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Moving stocks from US to Canada-Tax question

U

ustocanada49

Star Member
Jan 6, 2017
156
17
Hi All,

Now I am considered a US non resident per substantial presence test.

I own some stocks in USA that I want to transfer to a Canadian brokerage(USD). However, I wanted to know which one is the least complicated way as far as future tax filing is concerned and also which one will not cause any potential issues with IRS/CRA in future.

Is it a direct US brokerage to Canadian brokerage(USD) account transfer or selling off stocks in the US , transferring money to Canada(USD) and buying same stocks in Canada. Which of these two ways?

Thanks for your replies in advance.
 
O

owleroz

Full Member
Feb 22, 2018
43
5
ustocanada49 said:
Hi All,

Now I am considered a US non resident per substantial presence test.

I own some stocks in USA that I want to transfer to a Canadian brokerage(USD). However, I wanted to know which one is the least complicated way as far as future tax filing is concerned and also which one will not cause any potential issues with IRS/CRA in future.

Is it a direct US brokerage to Canadian brokerage(USD) account transfer or selling off stocks in the US , transferring money to Canada(USD) and buying same stocks in Canada. Which of these two ways?

Thanks for your replies in advance.
Click to expand...
Ask the US brokerage for a statement that shows fair market value (FMV) for all your holdings on the date you move over to Canada. You don't have to sell your US holdings, they can be transferred to a Canadian brokerage. The FMV would then be used by your cross-border tax consultants to calculate capital gains/losses based on FMV. The Canadian brokerage can provide forms to initiate the transfers from your US brokerage.
 
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