US Citizen residing in Canada - IRA trading solution?

nelsona · Post by **nelsona** » Sun Feb 26, 2012 3:34 pm

MOX, this may be your decision to not do this, but unless the broker has been given specific direction to deny you ant trades, the account is in violation.

mcmoxley · Post by **mcmoxley** » Sun Feb 26, 2012 4:41 pm

It's a complicated situation for them, perhaps. I use a US mailing address for all my Fido accounts, because that eliminates the unnecessary and wasteful mailing of trade confirmations when I do trade ETFs/mutual funds in my retirement accounts. Only when you have a US mailing address will they stop mailing paper trade confirmations and just send the confirmations by email. The mailing address is a PMB in a town 3 hours away that I visit 5-6 times a year for Costco runs, etc.

ALL my Fidelity accounts show my permanent, residential, home address as my Canadian address. But since they allow both a "permanent" and a "mailing" address for my accounts, I game the system a little bit.

nelsona · Post by **nelsona** » Sun Feb 26, 2012 6:15 pm

If you have been upfront about your both your residence, and physical location in canada, then they keep your non-retirement account open at their own risk, not yours. You have done what you can.

jalways747 · Post by **jalways747** » Tue Jun 05, 2012 8:09 pm

mcmoxley, do you still use xetrade ? to transfer funds from usd to cad ?
anyone has other way/advice ?

mcmoxley · Post by **mcmoxley** » Sun Jun 10, 2012 3:04 pm

Yes, I'm still using xetrade and have been for over 5 years. Never had a problem...highly recommend them.

mcmoxley · Post by **mcmoxley** » Sat Jun 30, 2012 12:24 am

Got a letter from Fidelity...they have noticed my Canadian address and after August 6, 2012, they will no longer be able to service my non-retirement account. No additional deposits of cash or securities allowed, no new security purchases. I can only sell positions and withdraw funds.

So bottom line again...use Fidelity for US-based RETIREMENT accounts such as traditional IRA, Roth IRA, workplace retirement plans such as 401(k) or 403(b) and you can continue to manage them normally after a move to Canada. But non-retirement brokerage accounts...forget about it. You are stuck with banks and their lousy CD rates.

nelsona · Post by **nelsona** » Sat Jun 30, 2012 6:30 am

... or, repatraite the funds to canada and invest in whatever you want.

rlb · Post by **rlb** » Tue Jul 03, 2012 3:18 pm

Except, of course, PFICs, unless you are prepared for the pain that goes with them.

jalways747 · Post by **jalways747** » Sun Jul 08, 2012 6:32 pm

i am told for ira a/c you can use schwab or t rowe price too but not vanguard