I am about to receive a sizeable inheritance from my father (US).
I am a US citizen working in Canada (under 3 yr work permit) and have been informed by my US reitirement account broker (Vanguard) that I can not add to my exisiting account because I live in Canada.
The distribution is 30% stocks, 30% bonds and 40% cash.
I have talked with my Canadian bank and they say they can not accept anything other than cash. What would be my best option?
I don't want to cash in the stocks and bonds (plus pay for the conversion to Canadian funds), if not needed.
The distribution is now being held by Morgan Stanley in Wash DC but, they need to make the distribution so other family members can get their $$.
Suggestions? option?
Us Citizen in Canada with ingeritance issue
Moderator: Mark T Serbinski CA CPA
Your bank is not the people to talk to. You need a stockbroker, who will gladly help you TRANSFER these to a Cdn investment account.
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
The inheritance is being held and distributed by Morgan Stanley but they will not not open an account for me unless it is $100k since I am in Canada.
So what you are saying is to go to a Canadian broker and see if they can handle the stocks..thanks for the suggestion I will try this and let you know how it turns out.
Will receiving these stocks and bonds create any issues when I finally go back to the states in a year or 2.
Are there any repoting forms needed, I undersand there is not normally a tax on this size inheritance.
So what you are saying is to go to a Canadian broker and see if they can handle the stocks..thanks for the suggestion I will try this and let you know how it turns out.
Will receiving these stocks and bonds create any issues when I finally go back to the states in a year or 2.
Are there any repoting forms needed, I undersand there is not normally a tax on this size inheritance.
The inheritance becomes yours at death, so they are valued on that day. Should you subsequently leave canada while still holding these stocks, then these along with all other holdings will be subjct to deemed disposition and you will owe canada on the gains between now and then.
As to reporting there is none for canada. In US the estate must file a report.
As to reporting there is none for canada. In US the estate must file a report.
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