Retirement investing in Canada as a dual citizen

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Greetings Team Clark! Longtime listener, first time poster. I’ll get right to it: I’m a dual citizen Canada and the United States living & working in Canada with no plans to leave. I invest in an RRSP every month because I have been told that this is the best retirement vehicle that would not complicate my tax situation. Speaking of taxes, I was also told that I cannot do a TFSA as it would complicate my tax situation and be subject to US taxes, negating the benefit of having a TFSA in the first place.

So my question to any Clark-heads in a similar situation as me: is the above true? Am I doing the right thing to plan for retirement (roughly 27 years from now)? Are there any better retirement investment options? (I will have access to a good pension & CPP)

Thank you in advance for your help! And thanks to Clark & Christa for always making such great podcast episodes!

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There are CPAs who are licensed in both Canada and the U.S. who could advise you. You might be able to get the answer to your question on the firms website. They list themselves as providing cross-border or international servuces

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Thank you for your response! Can you please recommend any individuals or firms? I’m a man of modest means and I was hoping a member of Team Clark would be able to provide advice from their own experience. Thanks!

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Since Clark is based in the U.S. you a unlikely to get specific recommendations. Consider searching for listings of cross- border CPAs, check their reviews, their websites and they should have a free initial phone call to get additional details.

1 Like
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Thank you!