigating complex cross-border asset management issues.

Comprehensive Reporting for U.S. Persons in Canada

Moving to a new country involves adapting to a different financial landscape. Our firm recognizes the unique challenges faced by U.S. persons in Canada and offers comprehensive reporting solutions to address these challenges. 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. Our reporting includes the following essential U.S. tax receipts:

Form 1099-B: This form is crucial as it reports proceeds and costs related to security dispositions, showcasing the capital gains as short-term or long-term.

Form 1099-DIV: It details dividend income, trust income, and income from non-U.S. partnerships, offering a comprehensive view of various income streams.

Form 1099-INT: Reports interest income, aiding in the comprehensive disclosure of income sources.

Form 1099-MISC: Covers miscellaneous other income, ensuring a detailed overview of different income categories.

Unlike many other Canadian financial institutions, our 1099-B receipts also detail short and long-term capital gains, and include Canadian income. We go beyond the standard reporting services to provide a nuanced understanding of the cross-border financial environment, ensuring our clients have a clear view of their financial position and can make informed decisions.

Specialized Solutions for U.S. Retirement Accounts for Canadian Residents

For residents of Canada with U.S. retirement accounts such as Roth IRAs, 401(k)s, and Rollover IRAs, managing these assets can be complex due to the differing tax regulations between the two countries. And due to regulatory concerns, your U.S. financial institution may refuse to work with you once you become a Canadian resident. You will likely be given a deadline to move the account, or have it liquidated, which will likely incur significant tax consequences.

At Raymond James, we provide a solution. Raymond James (USA) is one of the few firms in Canada with the exemption to administer U.S. retirement accounts for Canadian residents. You can transfer your U.S. retirement accounts to Raymond James and continue to enjoy the benefits of tax deferred growth, as if nothing has changed.

Our team prides itself on being one of the select solutions tailored to meet the needs of individuals in this situation. We have the expertise to navigate the intricacies of cross-border retirement account management, ensuring compliance with both U.S. and Canadian regulations.

Expertise in Cross-Border Asset Management and PFIC Rules

Cross-border asset management involves understanding and adhering to intricate rules, including those surrounding Passive Foreign Investment Companies (PFIC). If you are a U.S. citizen or green card holder, it’s important to be informed about the rules surrounding passive foreign investment companies (PFICs) and the potential obligations that may arise from owning them. Ignoring these rules can be costly. To learn more about PFICs, click here.

Our experienced team is well-versed in the complexities of PFICs and other cross-border issues. We provide guidance on structuring portfolios to optimize tax efficiency and navigate the regulatory landscape seamlessly.

Consolidate Your Assets on Both Sides of the Border for a Cohesive Plan

Collaborating with a dual-licensed cross-border financial advisor offers numerous advantages. This approach enables the creation of a unified plan that seamlessly incorporates your assets on both sides of the border, leading to a more streamlined and efficient retirement strategy. Moreover, it facilitates more effective tax and estate planning by taking into account the unique considerations of both the United States and Canada.

With a dual-licensed advisor, you gain access to unbiased recommendations regarding the strategic movement of specific assets between Canada and the United States. This can result in heightened tax efficiency, ensuring that your financial strategy aligns optimally with the tax regulations of both countries. Additionally, the advisor can guide you on leveraging U.S. retirement account distribution strategies while residing in Canada, maximizing the benefits available to you.

Furthermore, consolidating your investment assets under the expertise of a single advisory team can yield substantial cost savings. By combining and centralizing your portfolio management, you stand to significantly reduce overall management expenses. This not only enhances the efficiency of your financial plan but also allows you to allocate more resources toward achieving your long-term financial goals. In essence, working with a dual-licensed cross-border financial advisor not only simplifies your financial strategy but also enhances its effectiveness and cost-efficiency.


At Snowbirds Wealth Management, we recognize that managing financial affairs across borders demands a specialized approach. Whether it's providing comprehensive reporting for U.S. persons in Canada, offering unique solutions for U.S. retirement accounts, or navigating the complexities of PFIC and cross-border asset management, our team is dedicated to ensuring your financial success. If you're an American making the move to Canada, entrust your financial future to a team that understands the intricacies of cross-border investment. Contact us today to explore how our expertise can empower your financial journey.

Next Steps:

If you are planning on moving to Canada and need assistance with your investments, estate planning, and portfolio management, please call or email us at Snowbirds Wealth Management, as we specialize in cross-border financial planning and wealth management. We work closely with experienced cross-border lawyers and accountants to ensure you have a team behind you.

About Snowbirds Wealth Management

Gerry Scott is a portfolio manager and the founder of Snowbirds Wealth Management, an advisory firm focussed on the cross-border market. Together with Dean Moro and Carson Hamill, associate financial advisors with Snowbirds Wealth Management, they provide investment solutions for Americans living in Canada, and Canadians residing in the United States. Licensed in both Canada and the US, they provide tailored investment solutions to minimize the tax burden when moving assets across borders.

To schedule an introductory call, please click here.

Statistics and factual data and other information are from sources RJLU believes to be reliable but their accuracy cannot be guaranteed. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities nor is it meant to replace legal, accounting, taxation or other professional advice. We are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. The information is furnished on the basis and understanding that RJLU is to be under no liability whatsoever in respect thereof.

Raymond James (USA) Ltd. advisors may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Investors outside the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Raymond James (USA) Ltd. is a member of FINRA/SIPC.