I'm a Canadian citizen residing in the U.S. and have several RRSP accounts. One is at a bank and contains GIC's. Another is at an investment firm and contains mutual funds. The bank GIC offerings are very poor right now only offering a couple of percentages in interest. The mutual funds have done very well. I am trying to find if I can move the GIC's (as they mature) into the mutual funds. Problem is, everyone I ask gives me a different answer - some say I can, and some say I can't.
Also, nobody seems authorized to actually move the funds, if it is allowed. The mutual fund people can't do it because they only work with companies. The advisor who sold me the funds can't do it, because he is not licensed to work with U.S. residents. I've called other Canadian investment companies to see if they have advisors licensed for my state, and the ones who are, will only work with clients who have at least one million in assets. The bank can't even move the GIC's into their own mutual funds, because I'm not a Canadian resident. It seems there are all sorts of tax laws restricting how RRSP's can be reallocated when a Canadian ceases to be a resident. So, my questions are these:
Can I shift the funds from the RRSP GIC's at the bank to mutual fund RRSP's at another firm?
If so, how do I find a Canadian financial advisor who is licensed for my state who will deal with someone with a small net worth?
Is there anything else I am allowed to do with my RRSP's (other than cashing them out) so they will at least keep pace with inflation?
I have spent hours and hours on the phone over this, so any help or insights would be greatly appreciated!
Shifting money between RRSP's while U.S. resident
Moderator: Mark T Serbinski CA CPA
The ultimate decision to accept your business will be nmade by the firm in question; they are under no obligation to accept.
If you have talked to firms that aren't intersted, you will have to move on.
TD waterhouse, to my knowledge, is the only Cdn brokerage that is accepting new US customers from aout 47 states.
I repet, the firm will make that decision, no one else.
<i>nelsona non grata... and non pro</i>
If you have talked to firms that aren't intersted, you will have to move on.
TD waterhouse, to my knowledge, is the only Cdn brokerage that is accepting new US customers from aout 47 states.
I repet, the firm will make that decision, no one else.
<i>nelsona non grata... and non pro</i>