My wife and I are both TN visa holders working in the US for nearly 2 years now. We do not know when we will be leaving but we intend to return to Canada. My wife maxes out her company 401k, but now we are also looking to make additional long term investments.
My plan is to open an account with TD Ameritrade and purchase total-market ETFs that are traded on the NYSE. I have spoken with both TD Ameritrade in the US and TD Waterhouse in Canada and they seem confident they could transfer the holdings to Waterhouse when we move back.
However, I have not been able to determine the tax implications of this transfer, if any. Nor the potential tax implications of selling NYSE ETFs down the line as opposed to those sold on Canadian markets. Can anyone offer any advice or insight?
Investing as Canadians While in the US
Moderator: Mark T Serbinski CA CPA
There is no tax consequence transferring these between brokerages. Nor would there be any difference when selling these in Canada from any other sale.
Of course, when you return to Canada, all your non-sheltered investments will be revalued for Cdn tax purposes to the FMV on the day you return.
So, you would want to sell any losers before leaving US, and sell winners only after you are no longer a US taxpayer, to avoid tax on your US gains altogether.
Of course, when you return to Canada, all your non-sheltered investments will be revalued for Cdn tax purposes to the FMV on the day you return.
So, you would want to sell any losers before leaving US, and sell winners only after you are no longer a US taxpayer, to avoid tax on your US gains altogether.
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