Why would I ever move my money from Canada to the U.S. at this exchange rate?! We often hear that when the exchange rate is as bad as today. However, you may be better off moving the money now than waiting. In this video, we discuss:
– History of the U.S.-Canada exchange rate
– The opportunity cost of keeping the money in Canada
– Tax ramifications
– Other reasons to consider moving the funds to the U.S.
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Yeah but he could have invested in Canada …
You mentioned US annual reporting requirements for financial accounts held in Canada (above a certain threshold) and this is indeed a pain. The fewer accounts you have in Canada the better. When filing these reports this year, I discovered that Canadian accounts held in a US branch of a Canadian bank gets around this. When the financial institution (branch) is located in the US then the accounts are not considered foreign accounts by IRS or FinCEN. So if you don’t want to exchange your CAD money into USD, this at least can eliminate US reporting requirements. I’m going to be looking into doing this myself.