Search found 45 matches

by ExpatAmerican
Mon Dec 10, 2012 4:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Best plan for US retirement accounts after moving to Canada
Replies: 20
Views: 27724

Yes, the dealer-registration issue is. Still could not see a security exemption in NI 35-101 (I don't think that 2.1(b) covers it). Through experience I know of 2 very large clearing brokers who will allow US open-end mutual funds for US residents (in an IRA), and when that US resident changes his a...
by ExpatAmerican
Mon Dec 10, 2012 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Best plan for US retirement accounts after moving to Canada
Replies: 20
Views: 27724

No, I don't think that you are missing anything. In the real world, though, this broker-dealer exemption is so fraught with risk, that every firm that I have been associated with will only allow such business to be done, if in fact the broker is registered. The amount of Compliance effort necessary ...
by ExpatAmerican
Mon Dec 10, 2012 3:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Best plan for US retirement accounts after moving to Canada
Replies: 20
Views: 27724

Interesting. I was aware of the SEC exemption granted non-US licensed Canadian brokers when dealing with the RRSPs of US residents. As well, they (the US resident RRSP holder) receives an exemption at the securities level on being able to own Canadian-domiciled mutual funds (that otherwise would not...
by ExpatAmerican
Mon Dec 10, 2012 1:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Best plan for US retirement accounts after moving to Canada
Replies: 20
Views: 27724

If you are looking for a "legal" answer to your question on what should be done with your TIAA-CREF accounts, then you should ensure the following: 1. Make sure that the investments in the accounts are legal investments for a resident of your province. Many times TIAA-CREF will have their ...
by ExpatAmerican
Tue Aug 28, 2012 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Keeping non-registered investment accounts in Canada
Replies: 4
Views: 3734

It would not be necessary to close down your non-registered accounts/sell all your security holdings. In fact, you may face unfavorable tax issues, currency conversion issues, and unnecessary commissions in doing so. US Securities laws (US laws apply, now that you reside there) dictate that both you...
by ExpatAmerican
Fri Jan 27, 2012 10:39 am
Forum: Canada / United States Tax & Accounting
Topic: Pre-tax VS After-tax 401K Plan
Replies: 28
Views: 12188

Darrell Thompson at Macquarie Private Wealth Corp in Toronto is FINRA licensed and can manage US qualified plans (IRA's, 401Ks) for Canadian and/or US residents. He can be contacted toll-free at 866-775-7704 or emailed at darrell.thompson@macquarie.com.
by ExpatAmerican
Mon Aug 22, 2011 2:58 pm
Forum: Canada / United States Tax & Accounting
Topic: CDN divorced, don't know what to do with 401k
Replies: 2
Views: 2371

Using a 401k to fund a home purchase is usually quite expensive (penalties and taxes payable). Rolling the 401k in to an IRA and using the first-time homebuyer exlusion, might make sense. You would avoid the 10% penalty, but still be liable for any tax. You may still want to consider moving your 401...
by ExpatAmerican
Wed Aug 10, 2011 12:30 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 29083

I am not aware of any self-directed custodians. RE: IRA to RRSP conversion.. between the 10% penalty (if you are under 59 1/2) and possible income tax liability, why bother?
by ExpatAmerican
Wed Aug 10, 2011 9:20 am
Forum: Canada / United States Tax & Accounting
Topic: US Citizen residing in Canada - IRA trading solution?
Replies: 38
Views: 29083

Darrell Thompson at Macquarie Private Wealth Corp. is FINRA licensed for IRA's, 401Ks, and is IIROC licensed in BC. He can help you out with your IRAs and cash accounts. He can be emailed at darrell.thompson@macquarie.com.
by ExpatAmerican
Mon Jun 27, 2011 9:24 am
Forum: Canada / United States Tax & Accounting
Topic: any US brokers that let you hold CAD?
Replies: 2
Views: 2661

Yes. Darrell Thompson at Macquarie Private Wealth Corp in Toronto is licensed in 33 states and can trade US/Canadian (or other foreign securities for that matter), in currency, on their native exchanges, without forced US dollar settlement for US residents. He can be reached at darrell.thompson@macq...
by ExpatAmerican
Sat Jun 04, 2011 10:20 am
Forum: Canada / United States Tax & Accounting
Topic: Another one moving from the US to Canada
Replies: 10
Views: 5778

I believe it has everything to do with your continuing to use a US address. I would suspect that the (US-based) institution (Schwab in this case) will allow you to continue as usual because your (technically inaccurate) address will continue to show you as a US resident. The easy way to ascertain wh...
by ExpatAmerican
Fri Jun 03, 2011 11:48 am
Forum: Canada / United States Tax & Accounting
Topic: Another one moving from the US to Canada
Replies: 10
Views: 5778

RE: Scwab IRA management for Canadian residents. That is news to me. I am thinking that this is a recent development. I have certainly had immigrating US residents tell me that Schwab has informed them that they cannot deal with Canadian resident IRA's or cash accounts, once they become Canadian tax...
by ExpatAmerican
Wed Jun 01, 2011 4:08 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA or RRSP for withdrawals
Replies: 14
Views: 7513

So, then in this particular instance (he with large RRSP and IRA, and her with very little), might you suggest meeting their income needs instead with a partial RRSP-to-RRIF conversion now, say $60K per year, and use those RRIF funds to generate income over time, as those funds could be income-split...
by ExpatAmerican
Wed Jun 01, 2011 2:51 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA or RRSP for withdrawals
Replies: 14
Views: 7513

Just wondering, do IRA distributions qualify as pensionable income for purposes of income-splitting (for a Canadian tax resident) like RRIF income would?
by ExpatAmerican
Wed Jun 01, 2011 11:51 am
Forum: Canada / United States Tax & Accounting
Topic: IRA or RRSP for withdrawals
Replies: 14
Views: 7513

Hi Nelsona:

I appreciate your breadth and depth of knowledge on many of these cross border issues raised here. If you are an accountant interested in new clients, please email Olga at okrylova@blackmont.com.

Thanks