Best plan for US retirement accounts after moving to Canada

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.

Moderator: Mark T Serbinski CA CPA

lanman2000
Posts: 137
Joined: Wed Jul 29, 2009 8:30 am

Post by lanman2000 »

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
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Is that non-retirement accounts?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
lanman2000
Posts: 137
Joined: Wed Jul 29, 2009 8:30 am

Post by lanman2000 »

[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
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

KYC? Is that the colonel's newest flavour?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
patti
Posts: 66
Joined: Sun Apr 24, 2011 7:28 pm

Post by patti »

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
Posts: 137
Joined: Wed Jul 29, 2009 8:30 am

Post by lanman2000 »

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.
Post Reply