What should I do with my US stock ?

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maricami
Posts: 45
Joined: Thu Feb 24, 2005 12:52 pm

What should I do with my US stock ?

Post by maricami » Thu Jul 03, 2008 8:12 pm

2 years ago I moved back to Canada (after 9 years in Calif.). When I got my new Canadian address I called up Schwabs in the US to change my address. They said they couldn't change it for an international address and I had to close my account (sell my stock). I didn't want to sell, so they offered me to change it to another US address instead, which I did (friend's address). But I have always felt uneasy about this situation because I am not a US resident anymore. It's been like that for 2 years now, what should I do ? Is it okay to keep going like that or should I find a way to transfer my account to Canada ?

I heard that if I had an e-trade account (for example) that I could transfer to Canada because e-trade is also in Canada. But I couldn't find any Schwabs in Canada to do the same thing. Is this possible... no Schwabs in Canada !?

nelsona
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Post by nelsona » Thu Jul 03, 2008 9:29 pm

You could alway have MOVED your stock to a Cdn broker, without selling. This could be done with any broker.

Only mutual funds can't be moved to Canada.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

maricami
Posts: 45
Joined: Thu Feb 24, 2005 12:52 pm

Post by maricami » Fri Jul 04, 2008 10:00 am

Thanks, I'll look into it.

But is it an actual problem to keep my stock in the US ? What would happen with taxes on my gain (CAN & US) when I decide to sell ?

nelsona
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Post by nelsona » Fri Jul 04, 2008 11:31 am

Its not a problem. Unless you are a US citizen, you aren't taxable in US on cap gains. Dividends are taxed flat.

You report these all in Canada just as if they were held there
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

cfn2007
Posts: 73
Joined: Sun Nov 25, 2007 9:14 pm

Post by cfn2007 » Sun Jul 06, 2008 9:35 pm

If Maricami held the US stocks at a Canadian broker, they would withhold 15% for the IRS which he would use as a credit against his Canadian tax, right? However, in this case the US broker thinks he lives in the US (and if he is not a USC, he would not file a 1040), so how does the IRS get their 15% cut?

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
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Post by nelsona » Mon Jul 07, 2008 6:55 am

On DIVIDENDS, he would have to file a 1040NR to pay the flat dividend tax. he will be issued a tax receipt, so IRS will know that there has been dividend income for this taxpayer.

The CAP GAINS are not taxable in US.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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