Moving Canadian ETFs to an American Broker

[lsangara]

Hi,
I have some Canadian listed ETFs with a Canadian broker. I have become an American resident recently. So, to avoid dealing with PFIC requirements, wondering if I can transfer those positions to a taxable brokerage account in the US. I heard from Interactive Brokers that they would allow me to open an account with CAD currency and buy Canadian ETFs. Curious, if this idea going to help me avoid or escape from the PFIC filing requirements?

[nelsona]

It will not. They remain passive foreign investments.

[lsangara]

thanks Nelsona for posting your thoughts. No problem, I will file PFIC forms for my Canadian ETFs, but curious if there are any benefits at all for moving my taxable account from a Canadian brokerage firm to an American one. Are there any special form filing requirements that will go away?

[nelsona]

In the years following the transfer, you will not have to include that Cdn account on FBAR.