issues with canadian mutual funds

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newbie12345
Posts: 54
Joined: Mon Jul 23, 2012 1:43 am

issues with canadian mutual funds

Post by newbie12345 »

I am canadian citizen who moved to us in year 2005 since I married to my husband who is working in U.S. holding h1b

At the time I came across the boarder, I did't think I was going to stay in U.S. permanently since my husband's job is not stable and might lost his job then come back to Canada with me soon.

As the result, I did not update my td water house trading account and my RRSP account with new U.S. address. Instead I changed the address to my friends house to ask them forward mail to me since I might return pretty soon. These two accounts both hold some canadian mutual funds, both mutual fund generates distributions and both distribution re-invest into same mutual fund unit automatically.

At the next year, I made my RRSP contribution for year 2005 for some canadian mutual fund by online banking.

Then I found myself pregenated, almost at the same time I lost my job in U.S.

I decided to stay in U.S. with my husband. I wrote to CRA and they suggested I became non-resident in year 2005.

I closed my TD water house account and sold out all the canadian mutual funds. In the middle of year 2006.


Tried to update my RRSP address online but not working so I leave it as it is. Did transfer some canadian mutual funds to other canadian mutual funds in the RRSP by online banking. These new acquired mutual funds were later transfered into some canadian money market fund in year 2008 under financial crisis panic and basically all capital lost.

I did not report my left over accounts properly so I enter 2011 OVDI to solve my tax issue and FBAR issue with IRS.

Then I finally changed my address of the RRSP account to U.S. address by calling them.

They told me since my address is U.S. address, I would no long be allowed to do mutual fund trading. They just hold the canadian money market mutual fund in RRSP account.

This mutual fund still generates distribution and still re-invested in new canadian money market funds automatically.

By checking with my RRSP agents and searching on line, I now understand it is against some kind of security rule to do canadian mutual fund trading while living in U.S.

What should I do? I handed in all these statements which would prove I did a wrong mutual fund trading to IRS since attending the 2011 OVDI.

I can't kill myself for what has been done. I can't leave my daughter and my family.

Am I going to be prosecuted by re-invest the canadian mutual fund distributions to the same fund in my TD water house trading account? ( The re-investiment is automatically since the day I buy the mutual fund. The distribution is about $200 and generates me $10 in capital gain when sell them)
Am I going to be prosecuted by RRSP mutual fund trading (which brings me basically capital lost in RRSP) without notify my new address?

Should I find a lawyer? Any one could suggest a good security trading lawyer ? The lawyers listed in google seems more related to the area of security inside trading etc. :cry: :cry:
nelsona
Posts: 17804
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Please re-post (in a little less verbose manner) in the tax forum.
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
newbie12345
Posts: 54
Joined: Mon Jul 23, 2012 1:43 am

I am sorry

Post by newbie12345 »

Sorry about thr long post. English is not my first language....

To summarize my question

am I going to jail for purchase Canadian mutual in USA since I did not update my account with new address in u.s.a when moving to USA in 2006?

One purchase is mutual fund distribution Automatically reinvestment. Outside of rrsp, cause me $10 capital gain.

The others are rrsp mutual funds trading. And most of the purchase end up in capital lost.

I am in ovdi 2011 so that IRS has all the information. Would they hand me to sec?

Should I get a security fraud lawyer? Anyone knows a good lawyer?

I am not afraid to be throw in jail if I deserve it. Just could not bear to be separated from my little kids
newbie12345
Posts: 54
Joined: Mon Jul 23, 2012 1:43 am

Typo move in 2005

Post by newbie12345 »

THe move is in 2005. Non rrsp mutual fund saled in 2006. Some Canadian mutual fund purchase occurred in the gap. Caused by automatic income redistributions
markjosol
Posts: 2
Joined: Mon Oct 21, 2013 5:50 am

Post by markjosol »

Anyone knows a good lawyer?

I am not afraid to be throw in jail if I deserve it. Just could not bear to be separated from my little kids





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markjosol
Posts: 2
Joined: Mon Oct 21, 2013 5:50 am

Post by markjosol »

Anyone knows a good lawyer?

I am not afraid to be throw in jail if I deserve it. Just could not bear to be separated from my little kids





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Veda44
Posts: 13
Joined: Thu Apr 29, 2021 5:18 am

Re: issues with canadian mutual funds

Post by Veda44 »

It is a very good idea to add this Foreign Trust Question on Schedule B. I think it will help the IRS with their audits. It will also help people who are self-employed or have a business and have foreign trusts as part of their business. The question would allow the IRS to see if they should be auditing the person or if they can just let it go. Go to this https://premieressay.org/ site for more information. My suggestion is to add this question at the bottom of Schedule B so people can see what they are doing wrong without having to read all the way through their forms.
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