Has your U.S. investment firm closed your account because you live in Canada? You’re not alone.
Many American custodians and wealth management firms are no longer able — or willing — to work with non-residents due to licensing restrictions and complex compliance rules. If you’ve been left without support, it’s not your fault — it’s a systemic gap in cross-border financial services. That’s where we come in. At Cardinal Point Wealth Management, we’re licensed and registered in both the U.S. and Canada, with deep expertise in cross-border financial planning. We help U.S. investment account holders living in Canada keep their investments on track, no matter where life takes them. If your account has been closed or you’re unsure where to turn, we’re here to help.
Why Are So Many Investment Accounts Being Closed?
Cross-border investors are facing an increasingly hostile environment — and most don’t see it coming. If you live outside the U.S., the U.S. financial institutions you once trusted may now be unwilling or legally unable to continue serving you. Custodians and advisors are quietly closing accounts, sometimes with minimal notice, leaving investors confused, frustrated, and scrambling for solutions.
This isn’t about personal financial behavior. It’s about a systemic issue rooted in regulation, licensing, and compliance pressure. Most traditional U.S.-based financial firms aren’t equipped to support non-resident clients, and many are exiting the space entirely. The result? Your investments could be disrupted at the very moment you need stability and professional guidance the most.
Tightening Regulations
Regulatory bodies on both sides of the border are increasing scrutiny of firms serving international or non-resident clients. The compliance burden is growing, and so is the risk for firms that aren’t structured for cross-border operations.
Licensing Gaps
Most U.S. financial advisors and custodians are licensed to work only with U.S. residents. Even if you are a U.S. citizen, as soon as you move to Canada, you may fall outside their legal scope, forcing them to cut ties.
Compliance Burden
Managing a non-resident account is complex. From tax reporting to anti-money laundering rules, the ongoing demands are too much for firms without specialized infrastructure. Many prefer to exit the relationship rather than invest in compliance solutions.
Forced Liquidations or Frozen Accounts
Clients are often notified that they must sell or transfer their investments by a specific deadline — or worse, they find their account frozen unexpectedly. These actions can trigger tax consequences, disrupt long-term plans, and create unnecessary stress.
Lack of Specialized Support
Even if a firm can legally serve non-resident clients, few have the deep cross-border knowledge required to do it well. Without expertise in dual taxation, treaty planning, currency considerations, or retirement optimization, your financial health is at risk.
Does Your Life Cross Borders—but Your Financial Plan Doesn’t?
Whether you’re a U.S. citizen living in Canada, a Canadian with U.S. ties, a dual citizen juggling financial obligations on both sides of the border, or a retiree moving between countries, your life doesn’t fit neatly within one country’s financial system. Our clients live globally, and so do their tax, estate, and investment needs. If this sounds like your situation, you’re not alone. We’re here to help.
At Cardinal Point, we understand that cross-border wealth planning isn’t one-size-fits-all. That’s why we’ve built specialized solutions for the unique circumstances of each client we serve.
U.S. Citizens Living in Canada
Whether you’re working in Toronto, retired in Vancouver, or raising a family in Montreal, maintaining U.S. citizenship while residing in Canada brings layers of tax, investment, and estate planning challenges. We help you stay compliant with U.S. tax laws while optimizing your Canadian financial life.
Canadians with U.S. Accounts or Citizenship
Have you inherited a U.S. account? Worked in the U.S. on a visa and hold a 401(k) or IRA retirement account? Married a U.S. citizen? Regardless of your situation, Canadians with U.S. ties often face account closures, dual filing obligations, or surprise tax bills. Our dual-licensed team helps you navigate it all without confusion or risk.
Dual Citizens with Cross-Border Assets
Managing investments, income, and retirement accounts across jurisdictions requires specialized planning. We help dual citizens structure their portfolios, file taxes properly in both countries, and build long-term wealth without compliance pitfalls.
Retirees Moving Between Countries
Are you planning to retire abroad? Or are you already living seasonally across the border? Your retirement income, tax exposure, and estate plans need to account for where you live and where you’re taxed. We design strategies that align with your lifestyle and secure your future.
How We Support Our Clients
Investment Account Management Across Borders
We ensure your accounts remain compliant and properly structured, whether you’re investing in the U.S., Canada, or both. Our team of advisors are dually registered, allowing us to manage your Canadian and U.S.-based investment accounts in an integrated and coordinated manner.
Address Management on U.S. Investment Accounts
With Cardinal Point, you can properly register your Canadian address to your U.S.-based investment accounts without fear of them being liquidated or frozen.
Tax Planning and Filing Coordination
From foreign tax credits to treaty optimization, we help reduce double taxation and streamline your filing obligations.
Retirement Planning That Spans Countries
We design retirement income strategies that account for cross-border pensions, brokerage accounts, RRSPs, IRAs, Social Security, and CPP/QPP.
Estate and Legacy Planning
We guide you through the complexities of passing on assets across borders, including wills, trusts, probate, and tax implications.
Currency and Cash Flow Management
Our advisors help you plan for exchange rate risk, cross-border transfers, and income distribution strategies.
Compliance & Reporting
We help you stay in good standing with both the IRS and CRA and avoid penalties or account restrictions.
Learn More About Cross-Border Financial Planning
Navigating the complexities of cross-border financial planning requires informed decisions. Cardinal Point Wealth Management offers a comprehensive suite of educational resources to guide you through the intricacies of managing finances across the U.S. and Canada.
Featured Whitepaper: Managing Your Cross-Border Lifestyle
Gain insights into the financial implications of living and investing across borders. This whitepaper delves into strategies for tax optimization, investment management, and retirement planning tailored for cross-border individuals.
Featured Video: Cross-Border Tax Planning for Americans Moving to Canada
Karen Rogers Sim, Tax Manager at Cardinal Point Wealth Management, shares expert insights on how the Canadian and U.S. tax systems differ, what it means to be taxed in both countries, and which strategies can help you minimize your tax liabilities.
Featured Video: Navigating Life as a Canadian or U.S. Expat
Jeffrey Adema, President of Wealth Management, Cross Border, discusses key elements of successful cross-border wealth management for expats.
What to Do If Your Investment Account Gets Closed
Being notified that your U.S.-based investment account has been closed or that it soon will be can feel sudden and overwhelming. But you’re not out of options. Here’s what to do next:
1. Don’t Panic and Avoid Making Rash Decisions
Many custodians simply don’t have the licensing to work with clients living abroad. This is about compliance, not your account performance or personal finances. Take a breath and give yourself time to plan your next move.
2. Avoid Forced Liquidation
Some firms may ask you to liquidate your holdings, which can trigger unexpected tax consequences or lock in losses. If possible, avoid selling until you have a cross-border strategy in place.
3. Request All Account Documentation
Before your account is fully closed, download and save:
- Recent statements,
- Cost basis reports,
- Tax documents, and
- Asset allocations and holdings.
This information will be vital for your transition and tax reporting.
4. Consult a Cross-Border Financial Advisor
Most traditional advisors aren’t equipped to deal with non-resident or dual-country financial needs. Our team at Cardinal Point specializes in cross-border wealth management, and we’re licensed in both the U.S. and Canada.
We’ll help you:
- Transfer your assets to a compliant, cross-border-friendly custodian.
- Build a personalized investment and tax strategy.
- Ensure regulatory compliance across jurisdictions.
Contact a Cross-Border Financial Advisor