Moving from US to CAD. Stocks Transfer?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
curiousJ
Posts: 16
Joined: Sat Feb 06, 2021 7:25 pm

Moving from US to CAD. Stocks Transfer?

Post by curiousJ »

Hello,

I moved from US to Canada last December. I have a stock trading account with an US broker. They are mostly long-term investment so I haven't trade any of them for a while. Since I am living in Canada now, should I simply transfer these stocks to a Canadian Broker to avoid any tax issue with US? Anything I need to do before/after I make the transfer to CAD broker? Thanks.

Note: I didnt trade anything in 2022 or after I moved to Canada.

J
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moving from US to CAD. Stocks Transfer?

Post by nelsona »

You can only trade stocks and most ETFs but not Mutual funds.

Had you asked before leaving US I would have suggested selling losers, but it doesn't matter at this point.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
curiousJ
Posts: 16
Joined: Sat Feb 06, 2021 7:25 pm

Re: Moving from US to CAD. Stocks Transfer?

Post by curiousJ »

Good morning nelsona

I did sell my losers. All the stocks I want to transfer are still in green. I am assuming if I trade with my US broker this year, I will need to file tax for 2023 to IRS? If I transfer my stocks now to Canadian broker, then I will only deal my tax filing with CRA in the future? Is this the case? Thank you.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moving from US to CAD. Stocks Transfer?

Post by nelsona »

Regardless of where your stocks are held, they are only taxable in Canada now. No US tax return will be necessary.

Transferring them to Canada is a securities requirement, not for tax reasons.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Post Reply