I am a Canadian but living in the U.S. as a permanent resident. I currently have an RRSP with TD Waterhouse.
TD Waterhouse does not yet have U.S. dollar denominated RRSP accounts unlike RBC and BMO discount brokers.
I contacted RBC Direct Investing inquiring about transferring my RRSP to them since they do have U.S. dollar RRSPs. I was told that they cannot do this since I am a U.S. resident and that I do not have a previous banking relationship with them.
Has anybody else tried switching Canadian discount brokers while a U.S. resident?
U.S. Resident switching Canandian RRSP brokers
Moderator: Mark T Serbinski CA CPA
You can certainly switch, however, typically US residents have to switch TO TD waterhouse, as none of the other big bank-realted brokerages will deal with US clients at all, never mind accept new US clients.
Why the interest in US denominated accounts?
Why the interest in US denominated accounts?
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
If I am doing just trades with TD Waterhouse, then everything is fine even with U.S. stocks because TD has a "wash" feature where U.S. dollars go in and out of a U.S. $ money market fund when U.S. stocks are traded.
However, I sometimes take money out of my RRSP ( soon to be converted to a RIF) and since I want the money to be in U.S. funds, then I am forced to convert Cdn $ to US $. There is an approximately 1.5% conversion fee on top of the exchange rate.
It is this conversion fee that I am trying to avoid.
However, I sometimes take money out of my RRSP ( soon to be converted to a RIF) and since I want the money to be in U.S. funds, then I am forced to convert Cdn $ to US $. There is an approximately 1.5% conversion fee on top of the exchange rate.
It is this conversion fee that I am trying to avoid.