Dealing with cross-border obstacles

Employees with individual retirement accounts may need a little help
By Darren Coleman
|Canadian HR Reporter|Last Updated: 02/06/2015

Today, more than one million Americans live and work in Canada, and an even larger number of Canadians live and work in the United States. Those with an individual retirement account (IRA) who are permanently or temporarily residents in Canada may find their American financial institution will no longer hold their IRA, and ask them to move it. 

Similarly, few investment firms will open new IRA accounts for Canadian residents, leaving them with significant taxes and penalties. (This situation does not affect Canadians with retirement savings plans when moving to the U.S.)