If you’ve decided to move to Canada from anywhere in the United States, you have likely done a bit of research (I hope you’ve done some research) about this big move, but just in case, here is our list of some of the important financial things you need to prepare ahead of time. If you haven’t done immigration work yet to see if you can even move to our wonderful country, then this list is not for you.

This list IS NOT designed to answer all scenarios. If you have specific questions you need to learn more about, you can wait for us to write about it OR click “Book an Appointment” and set up a meeting with us directly.

‍

Before You Move (2–6 months)

• Confirm your tax obligations on both sides
  - Determine whether you’ll become a Canadian tax resident and when (depends on ties: home, family, employment).
  - If you’re a U.S. citizen or green-card holder, you still must file U.S. tax returns and report worldwide income even after you move.
  ‍
• Gather key documents (digital + hard copies): passports, birth/marriage certificates, Social Security card, most recent 3 years of tax returns (U.S. & Canadian if any), brokerage & retirement account statements, property titles, insurance policies, beneficiary designations.
  ‍
• Decide what to do with U.S. retirement & brokerage accounts
  - Inventory 401(k), IRA, taxable brokerage accounts
  - Research whether to leave them in place, transfer, or roll over (each has tax, withholding, and administrative consequences).
  ‍
• Plan for RRSP vs TFSA
  - RRSPs generally have treaty protection (you can elect treaty treatment so income inside an RRSP is tax-deferred for U.S. tax purposes until distribution). Discuss this with your accountant
  - TFSAs do not have special status under U.S. tax law - income inside a TFSA can generate U.S. tax and reporting complications for U.S. persons. Consider whether to open or fund a TFSA if you remain a U.S. taxpayer.
  ‍
• Check broker / bank residency rules
  - Many U.S. brokers close accounts when you become a non-U.S. resident; check transfer/closure rules and costs.
  ‍
• Plan currency & fund transfers
  - Get quotes for FX providers and banks; plan the timing to minimize FX fees and tax/reporting surprises.
  ‍
• Talk to pros
  - Book a cross-border tax advisor and a financial planner (aka: Bird’s Eye Wealth Planners) who understand U.S.–Canada issues (estate, retirement, withholding, reporting).

‍

1 Month Before / Moving Week

• Notify institutions and update addresses (employer, banks, brokers, credit card companies).
• Decide on U.S. state residency if you keep ties to a particular U.S. state, check state tax residency rules and whether you must file a final state return. (State rules vary widely.)
• If applicable, plan for health insurance coverage gap arrange travel / short-term international coverage for the move.
• Freeze or transfer utilities and bill payments; set up Canadian accounts where you can receive direct deposits.

‍

Arrival — First week / First 30 days

• Apply for your Social Insurance Number (SIN) -our version of your Social Security Number (SSN) you’ll need it for work, RRSP/TFSA contributions and CRA accounts.
• Open a Canadian bank account and set up one everyday account + one savings account. Also consider a USD bank account to facilitate money movement from US to Canada. Ask about newcomer packages.
• Apply for provincial health care there can be a waiting period in some provinces, arrange private coverage if needed.
• Start building Canadian credit apply for a starter credit card or get a letter from your U.S. bank; ask the bank if they can use U.S. credit history.
• Set up CRA My Account online access to your Canadian tax records and benefit info.
• If you’re working for a Canadian employer, confirm payroll set-up and tax withholdings.

‍

First 30–90 days

• Decide what to do with retirement accounts formally
  - If continuing to contribute to RRSP, ask your advisor about treaty elections and how to report on U.S. returns. (RRSP treaty relief exists under the U.S.-Canada convention.)
  ‍
• Register investment accounts with Canadian brokers (if needed) and transfer assets only after confirming U.S. tax consequences and broker acceptance.
  ‍
• Track foreign accounts and reporting thresholds
  - If the aggregate value of your foreign financial accounts ever exceeds US$10,000 in a calendar year, you must file an FBAR (FinCEN 114).
  - You may also need to file FATCA Form 8938 on your U.S. tax return if specified foreign assets exceed the threshold for your filing status - thresholds are higher for taxpayers living abroad; check Form 8938 instructions.
  ‍
• Revisit estate & beneficiary designations
  - Update wills, powers of attorney, retirement & investment account beneficiaries to reflect Canadian residency and cross-border consequences (U.S. estate tax exposure can apply to U.S. situs assets).
  ‍
• Confirm creditor/loan status
  - Mortgage, student loans, car loans - determine whether interest or payments change if you move; update contact info.

‍

First Tax Year (and ongoing)

• File your first Canadian tax return for the year you became resident - watch filing dates and residency rules; claim RRSP deduction room, etc.
  ‍
• File U.S. tax return(s) as required
  - As a U.S. person you will generally still file U.S. tax returns and may owe or claim credits for Canadian taxes paid - ensure FBAR and Form 8938 (if required) are completed.
  ‍
• Make treaty elections or report RRSPs correctly
  - If you have RRSPs and are a U.S. person, make the appropriate treaty election/reporting steps with your advisor to preserve deferral under the U.S.–Canada treaty.
  ‍
• Review your TFSA position if you have or are considering a TFSA while you’re still a U.S. taxpayer, get specific tax advice because the account can create U.S. tax/reporting obligations.
  ‍
• Keep careful records of the date you became a Canadian resident, days in/out of Canada, income sources, and conversions/transfers -you’ll need these for both countries’ filings.

‍

Documents & Records Checklist (carry with you + keep digital)

• Passport, immigration documents, SIN application receipt.
• SSN, Social Security card, US tax returns (3 yrs), W-2s/1099s, last pay statements.
• Bank/broker statements, mortgage documents, property deeds, life insurance policies, pension statements.
• Names & contact info for cross-border tax & financial advisors.