small UTMA accounts in the US

steadgarwin · Post by **steadgarwin** » Sat Oct 26, 2013 4:33 pm

I'm a US citizen moving from US to Canada next month for a job transfer. My children have small (~2k) UTMA brokerage accounts with stocks. In the US such small accounts dont need to be reported. Will I have to report them when filing dual US/CAD taxes, and will they cause any tax headaches?

I understand maybe they will be frozen (US brokerage account as CAD resident), but that's ok I can put them in index funds and leave them alone. But if it's going to be a big hassle for tax reporting, I'd rather liquidate them.

thanks!

paulhanmei211 · Post by **paulhanmei211** » Mon Oct 28, 2013 1:02 am

For CPA related any enquires e-mailed this site www.meicpa.com

nelsona · Post by **nelsona** » Mon Oct 28, 2013 9:48 am

Canada has attribution rules which make the contributing parent liable for any interest and dividend income.

I don't see any benefit in keeping this account.