Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 778.433.1314. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/
Why it’s a bad idea to transfer your US IRA to your Canadian RRSP ep#29
23 September 24 
Crossing the 49th Podcast On episode #29 of Crossing the 49th Podcast, we discuss why transferring your IRA to an RRSP might not be a good idea.
Understanding Why You Should Think Twice Before Transferring Your IRA to an RRSP | Cross-Border Tax and Financial Planning
In this episode of Crossing the 49th, I explain the potential pitfalls of transferring your IRA to an RRSP, a common consideration for U.S. expats in Canada. I also discuss alternative strategies that may better suit your financial goals.
Key Topics:
- Overview of IRAs and RRSPs
- Reasons you might consider an IRA to RRSP transfer
- Challenges and downsides of transferring your IRA to an RRSP
- Better alternatives to transferring your IRA
- The role of a cross-border adviser in managing your retirement accounts
You can download a copy of the presentation here: https://beaconhillwm.ca/wp-content/uploads/2024/09/IRA-to-RRSP-transfers-Beacon-Hill-Wealth-Management.pdf
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Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
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This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.
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