Susan and Robert are siblings who have always had a joint account at RBC in Toronto. Susan is moving to the U.S.. They want to continue the arrangement. Is this possible? What if Susan moves to Alberta, or Europe?
joint stockbrokerage accounts
Moderator: Mark T Serbinski CA CPA
To US (and probably Europe):
You can keep the arrangement, so long as she does not initiate any trades. She would also need to verify that she is not violating any foreign investment limits. In US she would fall under SEC regs which would forbid her trading; I don't what her restrictions would be in Europe.
In either case, she would, for Cdn tax purposes, be deemed to have sold all her portion, and would pay Cdn tax on her departure tax return (or post security in lieu)
To AB:
So long as your broker is licensed in both Provinces, there is no change required.
<i>nelsona non grata... and non pro</i>
You can keep the arrangement, so long as she does not initiate any trades. She would also need to verify that she is not violating any foreign investment limits. In US she would fall under SEC regs which would forbid her trading; I don't what her restrictions would be in Europe.
In either case, she would, for Cdn tax purposes, be deemed to have sold all her portion, and would pay Cdn tax on her departure tax return (or post security in lieu)
To AB:
So long as your broker is licensed in both Provinces, there is no change required.
<i>nelsona non grata... and non pro</i>