Hi all
My wife and I are both US Permanent residents with RRSP accounts. They are ordinary individual and spousal accounts, not self-directed. We have not made any contributions or withdrawls, since we became US Residents. I do not intend to make any withdrawls from the RRSP accounts, until I retire. I would like to be able to do transactions between funds within a given account. However, the company that deals with my Ethical Funds RRSP is prevented by security regulations from doing any type transaction, except liquidation.
Are their mutual funds companies in Canada, that are licensed to allow trading within the RRSP account by clients who are US residents? If not, are their independent brokers, with the appropriate licences?
Thanks in advance.
US Resident wanting to rebalance RRSP funds
Moderator: Mark T Serbinski CA CPA
Most of us have switched to TD Waterhouse, which can deal in 48 states. Search this site for Waterhouse for details.
There are some small brokerages that have done the same. Their fees would best serve a larger (>$500K) portfolio.
There are some small brokerages that have done the same. Their fees would best serve a larger (>$500K) portfolio.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Thanks for the reply. That is good news. I took a look at the Canadian TD Waterhouse website. Is the Discount Brokerage account a suitable type of account to consider transferring my existing RRSP accounts to?
http://www.tdwaterhouse.ca/services/frspriffeatures.jsp
http://www.tdwaterhouse.ca/services/frspriffeatures.jsp
Thanks again. Once I get my old IRS tax returns straightened out, I will move my Ethical Funds account to TD Waterhouse.
I also found an old letter from Altamira to my wife saying they are able to service the account, under the laws of your state (Washington State in our case). I rang them to confirm that this was still the case, which it was. Don't know if they will allow people to transfer existing RRSP accounts from other companies to them.
I also found an old letter from Altamira to my wife saying they are able to service the account, under the laws of your state (Washington State in our case). I rang them to confirm that this was still the case, which it was. Don't know if they will allow people to transfer existing RRSP accounts from other companies to them.
I would not trust this. First, Altamira pretty much got out of the US game in 2003, after becomeing compliant in most states , when NatBank bought them. I was forced to close my accounts completely (and urgently) at that time (and fortunately found TDW).
They *might* have gotten back in the game. Remember though, that you must open a Self-directed account, not a simple mutual fund account, and I seem to recall that their fees for purchasing non-Altamira funds/stock was exorbitant.
And they could reverse their policy a third time at the drop of a hat.
They *might* have gotten back in the game. Remember though, that you must open a Self-directed account, not a simple mutual fund account, and I seem to recall that their fees for purchasing non-Altamira funds/stock was exorbitant.
And they could reverse their policy a third time at the drop of a hat.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Is Trading in Non-Self-Directed RRSPs now allowed in US?
I have a "regular" (not self-directed) RRSP with an MFDA (not IDA) member company. When I moved from Canada to Georgia in 2002, Georgia was one of the few remaining states not allowing residents to manage self-directed RRSPs in Canada. Therefore I had little choice but to let my RRSP sit. Since 2002, Georgia has got with the program and I can now manage a self-directed RRSP.
I've recently realized I'm not thrilled with the performance of my RRSP, so I called TD Waterhouse and they're mailing me an application form for US residents. Meanwhile, somewhat coincidentally, my existing RRSP manager contacted me and claimed that I am now allowed to do trades in my existing account. I'm sure this was not allowed by the SEC regulation, at least at one time, and I have not succeeded in googling any evidence that this has changed. Has it, or is my MFDA RRSP manager misinformed?
I've recently realized I'm not thrilled with the performance of my RRSP, so I called TD Waterhouse and they're mailing me an application form for US residents. Meanwhile, somewhat coincidentally, my existing RRSP manager contacted me and claimed that I am now allowed to do trades in my existing account. I'm sure this was not allowed by the SEC regulation, at least at one time, and I have not succeeded in googling any evidence that this has changed. Has it, or is my MFDA RRSP manager misinformed?
I would get this in writing. Every year TDW sends me a letter stating that it is allowed to accept trades based on my state and certain regs.
But, in general, it is only the firm that can tell you whether they will or will not accept trading.
But, in general, it is only the firm that can tell you whether they will or will not accept trading.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Does anyone know of any reasonable alternative to TD Waterhouse for US residents' RRSPs? I'm so angry with them I need to vent.
As reported in my previous post, I called TDW in late November, 2007 and they mailed me the application forms for US residents. I filled in the forms and mailed them in on the same day I received them, in early-to-mid December. On December 31, I phoned TDW to follow up on the status of my RRSP and my funds. I'd requested a full transfer of my account from PH&N.
The representative had a lot of trouble tracking down my application, but finally reported that my application had been received on December 20th but had not been processed because the W-9 form it included was not current. This was, of course, the W-9 that TDW had sent me. The IRS revised the W-9 last October, but TDW had sent me the previous version, which was no longer acceptable. So I downloaded the current W-9 off the internet and mailed it off to TDW on that same day, Dec 31. I asked the phone representative to what address I should send it, and what kind of covering letter to include, and he said no cover, just the form, to "New Accounts" at an address he gave me in downtown Toronto.
After yesterday's debacle in the markets I again because anxious about where my RRSP funds might be, so I phoned TDW again. They report they've never received any correspondence from me since Dec 20th. Now, I have trouble believing my simple piece of first class mail was lost. Furthermore, I've never received any notification of any kind (mail, email, phone call) from TDW indicating that my original application was not in order. They tell me I can either mail yet another W-9, or I can take into any TD Ameritrade branch and have them fax it in. However, I can't fax it myself. Overall, I think this firm REALLY don't want my account. OK, so it's only in the hundreds of K, not millions, but it's an important sum to me.
As reported in my previous post, I called TDW in late November, 2007 and they mailed me the application forms for US residents. I filled in the forms and mailed them in on the same day I received them, in early-to-mid December. On December 31, I phoned TDW to follow up on the status of my RRSP and my funds. I'd requested a full transfer of my account from PH&N.
The representative had a lot of trouble tracking down my application, but finally reported that my application had been received on December 20th but had not been processed because the W-9 form it included was not current. This was, of course, the W-9 that TDW had sent me. The IRS revised the W-9 last October, but TDW had sent me the previous version, which was no longer acceptable. So I downloaded the current W-9 off the internet and mailed it off to TDW on that same day, Dec 31. I asked the phone representative to what address I should send it, and what kind of covering letter to include, and he said no cover, just the form, to "New Accounts" at an address he gave me in downtown Toronto.
After yesterday's debacle in the markets I again because anxious about where my RRSP funds might be, so I phoned TDW again. They report they've never received any correspondence from me since Dec 20th. Now, I have trouble believing my simple piece of first class mail was lost. Furthermore, I've never received any notification of any kind (mail, email, phone call) from TDW indicating that my original application was not in order. They tell me I can either mail yet another W-9, or I can take into any TD Ameritrade branch and have them fax it in. However, I can't fax it myself. Overall, I think this firm REALLY don't want my account. OK, so it's only in the hundreds of K, not millions, but it's an important sum to me.
We are in real deep regulatory space her, and TDW does take a long time to set up the account.
Mine was initailly rejected because my signature did not look exactly the same in the 8 or 9 spots I had to sign (I'm not kidding).
Mine was initailly rejected because my signature did not look exactly the same in the 8 or 9 spots I had to sign (I'm not kidding).
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best