U.S Resident RRSP Holder

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tjyhqvse
Posts: 1
Joined: Thu May 09, 2019 11:23 am

U.S Resident RRSP Holder

Post by tjyhqvse »

I am a Virginia resident and hold a RRSP. Does anyone know a broker-dealer who is licensed/registered in Virginia for RRSP account holders? Virginia has special registration requirements (below) and I have not found a broker-dealer who complies with them. Even TD Bank, the most Americanized Canadian bank, does not satisfy the requirements:

"New Direct Investing Registered Accounts (RSP/RIF or Pension Fund Account) can be opened for U.S. residents of states other than Louisiana, Nebraska, U.S. Virgin Islands and Virginia. The accounts will only be opened in order to accommodate a transfer in of an existing plan."

"Virginia - Virginia Rules 21VAC 5-20-85 and 21VAC 5-20-155 provide a special registration procedure for Canadian broker-dealers and their salesmen when dealing with Canadian snowbirds and RRSPs. In addition, Rule 21VAC 5-40-160 provides a parallel securities registration exemption for the securities sold. However, Canadian dealers and their salesmen who register in Virginia will be subject to the requirements of 21VAC 5-20-
280, which imposes certain U.S. compliance and conduct requirements that Canadian dealers may not be willing or able to meet. Accordingly, the Virginia registration procedure may be of limited usefulness."
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: U.S Resident RRSP Holder

Post by nelsona »

Wow, that is tough. I doubt you wil find anyone here with that problem; haven't heard of anyone not able to find compliant broker. TD Direct has been the go to for 15 years.

Try pacifica

https://pacificapartners.com/cross-border-investors/

If you aren't able to use their services($$), they may at least be able to tell you if any brokers have registered in Virginia.
or, you could get in touch with the Virginia securities commission, who would know if they have any Cdn registered brokers. I'm sure they maintain a list of registered brokers, some of whom may be Cdn. VA is an attractive high-income , so some Cdn surely has moved there and had a willing broker.

http://www.scc.virginia.gov/srf/index.aspx

All the best.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
CdninVa
Posts: 1
Joined: Mon Jul 01, 2019 8:19 am

Re: U.S Resident RRSP Holder

Post by CdninVa »

Also just recently fell into the same situation. Did you manage to find any brokers in VA?
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