Anyone having difficulties with their securities accounts in Canada because they are deemed a non-resident?

I was just curious if anyone else out there is dealing with the same problems I have with my Canadian stock account. I have been living in Houston for over 13 years as a US resident and have had an account with a Canadian brokerage for decades now. Seems this year they do not want to have non residents hold accounts with them. They have given me options to liquidate or move the account. Is anyone aware if this is a common occurrence? It must be just a company decision and not new goverment regulation. Anybody have accounts with brokerage companies in Canada that don't have issues with non-residents? Thanks.

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Permalink Reply by Lee on September 15, 2009 at 1:12pm

No this is not particular to this company - there are a set of regulations that deem that any US based non resident accounts outside of a canadian RRSP can not be activively managed by investment advisor.

I've been able to set up a Canadian dollar account with Interactive Brokers - however you have to manage it yourself..As a US resident - you can not buy Canadian mutual funds in a non RRSP account.

However - if you were resident in say Britain / Europe - it wouldn't be a problem - this problem only exists with US residents.

I'm looking for someone to manage my RRSP - as my current advisor is terrible ....any advice on that would be appreciated!!

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Permalink Reply by Tobias J.W. McFaul on September 16, 2009 at 8:54am

Everyone hold onto your (financial) hats, we at the Canadian Club of Houston are actually hosting a forum next month titled "Cross-Border Tax & Investment Issues" that will address issues such as these. An investment firm based in Vancouver will have two representatives presenting live here in Houston and then Dallas. Pacifica Partners specializes in managing RRSP's and the like from either side of the border as what is called "Discretionary Managers". Other important issues will be discussed as well, and you will be able to schedule private meetings with them the following day. Save the date for October 20th for now, details to go up on the website very soon.

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Permalink Reply by Tara Rossiter on September 17, 2009 at 6:17am

tdwaterhouse can hold foreign accounts. They may not give you the advice you are looking for.

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Permalink Reply by Tobias J.W. McFaul on September 21, 2009 at 8:53am

Allright the event is up and ready for RSVP's. Please remember to use the registration form link located in the body of the event description. This will be a popular event, and I think everyone will be impressed with the guys from Pacifica.

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Permalink Reply by Tara Rossiter on September 21, 2009 at 9:20am

for those of you racing to comply with Wednesday's deadline regarding the voluntary disclosure of foreign accounts, the deadline was postponed this morning by the IRS to Oct 15th.