US Physicians Moving to Canada

Relocating from the United States to Canada involves more than changing where you practice medicine. Your retirement accounts, investments, tax obligations, corporations, and reporting requirements may all be affected once you establish Canadian tax residency.

At Corporate Wealth Management Canada, we specialize in helping U.S. physicians transition to Canada by coordinating tax planning, incorporation, banking, bookkeeping, investments, insurance, and long-term wealth management.

Areas to Consider

401(k)

Traditional IRA

Your 401(k) can generally remain in the United States after moving to Canada.

Canada generally recognizes employer-sponsored retirement plans, but future withdrawals, taxation, and retirement planning should be coordinated carefully.

Planning Considerations:

Retirement income planning
Currency exchange
Withdrawal timing
Canadian taxation of future distributions
Estate planning

Rather than rushing to move your retirement savings, we help determine how your existing 401(k) fits into your Canadian retirement strategy.

Traditional IRA

A Traditional IRA can usually remain in the United States after your move.

However, once you become a Canadian tax resident, future withdrawals and reporting should be coordinated between both countries.

Things to Consider:

Required minimum distributions
Canadian taxation
Cross-border reporting
Estate planning
Currency management

Our goal is to integrate your IRA into your overall retirement income strategy rather than viewing it in isolation.

Roth IRA

Traditional IRA

Health Savings Account (HSA)

A Roth IRA deserves special attention when moving to Canada.

Because Canada does not automatically mirror U.S. tax treatment, planning before you become a Canadian tax resident can be extremely important.

Before You Move Consider:

Current account status
Future contributions
Canadian tax treatment
Treaty considerations
Long-term retirement goals

Every Roth IRA should be reviewed individually before relocating.

Health Savings Account (HSA)

Many U.S. physicians own a Health Savings Account.

While HSAs offer significant tax advantages in the United States, Canada does not necessarily provide identical tax treatment.

Planning Considerations:

Investment income
Future withdrawals
Canadian reporting
Long-term healthcare planning

Reviewing your HSA before your move helps ensure there are no unexpected reporting or tax issues.

Brokerage Accounts

Health Savings Account (HSA)

Brokerage Accounts

Most physicians maintain taxable investment accounts outside of retirement plans.

These accounts can generally remain in the United States, but becoming a Canadian tax resident may change how investment income and capital gains are taxed.

Areas we Review:

Capital gains
Dividends
Interest income
Adjusted cost base
Currency exchange
Investment reporting

Proper planning before your move can simplify your future Canadian tax reporting.

U.S. Corporations

Health Savings Account (HSA)

Brokerage Accounts

If you own shares in a U.S. corporation, professional corporation, LLC, or other business entity, additional planning may be required before moving to Canada.

We Help Review:

Ownership structure
Cross-border tax implications
Dividend planning
Business succession
Canadian reporting requirements
Future corporate strategy

Corporate ownership is one of the most important planning areas for physicians relocating from the U.S.

Tax Implications

IRS Filing Requirements

Unlike many countries, the United States taxes its citizens based on citizenship rather than residency.

This means many U.S. physicians continue to have U.S. filing obligations even after moving to Canada.

Common Considerations

Annual IRS returns
Foreign tax credits
Canada–U.S. Tax Treaty
Information reporting
Cross-border coordination

Working with advisors familiar with both Canadian and U.S. tax systems helps reduce the risk of duplicate taxation and missed reporting obligations.

Exit Tax

Most physicians moving to Canada will not be subject to the U.S. expatriation (exit) tax simply because they relocate.

However, if someone plans to renounce U.S. citizenship or long-term permanent resident status, special tax rules may apply.

Before Making Any Decisions

Review:

Net worth
Tax compliance history
Citizenship plans
Long-term residency intentions

Exit tax planning should always be discussed before making permanent decisions regarding U.S. citizenship.

State Tax Residency

Federal tax rules are only part of the picture.

Some U.S. states continue to consider individuals tax residents until sufficient ties have been severed.

Common Planning Areas

Driver's licence
Home ownership
Voter registration
Banking relationships
Professional licences
Family ties

Proper planning before your departure may help avoid ongoing state tax obligations after moving to Canada.

US Physicians Moving to Canada

Understand Your US Financial Picture

Before moving to Canada, it's important to review all of your U.S. assets and determine how they'll integrate into your Canadian financial life.

Areas to Consider

401(k)

Traditional IRA

Traditional IRA

Traditional IRA

Traditional IRA

Traditional IRA

Roth IRA

Traditional IRA

Health Savings Account (HSA)

Health Savings Account (HSA)

Health Savings Account (HSA)

Health Savings Account (HSA)

Brokerage Accounts

Health Savings Account (HSA)

Brokerage Accounts

U.S. Corporations

Health Savings Account (HSA)

Brokerage Accounts

Tax Implications

IRS Filing Requirements

Common Considerations

Exit Tax

Before Making Any Decisions

State Tax Residency

Common Planning Areas

Ready to Start Planning?

US Physicians Moving to Canada

Understand Your US Financial Picture

Before moving to Canada, it's important to review all of your U.S. assets and determine how they'll integrate into your Canadian financial life.

Areas to Consider

401(k)

Traditional IRA

Traditional IRA

Traditional IRA

Traditional IRA

Traditional IRA

Roth IRA

Traditional IRA

Health Savings Account (HSA)

Health Savings Account (HSA)

Health Savings Account (HSA)

Health Savings Account (HSA)

Brokerage Accounts

Health Savings Account (HSA)

Brokerage Accounts

U.S. Corporations

Health Savings Account (HSA)

Brokerage Accounts

Tax Implications

IRS Filing Requirements

Common Considerations

Exit Tax

Before Making Any Decisions

State Tax Residency

Common Planning Areas

Ready to Start Planning?

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