U.S. Citizen, Canadian Resident Inheriting IRA
When Canadian residents inherit IRAs from US persons, the US brokerage firm holding the account cannot hold or manage the account for the Canadian beneficiary. The beneficiary must make alternate arrangements with a brokerage firm that can hold IRAs for Canadian residents.
The Background
Kelly’s father deceased earlier this year and Kelly was one of the beneficiaries of her father’s IRA along with her brother who is a resident in the U.S. She was told by her father’s broker that they would not be able to hold the inherited IRA for her. Kelly and her husband were at a loss for what to do.
The Solution
Licensed both in the U.S. and Canada and also having the ability to hold and manage inherited IRAs through Raymond James (USA) Ltd., we can help.
Kelly and her husband found us through an internet search. They came and met with us and were pleased to learn that we could help them not only with the Inherited IRA, but we could help them manage other inheritance assets and set up RRSPs and design an insurance program for their young family.
Other Case Studies
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