switching rssp fund while in US

tony · Post by **tony** » Wed Oct 19, 2016 11:09 pm

ING & IG said they dont' have license to sell / switch funds if a customer doesn't live in canada jurisdiction. However, manulife said there is no problem if i want to switch fund from A to B while i am in the US. Is that true? Anybody experience that? is that a US law or canada law?

thanks

tony · Post by **tony** » Wed Oct 19, 2016 11:11 pm

the definition of switching fund is still remain in canada funds not US funds.

nelsona · Post by **nelsona** » Thu Oct 20, 2016 1:09 pm

This is part of US securities rules which forbid CDn brokerages from delaing in RRSPs for US residents unless they meet state licensing. Most brokerages do not, but some do. which is why you, when first moving to US, need to identify such a broker (like TD waterhouse) and move your RRSP to that brokerage.

tony · Post by **tony** » Thu Oct 20, 2016 10:39 pm

thanks Nelson, manulife doesn't have such restriction like IG, and ING.

nelsona · Post by **nelsona** » Fri Oct 21, 2016 9:13 am

Well, they ALL have the restriction, it is simply that Manulife has decided to get themselves compliant in your state.

tony · Post by **tony** » Fri Oct 21, 2016 4:40 pm

Thanks Nelson, but I have checked with TD waterhouse they said the same things as ING & IG. They will not allow any transaction if the person is outside Canada even for a vacation in US. The one that I called handles mutual fund. Unless, you're talking other product than "MUTUAL FUND".

nelsona · Post by **nelsona** » Sat Oct 22, 2016 9:55 am

You need to speak to the right people. Many of us on this board have self-directed RRSPs with TDW. Some funds are restricted to Cdn residents, but not all. In any event, you need to move your funds from the brokerages that are denying you, so you don't have much choice, other than just taking the money.

We have all been through this.

And remember, we are talking RRSPs. Indeed, non-sheltered accounts are not allowed to US residents.