Transferring funds from US to Canada

[zzazzles]

I am a US permanent resident and Canadian citizen, residing in the US (and have been for the past 15 years). I am a non-resident of Canada for tax purposes, and I have cash and investment accounts in Canada (all declared as non-resident accounts).

Is there any issue if I want to transfer funds from the US back to Canada? Is any declaration necessary?

[nelsona]

As long as it is done thru normal financial routes (and not in a suitcase) there is no issue in how much you can transfer between US and Canada, The institution will take care of nay reporting (usually if in excess of $10K per transaction).

You say you have an investment account in Canada and they know you are in US. What rules have they put in place to prevent you/them from breaking SEC regulations?

[zzazzles]

Thanks Nelson. Yes, all my investment accounts are declared as non-resident accounts, and the broker has made them sell-only to comply with SEC regulations.

In the US, I properly declare my foreign assets (FBAR, 8891, etc.) every year. Will any red flags be raised if--because I'm transferring money into those foreign accounts--my declared foreign assets suddenly go up one year?

[nelsona]

Foreign assets doesn't raise red flags.

[nelsona]

btw, most Cdn brokers won't even do this. If you want to plus this firm go ahead. Many of us have had to close because of this.