Providing a steady hand in a complex, confusing process
March 2011
In the aftermath of Hurricane Katrina, Dr. E returned to Canada after practicing medicine in New Orleans for eight years. Aside from the disruptive process of moving a home and medical practice across the border, Dr. E found himself caught up in the confusing and complex process of moving his American retirement savings to a Canadian RRSP.
There was no shortage of conflicting advice from a variety of professionals including bank managers, tax lawyers, an American accountant and his professional association. After months of frustration, and no straight answers, Dr. E turned to Connolly & McNamara for help.
Connolly & McNamara was able to guide Dr. E through the process — the firm understood the rules and what needed to be done to 'do it right'. During the process, they also ensured the other professionals involved followed the rules thereby facilitating the entire procedure.
The retirement savings were moved on a tax deferred basis and the funds were repatriated to Canada, saving Dr. E "a considerable amount of money". Not only was Dr. E pleased with the result, he was relieved to work with professionals who had a clear picture of the correct process that had to be followed.
Since resolving the initial dilemma of transferring his American retirement savings, Dr. E has engaged Connolly & McNamara to review his financial affairs on a yearly basis along with his tax statement. He has also sought their advice related to RRSPs and investments, and they have provided insight related to managing his financial affairs. As a result, he is more educated and is better able to make informed decisions with respect to managing his money.
Dr. E has also learned not to trust financial counsellors indiscriminately. As a physician, he is accustomed to having a trusting relationship with his patients and has learned the hard way that it cannot be assumed that financial advisers and bank managers are primarily focused on his financial health.
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