TD Waterhouse used to allow brokeage account in Canadian dollar. With the merger of TD Waterhouse and Ameritrade, they have decided not to
offer Canadian dollar account by end of June 2006.
DOes anyone know of any other US financial institution that offers Canadian dollar brokeage account? Thanks.
Brokerage account in Canadian dollar?
Moderator: Mark T Serbinski CA CPA
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Rickerbucks
- Posts: 40
- Joined: Tue Oct 25, 2005 3:43 pm
I'm afraid the noose is tightening.
Nesbitt Burns has a $CDN "US resident" business and I'm 99% sure they maintain $CDN accounts. However, they offer a limited selection of securities (in my opinion) and I find them a little pricey to execute orders.
RBC Dominion has some advisors that have their discretionary license (as do I) and they are able to open accounts for US residents although I have heard conflicting suggestions that they may cancel that as well. As I say, I have heard from some that it is under review and others who say it isn't. *shrug*
Canaccord opens account but last I heard they did NOT maintain the account in $CDN.
I was dual licensed for 10 years on both sides of the border and in the spring of '05 when my firm pulled the plug on my ability to work with US resident clients (and after I had a royal temper tantrum including a consideration to move to Nesbitt) I referred most of them to either TD Waterhouse Discount USA (moot now) or to Guardian Capital. I must say that client feedback from the experience at Guardian has been VERY good as they are very different from the "usual" investment counsellor firm.
Guardian is a firm that charges an annual management fee and in the interest of full and complete disclosure, I recieve a very modest share of that management fee. They do however have a minimum account size of $250,000.
I got to say, if you have a smaller account, I know of no way to maintain a $CDN investment account. Don't even THINK of using a 'fake' CDN address. You run the risk of opening a VERY ugly can of worms with the IRA and CRA if they find out.
That being said, consider calling Mike Barkley at Guardian Capital 604-632-9596 ext 15. Tell him I sent you.
If anyone has additional questions or wants a referral to the other three firms, then feel free to PM me.
Nesbitt Burns has a $CDN "US resident" business and I'm 99% sure they maintain $CDN accounts. However, they offer a limited selection of securities (in my opinion) and I find them a little pricey to execute orders.
RBC Dominion has some advisors that have their discretionary license (as do I) and they are able to open accounts for US residents although I have heard conflicting suggestions that they may cancel that as well. As I say, I have heard from some that it is under review and others who say it isn't. *shrug*
Canaccord opens account but last I heard they did NOT maintain the account in $CDN.
I was dual licensed for 10 years on both sides of the border and in the spring of '05 when my firm pulled the plug on my ability to work with US resident clients (and after I had a royal temper tantrum including a consideration to move to Nesbitt) I referred most of them to either TD Waterhouse Discount USA (moot now) or to Guardian Capital. I must say that client feedback from the experience at Guardian has been VERY good as they are very different from the "usual" investment counsellor firm.
Guardian is a firm that charges an annual management fee and in the interest of full and complete disclosure, I recieve a very modest share of that management fee. They do however have a minimum account size of $250,000.
I got to say, if you have a smaller account, I know of no way to maintain a $CDN investment account. Don't even THINK of using a 'fake' CDN address. You run the risk of opening a VERY ugly can of worms with the IRA and CRA if they find out.
That being said, consider calling Mike Barkley at Guardian Capital 604-632-9596 ext 15. Tell him I sent you.
If anyone has additional questions or wants a referral to the other three firms, then feel free to PM me.
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It's not that I can't SPELL, it's that I can't TYPE
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Rickerbucks
- Posts: 40
- Joined: Tue Oct 25, 2005 3:43 pm
Thanks for all the replies. The suggestions appear to be all Canadian firms. Are there any US based financial institution that offer Canadian $ brokerage account? Actually, my preference is a firm that operates on both sides of the border.
On a separate but related question, TDAmeritrade offers to transfer my Can$ security positions to US$ positions. This is possible because my Canadian stocks are dual listed on both TSE & NYSE.
Q1) How closely the values for the same stock on TSE and NYSE track to each other, given the inevitable change in US-Can$ currency exchange rate in the future?
Q2) If I convert a Canadian stock position to US position today, and sell the US position say 1 year later, will one get the same value after converting from US$ to Can$ using the exchange rate at that time, if one ignores the fee associated with the currency conversion.
Q3) If I can convert a Canadian stock position to US position today, can one not convert back to a Canadian position in the future when one is ready to sell, and thus avoid the currency conversion uncertainty and fees?
Thanks.
On a separate but related question, TDAmeritrade offers to transfer my Can$ security positions to US$ positions. This is possible because my Canadian stocks are dual listed on both TSE & NYSE.
Q1) How closely the values for the same stock on TSE and NYSE track to each other, given the inevitable change in US-Can$ currency exchange rate in the future?
Q2) If I convert a Canadian stock position to US position today, and sell the US position say 1 year later, will one get the same value after converting from US$ to Can$ using the exchange rate at that time, if one ignores the fee associated with the currency conversion.
Q3) If I can convert a Canadian stock position to US position today, can one not convert back to a Canadian position in the future when one is ready to sell, and thus avoid the currency conversion uncertainty and fees?
Thanks.