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 !?
What should I do with my US stock ?
Moderator: Mark T Serbinski CA CPA
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?
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.
The CAP GAINS are not taxable in US.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing