Best plan for US retirement accounts after moving to Canada

lanman2000 · Post by **lanman2000** » Thu Jul 25, 2013 6:20 pm

Chalk up one more US brokerage that has decided to shut down accounts of Canadian residents. ETrade this week has contacted all Canadian resident customers and told them they are no longer permitted to do business with Canadian residents. It looks like TD Ameritrade and Interactive Brokers are the only big ones remaining.

nelsona · Post by **nelsona** » Thu Jul 25, 2013 10:16 pm

Is that non-retirement accounts?

lanman2000 · Post by **lanman2000** » Fri Jul 26, 2013 9:54 am

[quote="nelsona"]Is that non-retirement accounts?[/quote]

Interestingly, both non-retirement AND retirement (IRA). I guess they don't want to have to be bothered with the FATCA and KYC rules coming into effect this year.

nelsona · Post by **nelsona** » Tue Jul 30, 2013 9:09 am

KYC? Is that the colonel's newest flavour?

patti · Post by **patti** » Tue Jul 30, 2013 1:37 pm

Did they say how long you have to move or close your IRA? Did they give you any options? What happens if they don't hear back from you?

lanman2000 · Post by **lanman2000** » Thu Mar 13, 2014 1:28 am

nelsona. KYC is "Know your customer". The banks have to abide by it to avoid terrorists/money launderers using their institutions to move money around.

patti. They said they would dissolve the account. I didn't stick around to have that happen. Just transferred everything to TD and I'm happy with them so far.