Since I have cash $150K (not rssp) sitting idle, I want to invest in Canada. I don't want to bring to US due to low exchange rate.
basically i want to invest but buying a house is too difficult and not liquid.
1. can i buy stock while being non resident in Canada and us resident for tax purposes?
2. if yes, where can i buy? TAngerine, TD don't allow it.
3. compared with buying a house, which one has lower tax house or stock? (assume the growth is the same, and this house is not my residence as I live in california).
Working in California TN Visa, with idle $CAD sitting idle
Moderator: Mark T Serbinski CA CPA
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Re: Working in California TN Visa, with idle $CAD sitting idle
1. In a US brokerage, yers, but not a Cdn one.
2. The property in canada would be taxed in Canada and US (ultimately ay Cdn tax rate), while stock would only be taxable in US. So stock would be lower.
2. The property in canada would be taxed in Canada and US (ultimately ay Cdn tax rate), while stock would only be taxable in US. So stock would be lower.
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Re: Working in California TN Visa, with idle $CAD sitting idle
1. Non resident of Canada can open taxable account to trade, but only few allow them (questrade, interactive brokers, possibly TD waterhouse), you have to check individually to confirm.
However, if you are also US resident, no Canadian brokerage can take you because they need to be licensed with SEC.
Additionally, even if you are able to open and keep the brokerage to trade stocks/ETF/mutual funds, this can create a huge hassle of reporting requirement down the road. You'll need to send in a lot of forms and keep close track of the trades.
If you want to keep money in its CAD, it's best to probably just keep in Canada in high interest saving account or GICs to keep things simple. Or, transfer the money to US and find a US brokerage that trades in CAD (Schwab Global Account does this I think) but the process likely still converts CAD to USD and back.
However, if you are also US resident, no Canadian brokerage can take you because they need to be licensed with SEC.
Additionally, even if you are able to open and keep the brokerage to trade stocks/ETF/mutual funds, this can create a huge hassle of reporting requirement down the road. You'll need to send in a lot of forms and keep close track of the trades.
If you want to keep money in its CAD, it's best to probably just keep in Canada in high interest saving account or GICs to keep things simple. Or, transfer the money to US and find a US brokerage that trades in CAD (Schwab Global Account does this I think) but the process likely still converts CAD to USD and back.
Re: Working in California TN Visa, with idle $CAD sitting idle
Wayne E. Baxter wbaxter@onecapital.com is dually licensed and can do so for you.
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Executive Director
3075 Townsgate Road, Suite 350
Westlake Village, CA 91361
D: 805.719.4211
Toll Free: 877.348.0045
T: 805.409.8150
F: 805.870.7677
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- Posts: 17
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Re: Working in California TN Visa, with idle $CAD sitting idle
Thank you all for your advice.
That's what I think so, buying stock will create hazzle in tax reporting.
But, buying a house, will be long term investment and not to mention its troublesomeness.
Let me think it over either converting to USD or keep it there or buying a house in canada.
thanks again.
I believe there are many canadians who are also like me in the same stituation.
That's what I think so, buying stock will create hazzle in tax reporting.
But, buying a house, will be long term investment and not to mention its troublesomeness.
Let me think it over either converting to USD or keep it there or buying a house in canada.
thanks again.
I believe there are many canadians who are also like me in the same stituation.