As everyone knows, Cad$ isn't particularly doing well. I sold my house and want to invest the gain in Canada if possible. I am not going to utilize TFSA as I know that can create taxation issues in the US.
My Q is...if I choose an investment with a decent rate of return, is the following what I would have to do come the tax time in 2017 (not Apr-30-2016):
1. File taxes in the US and declare any Canadian investment return as my worldwide income + pay taxes of course
2. File taxes in Canada but be liable for taxes only in one place (i.e. the US)
Will appreciate your advice.
Regards
Invest funds only in Canada
Moderator: Mark T Serbinski CA CPA
So, a little digging finds you are a Cdn citizen now living in US.
For the 2016 tax year or any future you will not file any Cdn tax return unless you sell Cdn real estate or a Cdn private business, or earn employment income in Canada , so I doubt that applies to you since you sold your house already and moved in 2015.
Any Cdn dividends you earn will be flat taxed and withheld for CRA. No return to file in Canada. you are not supposed to have a non-retirement investment account in Canada when living in US, and would you really just want a bank account? my advice is buy Cdn stocks sold on the US exchange through a US broker, if you really think C$ is going to rebound. No need to get more complex than that.
All income arising from this or any other non-real estate Cdn-source investments will be reported only in US, with US giving credit for any Cdn tax withheld on dividends.
For the 2016 tax year or any future you will not file any Cdn tax return unless you sell Cdn real estate or a Cdn private business, or earn employment income in Canada , so I doubt that applies to you since you sold your house already and moved in 2015.
Any Cdn dividends you earn will be flat taxed and withheld for CRA. No return to file in Canada. you are not supposed to have a non-retirement investment account in Canada when living in US, and would you really just want a bank account? my advice is buy Cdn stocks sold on the US exchange through a US broker, if you really think C$ is going to rebound. No need to get more complex than that.
All income arising from this or any other non-real estate Cdn-source investments will be reported only in US, with US giving credit for any Cdn tax withheld on dividends.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Thank you Nelsona. You are right...I am a Cad citizen now residing in the US. One of the financial advisors I used to work with in Canada (prior to my US move) told me that the only way to invest in Canada is a self-directed account. He suggested me to look at:
"TD Managed Moderate Income and Growth Portfolio TDB331 if it's 150k or more look at the premium version TDB171. Fidelity ClearPath2025 is also good to look at"
This said, I really like the other option you suggested...buying Cdn stocks options (if I think Cad$ is going to rebound of course :)).
Agree that having just a bank account is naturally not going to be of much use.
Thanks again
"TD Managed Moderate Income and Growth Portfolio TDB331 if it's 150k or more look at the premium version TDB171. Fidelity ClearPath2025 is also good to look at"
This said, I really like the other option you suggested...buying Cdn stocks options (if I think Cad$ is going to rebound of course :)).
Agree that having just a bank account is naturally not going to be of much use.
Thanks again
Brokers in canada (self-directed account or not) are not supposed to deal with you as a US resident, outside of a retirement account, unless they are licensed in your state of residence.
You cannot buy once departed. At best you could have bought before leaving and left it completely hands-off until you sold. A non-licensed broker is allowed to SELL OFF your holdings, not trade or buy for you. Too late now.
You cannot buy once departed. At best you could have bought before leaving and left it completely hands-off until you sold. A non-licensed broker is allowed to SELL OFF your holdings, not trade or buy for you. Too late now.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Now, there are a couple (less than 5 in Canada) that are licensed correctly. Pacifica is one Blackmont Macquarie is another. I'm quite sure the fellow that is blowing smoke in your direction is NOT working for them.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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