Executives and professionals traverse the Canada/U.S. border to pursue career opportunities. This can sometimes lead to having their investment assets scattered between varying plans, firms and advisors. The case study below illustrates how Perreira Wealth Advisory of Raymond James Ltd. has helped.
A married lesbian couple, Maggie and Carol, one Canadian and one American met and worked in New York for many years. Due to the fact that their relationship was not recognized in the US and other considerations, they decided to retire in Canada. With career and other matters their primary focus, they spent little time on their investments.
When they decided to relocate to Canada, they had assets spread between a brokerage firm in Canada, workplace pensions in the US, annuities and other US assets. They were concerned about being able to fund their retirement lifestyle, keep their taxes in check, and not run out of money in their later years. With assets scattered between institutions, and US taxes and filing obligations, they did not have a clear picture of their financial future.
We are licensed in the U.S. and Canada through Raymond James (USA) Ltd. and have a sensitivity and understanding of requirements on both sides of the border.
With planning as our focus, we gathered all of their financials and provided them with a comprehensive financial plan for their North American wide assets to help them achieve their financial goals. We uncovered the fact that they had a large gap in their estate plan.
We constructed portfolios with a disciplined investment strategy that would be tax efficient and compliant with US tax reporting.
Working in tandem with the client’s accountant, we introduced them to a cross border legal team to solve their estate planning issues that, if not addressed, could have cost them upwards of one million dollars. They are now on track to achieve a retirement income well above their target and not have to worry about their investments.