My spouse and I, both US citizens, recently moved to Canada on his NAFTA work permit, and are having trouble figuring out our financial life up here. I continue to work remotely and get paid in the US (in USD into our US checking), while he works and gets paid here (in CAD). We sold our home just before moving, but just learned that as Canadian residents we can't use our Vanguard accounts anymore. I'm wondering if anyone has an idea of what we might do with this huge sum of cash sitting in our US checking account, or if it's ok to just put a US address on the VG account and continue to invest. Our plan all along was to just invest my entire salary in VG and live off of his Canadian salary.
Also, am I allowed to use my company's 401K as a Canadian resident? How do US citizens in Canada manage their US investments? Thanks for any advice!
US citizens in Canada/investing in US
Moderator: Mark T Serbinski CA CPA
It is correct that Cdn residents cannot have a brokerage/investment account in US. However they can keep their retirement account. You simply have to find a US firm that wants to do this. There are some.
Obviously then, if you wish to invest, bring your non-retirement money to a Cdn broker and invest. Almost all US stocks are available from Cdn brokerages.
AS to "using" your 401(k), I'm nit sure what you mean? You can continue to keep the account, and fund it if you are working for a US firm.
It is a securities violation to give a broker a phoney address.
Obviously then, if you wish to invest, bring your non-retirement money to a Cdn broker and invest. Almost all US stocks are available from Cdn brokerages.
AS to "using" your 401(k), I'm nit sure what you mean? You can continue to keep the account, and fund it if you are working for a US firm.
It is a securities violation to give a broker a phoney address.
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Just be advised that since you now libve in Canad, your firm should be paying you like a Cdn employee, not as a US one. That means Cdn withholding, not fica, and probably not 401(k) either. This is not a temporary assignment.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing