I am moving the the U.S. and I am trying to clear up my finances before going. I have a self directed RRSP with Questrade, and I want to sort of put it on cruise control as much as possible before I leave.
I am in my early 30s so I will not need this money anytime soon. I just want to let it grow.
I was following the Canadian Couch Potato strategy before so my RRSP had a lot of VXUS and VTI. Since I am moving to the U.S., I guess I can buy my U.S. market funds straight there, and maybe I should focus my RRSP on Canadian ETFs (since they won't be affected by PFIC). Or maybe even those Horizon ETFs so that I pay less taxes?
Thank you in advance.
As a U.S. resident, what should I hold in my RRSP?
Moderator: Mark T Serbinski CA CPA
First, have you checked with Questrade to see if they are willing to deal with your RRSP in the state that you live? Most Cdn firms are not.
After that, each mutual fund company then has rules on whether they allow US residents to buy from their family of funds.
Other than that, whatever your Cdn RRSP manager allows you to buy is fair game for you.
One thing you need to be alert to is making sure that your RRSP trustee does not withhold US taxes on US dividends within your RRSP. This has been an issue in the past; you will need to make it clear to them that you are a US tax resident by filing a W-9 with them, so as not to be subject to US withholding.
After that, each mutual fund company then has rules on whether they allow US residents to buy from their family of funds.
Other than that, whatever your Cdn RRSP manager allows you to buy is fair game for you.
One thing you need to be alert to is making sure that your RRSP trustee does not withhold US taxes on US dividends within your RRSP. This has been an issue in the past; you will need to make it clear to them that you are a US tax resident by filing a W-9 with them, so as not to be subject to US withholding.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
[quote="nelsona"]First, have you checked with Questrade to see if they are willing to deal with your RRSP in the state that you live? Most Cdn firms are not.
After that, each mutual fund company then has rules on whether they allow US residents to buy from their family of funds.
Other than that, whatever your Cdn RRSP manager allows you to buy is fair game for you.
One thing you need to be alert to is making sure that your RRSP trustee does not withhold US taxes on US dividends within your RRSP. This has been an issue in the past; you will need to make it clear to them that you are a US tax resident by filing a W-9 with them, so as not to be subject to US withholding.[/quote]
- I did check with Questrade and they are registered in California
- As for withholding taxes in the RRSP, I believe US investments within RRSPs are already exempt of withholding taxes?
After that, each mutual fund company then has rules on whether they allow US residents to buy from their family of funds.
Other than that, whatever your Cdn RRSP manager allows you to buy is fair game for you.
One thing you need to be alert to is making sure that your RRSP trustee does not withhold US taxes on US dividends within your RRSP. This has been an issue in the past; you will need to make it clear to them that you are a US tax resident by filing a W-9 with them, so as not to be subject to US withholding.[/quote]
- I did check with Questrade and they are registered in California
- As for withholding taxes in the RRSP, I believe US investments within RRSPs are already exempt of withholding taxes?
Please don't use the quote feature. It doesn't work, clutters up the posts, and I already know what I wrote.
I said to MAKE SURE they won't withhold, which obviously means they should not be withholding. There have been issues with some funds withholding on US dividends in the past.
I said to MAKE SURE they won't withhold, which obviously means they should not be withholding. There have been issues with some funds withholding on US dividends in the past.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing