This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
My parents, US citizens who have lived many years in Germany, have had a brokerage account for many years in Toronto. My father died earlier this year. I’m a US citizen living in the US, and am trying to help my mother figure financial things out, as previously my father took care of all their financial matters and she knows nothing about it (she is 91).
How does the brokerage account get taxed?
Also, we are thinking of moving this account to the US, since we’ve been told that in Canada one cannot name a beneficiary on brokerage accounts and therefore it would have to go through Canadian probate eventually. If this account were to be moved to the US, would there be tax consequences? Would it make a difference if we transferrred everything in kind to a US affiliate of the Canadian brokerage firm?
Your best solution is to transfer the acocunt to US.
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
... and it doesn't need to be an affiliate of the Cdn company. Find a broker you like, and they will do the transfer.
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