Canadian PR Investment Acct Question

[IronMac]

Hi all,

Ok...am hoping that a fellow Canadian PR can help me. If you are no longer a tax resident of Canada what happens to your non-registered investment account that holds both Canadian and American equities?

Currently, mine are with iTrade and they used to be with TDWaterhouse. TD Bank has no problems with my non-tax residency status so can I simply move my investment account back over to TD?

Any enlightenment on this would be greatly appreciated. Thanks!

[movingtospore]

I don't know about moving accounts but I do know you're supposed to file a tax return, just for returns on non registered investments each year (ditto with rental income etc). I don't see why moving accounts would be a problem though - unless they want you there in person for the various ID requirements first time round.

[IronMac]

Thank you for your reply.

As a followup, I am now trying to move my non-registered (and registered for good measure) investment accounts back over to TD Bank (TD Waterhouse).

Then, I will see what happens, from the conversation I had with TDWaterhouse, it seems that I can keep on investing through them. Of course, taxes will be paid to IRAS rather than CRA.

[JR8]

Chill out.

Declare what you have.


Under Dual taxation treaties, you might even get a rebate on your home home witholding-tax.

[IronMac]

Ok, as a followup.

Upon informing Scotia iTrade of my non-residency status they locked all of my accounts.

TDWaterhouse said that they can move everything over and everything would stay the same except that I can no longer contribute to my RRSP. Easier said than done! It took months of mailing, calling, a complaint letter and a visit to TD's merchant bank offices at Suntec before the situation was resolved.

If any other Canadians are considering a move to SG I strongly advise getting your finances in order before hopping on the plane.