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“We’re seeing US resident purchasers passing away and leaving their US retirement accounts to Canadian residents,” Marcus says. “That appears to be an issue for the Canadian resident, as a result of they don’t seem to be a US individual, and they do not know notably what an IRA is as a result of they by no means lived within the States. … We’re in a position to open what we name ‘inherited IRAs,’ and assist them with tax points and totally different points to allow them to tackle their family members’ funds.”
To correctly defend their purchasers’ pursuits, Marcus says cross- border advisors must maintain look ahead to traits and developments in each the Canadian and US economies. As some purchasers select to maneuver from high-cost Canadian jurisdictions to extra inexpensive US cities, they depend on their monetary advisors to provide them some thought on what to anticipate.
As somebody raised within the New York who ultimately relocated to Vancouver in 2012, Marcus is aware of nicely how sophisticated the immigration course of can get, with totally different authorized necessities and complexities coming into play. To correctly information purchasers, Raymond James additionally has relationships with quite a few immigration attorneys who can say what they should put together based mostly on their particular circumstances and the trail they need to go down.
“We’re funding advisors, so our job is to ensure our purchasers’ investments are correctly invested,” he says. “On the subject of tax, as an illustration, we advocate that they communicate to a cross-border accountant to assist them. We do make use of some in-house cross-border tax consultants, and now we have relationships with a whole lot of cross-border accountants that we are able to refer purchasers to.”
Whereas different corporations could do cross-border providers off the aspect of their desk, Raymond James sees it as a extra integral piece of its wealth providing. It invests substantial {dollars} and human capital into preserving up-to-date data on all cross-border points, thus offering all its Canadian advisors with invaluable help.
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