US Citizen moving to Canada - move brokerage account?

jmcpray · Post by **jmcpray** » Fri Jul 08, 2016 1:42 pm

I am a US citizen who recently became a Canadian permanent resident. I have an individual taxable brokerage account in the US that I trade in actively. I saw a post in your Immigration to Canada forum that said this account would need to be moved to Canada, but I didn't find any explanation. So could you confirm if that is the case and why?

nelsona · Post by **nelsona** » Mon Jul 11, 2016 9:05 am

Quite simply, US brokerages are not licensed in Canada to deal with Cdn residents (the converse ois trure for Cdn brokers and US residents). To confirm this, simply tell your broker that you are moving to Canada.

Retirement accounts in both countries have been granted limited waiver of these rules, but not so for non-sheltered accounts.