Hi,
My wife is considering opening up a traditional IRA for tax year 2007. Since I know we will be moving back to Canada, I figure it makes sense to open one at a brokerage that will allow me to trade within the IRA after we move back.
Anybody know if Fidelity allows this? I've already opened an IRA for myself with them.
Otherwise, any recommendations would be appreciated.
I'd prefer one of the "bigger shops"...
Also, can you rollover 401K balances into prexisting IRA accounts or do you have to open a second one (seems kind of silly if you do)
Thanks very much.
What brokerages allow you trade in your IRA after leaving US
Moderator: Mark T Serbinski CA CPA
On the 401(K) rollover. You probably can roll it into existing one. However, rolled over IRA's are treated differently, since they -- but not traditional IRAs -- can be 'rolled back' into a 401(k) that you start at another job.
If this is not a concern, then i wouldn't worry.
The best way to find out about Cdn access is to ask the brokerage. And do not even let them think about transferring the account to their Cdn wing if they have one, since the Cdn firm would NOT have an IRA and you could see your IRA collapsed unwittingly.
If this is not a concern, then i wouldn't worry.
The best way to find out about Cdn access is to ask the brokerage. And do not even let them think about transferring the account to their Cdn wing if they have one, since the Cdn firm would NOT have an IRA and you could see your IRA collapsed unwittingly.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
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Norbert Schlenker
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If you roll money from a 401(k) into a traditional IRA, then you lose the rollover feature that allows rolling back into another 401(k). [I have heard but cannot verify that this "taint" has been removed by newer legislation.]
I can't tell you about Fido and Canadian residents. I know that Vanguard has recently sent out letters telling Canadians they can't trade their accounts in future. I use TD Ameritrade for my own IRA. They have my Canadian address and they let me trade. (For now, anyway.)
I can't tell you about Fido and Canadian residents. I know that Vanguard has recently sent out letters telling Canadians they can't trade their accounts in future. I use TD Ameritrade for my own IRA. They have my Canadian address and they let me trade. (For now, anyway.)
U.S. Brokerage
The brokerage firm I work for had no difficulty with this when I asked our compliance department.
I suggest you try two different things.
1. Deal directly with the mutual fund company and ask the question prior to opening the account. Please be very specific about what you ask. You are asking whether or not the U.S.-based arm of the mutual fund company will allow you to maintain your IRA after returning to Canada. Quite often, the mutual fund company will mistake this question for, "can I do business with you in Canada?" Since Franklin Templeton and Fidelity do business in both countries, they may answer yes thinking that you were asking the second question, not the first.
2. Try a smaller, independent brokerage firm. Many of the larger brokerage firms have knee-jerk reactions to anything out of the ordinary and have compliance departments that tend to say "no" prior to giving your particular situation a thorough review.
Good Luck,
I suggest you try two different things.
1. Deal directly with the mutual fund company and ask the question prior to opening the account. Please be very specific about what you ask. You are asking whether or not the U.S.-based arm of the mutual fund company will allow you to maintain your IRA after returning to Canada. Quite often, the mutual fund company will mistake this question for, "can I do business with you in Canada?" Since Franklin Templeton and Fidelity do business in both countries, they may answer yes thinking that you were asking the second question, not the first.
2. Try a smaller, independent brokerage firm. Many of the larger brokerage firms have knee-jerk reactions to anything out of the ordinary and have compliance departments that tend to say "no" prior to giving your particular situation a thorough review.
Good Luck,
Arteeh