Moving to Singapore? Ask our regular expats in Singapore questions on relocation and their experience here. Ask about banking, employment pass, insurance, visa, work permit, citizenship or immigration issues.
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IronMac
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by IronMac » Sun, 03 Mar 2013 6:10 pm
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!
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movingtospore
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by movingtospore » Wed, 06 Mar 2013 8:45 pm
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.
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IronMac
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by IronMac » Sun, 17 Mar 2013 5:04 pm
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.
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JR8
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by JR8 » Sun, 17 Mar 2013 8:41 pm
Chill out.
Declare what you have.
Under Dual taxation treaties, you might even get a rebate on your home home witholding-tax.
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IronMac
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by IronMac » Sun, 23 Jun 2013 11:46 am
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.
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