However this may sound like an advertisement of TDWaterhouse services but really am very relieved to choose them as my broker. Just wanted to share my experience that we opened a joint TDWH account in USA and they are the only one who can provide both USD and CAD stock trading/holding. I was also able to transfer the canadian stocks/options to TDWH-USA without selling and without paying a single penny. Also, they can convert the Canadian stocks (TSX) to the NASDAQ listed US ticker. That is fanstastic. I am sure the transfer date of the stocks will be my book value and will be taxed in US only on any gain, but I am anxious to see if the TDWH Canada is declaring it as a total-sell out and issue tax gain reciept at the year end but the TDWH-US representative (very knowlegable) indicated that will not be the case.
did any one go through this? Or is it something that I feel its a loophole?
stock transfer to usa
Moderator: Mark T Serbinski CA CPA
As you know, whether you had sold or transfered the stock or not, it will be taxed in Canada as if you sold it the day you left; this is deemed disposition and applies to all Emigrants.
However, due to an agreement between US and Canada, US will accept (if you choose) that deemed value as your new cost when you eventually sell.
So do not accept any brokerage transaction that lists this as a sale, as it serves you no purpose.
<i>nelsona non grata... and non pro</i>
However, due to an agreement between US and Canada, US will accept (if you choose) that deemed value as your new cost when you eventually sell.
So do not accept any brokerage transaction that lists this as a sale, as it serves you no purpose.
<i>nelsona non grata... and non pro</i>