Tax efficient plan for holding investments during a US to Canada move (US Citizens)

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
dgroyal
Posts: 2
Joined: Tue Jun 11, 2019 1:19 pm

Tax efficient plan for holding investments during a US to Canada move (US Citizens)

Post by dgroyal » Tue Jun 11, 2019 1:21 pm

Hello. My wife and I are likely moving to Canada in the next year. We are both US citizens and will be moving as permanent residents.

We have a variety of investment accounts, and I want to make sure I handle everything as best I can in terms of avoiding tax penalties.

Current accounts:
Vanguard 403b
Vanguard Roth IRA
Vanguard taxable
Fidelity 403b
Fidelity Roth IRA
TIAA 403b
Nationwide 457

My current plan is to consolidate the 403bs (as a traditional IRA) at TD Ameritrade, roll the Roth IRAs to TD Ameritrade, and keep the 457 at Nationwide.

1) In reading through various forums, a lot of people recommend Schwab for expat US citizens. Are there advantages to Schwab vs TD Ameritrade? I picked TD because we'll likely use them for banking and they seem familiar with cross-border issues.
2) Can anyone point me to anything definitive re: the CRA's opinion on 457s? I'd like to just hold them where they are, because if I roll them into a tIRA we'll end up with an age restriction. Nationwide has said they're OK with a non-resident US citizen keeping an account open.
3) Where should I move our taxable investments to? TD says they can't do it? Maybe this is a reason to go with Schwab for everything...

Post Reply