USA trust in Canada and implications

d_oakville · Post by **d_oakville** » Mon Dec 21, 2015 8:01 pm

Ok, so I file the annual US disclosure listing all my foreign accts that I have in my name/spouse name or am director of. I would assume adding details of a trust would be the same.... thus my question of , is there more than that.

I am a USA citizen working in Canada. I have some non traded stock from an old employer issued into my revokeable trust name. The company sold itself and now requires a bunch of paperwork to get money for my shares. It seems easiest to just open a Trust account at TD trading, deposit my shares, let them sell them, collect the amount of money, and walk away. I know I would have to include the amount of the shares in the annual filing due Jun 30 (it is roughly 25k). The question is, will I incur other income tax nightmares from the US by doing this?

Is there another option anyone can think of to sell this stock (which is in the trust name)?

Thanks

d_oakville · Post by **d_oakville** » Mon Dec 21, 2015 8:04 pm

I should add that the stock in question was a US firm and sold to a US firm. So, if me going south of the border to open an account is the best solution, I guess I can do that also. There would be no (little) capital gain to report to CRA and I would do so anyway.