Moving to Canada - what to do about US accounts?

[pokka]

I am going to be moving to Canada in a few months. I am a US citizen and I will going on a work permit, possibly for a few years, possibly more.
I have stocks, bank accounts, credit cards, retirement accounts here in the US.

At the moment I am not planning to maintain a US address.

I have a few questions that I couldn't quite find answers to. I know that some things are harder once I am out of the country, so I am hoping to find things out while I still have time. I would be grateful for any advice / tips!

1. What are the advantages to keeping brokerage accounts, bank accounts, credit card accounts in the US while I am in Canada? Is just having the Canadian equivalent account good enough? I do have some bills that I need to keep paying in the US for the first few months (and life insurance bills for many years).

2. I have had trouble finding a US brokerage account that I can keep open if I live in Canada. Schwab and Ameritrade both said that it isn't allowed. Are there some well known US brokerage accounts that allow it?

3. Question 2 for bank accounts. I have talked to one bank who said that I could keep an account open while in Canada, but I think the person I talked to just guessed and did not *know*. That person also said that I can't get a debit card mailed to me in Canada. Another one (Marcus) said no.

4. Question 2 for credit card accounts.

(My 401k provider said that it is okay to keep my 401k account (or roll it over into an IRA) with a Canadian address. I plan to do this.)

5. Is there anything else I should do in advance of my move? Things that I cannot do once I have moved?

That's all I can think of for now.
Thanks in advance!

PA

[nelsona]

There is no disadvantage to holding bank and credit card accounts from US while in Canada. These can be practical fro dealing with friends/businesses/clients back home. Surely you will be visisting US regularly even if you would become a Cdn citizen!

A non-retirement brokerage account however is a no-no. You would need to transfer the assets to a CDn brokerage. That would mean having to sell any US mutual funds, as they cannot be held outside a retirement account while in Canada.

There are a couple of firms, Blackmont and Pacifica, can help set up some sort of accounts that *might* allow you to keep US mutual funds. Transferring US stock portfolio to a Cdn firm is very simple and done all the time.

[nelsona]

Yoiu would want to sell any losers in your portfolio before moving, to trigger cap losses that you can use.

[pokka]

Thanks so much for your help nelsona!

I will transfer my non-retirement stocks to a Canadian brokerage.
I don’t have any mutual funds in non-retirement accounts, just ETFs, so I am good.

Any banks/credit cards that you know that allow a Canadian address? I only know of the “cross-border” accounts by RBC and TD.

[nelsona]

They all allow Cdn address.

Some ETFs might need to be sold. Your Cdn broker would advise which ones.