Moving internationally?

If you move to the U.S. we can continue to assist you before, during and after your transition south of the border or into Europe, managing your portfolio as well as your tax and estate planning needs. We have helped some clients prepare years in advance in some complex cases.

Jennifer Rigney is one of the only Portfolio Managers at BMO Nesbitt Burns and across Canada who can help you efficiently deal with your wealth when you move into the U.S. or Europe, or from an international jurisdiction into Canada.

Full-service wealth management and banking for new Canadians

Moving to a country like Canada presents newcomers with plenty of opportunities – but also many unknowns. You can't afford to be uncertain about your financial situation, so it’s important that you get up to speed on your wealth management and banking options as quickly as possible.

We can help.

 

Understanding investing in Canada

Even the most sophisticated international investors may not be familiar with the investment options that are specific to Canada. There are several ways for you to save, grow and protect your money here. Our team welcomes the opportunity to explain those options to you and help you determine which would be the most appropriate for you, based on your current financial circumstances and your short- and long-term objectives.

Here is a high-level description of the most popular investment plans available in Canada that allow for a broad range of products eligible for investing.

Understanding Registered Accounts as a Newcomer

Tax-Free Savings Account (TFSA):

  • Lets you save for anything – not restricted to education or retirement, for instance
  • Contributions grow tax-free and your money can also be withdrawn without incurring any taxes
  • Available to Canadian residents, permanent residents/landed immigrants, foreign workers, international students
  • Subject to annual contribution limits

 

Registered Retirement Savings Plan (RRSP):

  • Lets you save for retirement in an account registered with the Canadian government
  • Contributions are tax-deductible and taxes on growth are deferred until the money is withdrawn
  • Subject to annual contribution limits, based on income
  • Available to Canadian residents, permanent residents/landed immigrants, foreign workers, international students

 

Registered Education Savings Plan (RESP):

  • Lets you save for a child’s post-secondary expenses in an account registered with the Canadian government
  • Contributions aren’t tax-deductible, but do grow tax-free until withdrawn
  • Withdrawals are taxed in the hands of the student/beneficiary
  • Lifetime contribution limit of $50,000 per beneficiary
  • Other incentives, such as the Canada Education Savings Grant, may be available
  • Available to Canadian residents, permanent residents/landed immigrants, foreign workers, international students

 

Non-registered account:

  • Lets you save for anything – no restrictions
  • No limits on how much you can contribute, or withdraw
  • Available to Canadian residents, permanent residents/landed immigrants, foreign workers, international students
  • Contributions are not tax-deductible
  • Earnings are taxable, and withdrawals are taxed (as interest income, dividends or capital gains, depending on the type of investment)

 

Working with The Rigney Group will allow you to explore your options and decide what makes the most sense for you today — and in the future. Just as your personal financial priorities will help dictate the type of investment plan you establish as a new Canadian, your individual investment objectives, risk tolerance and time horizon will help determine the types of investments that will best meet your needs.

 

Please note that this is meant as general information only. Consult our team or your financial advisor for advice about your specific situation.

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