US Persons Residing in Canada
If you are considered a US Person (i.e. US citizen or US Green Card Holder) and residing in Canada, there are important items to be mindful of as they pertain to US tax rules and how they impact your investments, and ultimately how you can build your financial plan to achieve your goals. Some of these considerations include:
- Account Types to avoid
- PFIC - certain investments are considered as passive foreign investment companies (PFIC's) and require additional disclosure on your US tax return.
- Use of Life Insurance
- Estate Planning special considerations
- Transfer/Status of ROTH IRA or 401K to RRSP.
We have experience in working with US Persons based in Canada. If you are a US Person and want someone to manage your wealth, please contact me on my work cell: 672-335-3959 or by email at patricia.f.ng@rbc.com
