Working in California TN Visa, with idle $CAD sitting idle

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newperson09
Posts: 17
Joined: Thu May 04, 2017 11:09 am

Working in California TN Visa, with idle $CAD sitting idle

Post by newperson09 »

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).
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Working in California TN Visa, with idle $CAD sitting idle

Post by nelsona »

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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
jixca
Posts: 86
Joined: Wed Apr 06, 2016 9:12 am

Re: Working in California TN Visa, with idle $CAD sitting idle

Post by jixca »

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.
ND
Posts: 291
Joined: Thu Feb 21, 2013 5:28 pm

Re: Working in California TN Visa, with idle $CAD sitting idle

Post by ND »

Wayne E. Baxter wbaxter@onecapital.com is dually licensed and can do so for you.

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
newperson09
Posts: 17
Joined: Thu May 04, 2017 11:09 am

Re: Working in California TN Visa, with idle $CAD sitting idle

Post by newperson09 »

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.
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