1. These are separate territories/countries. I dont think you can but i dont know. Call them.Thanks Hariraj. Some more queries -
1. Do I initiate this transfer from US brokerage?
2. Do they work with all brokerages? etrade, robinhood, motif?
3. what are the tax implications?
got it. so you dont mean that we transfer the stocks. We have to sell US stocks and then buy it again in Canada.1. These are separate territories/countries. I dont think you can but i dont know. Call them.
2. I dont think there is any kind of transfer just because you are relocating from x country to y country. This is not like money transfer. Sell in US and buy in Canada. Not sure whats the problem as it trades almost same rate.
3. As there is no transfer, your earnings you book will appear on 1099 forms from your brokerage company which you need to report as income/loss along with your W2 income. Taxes and above things are totally separate.
Correct.got it. so you dont mean that we transfer the stocks. We have to sell US stocks and then buy it again in Canada.
wrong! dont sell! You will have to pay taxes on the gains, why do you want to do that? What if in the week between your sell and buy, stocks go up sharply? I transferred my stocks as is from US brokerage to Canadian. All I had to do was open account in Canadian brokerage and give them my US brokerage account numbers and some other details. I transferred stocks from US regular brokerage and wealthfront. I am sure it will work for Robinhood. In addition, if you have Vanguard US ETFs, you can ask to 'journal' them. This means, if the same stock is traded on both NYSE and TSX, they will exchange your NYSE stock for its TSX version and you will get dividends in CAD.got it. so you dont mean that we transfer the stocks. We have to sell US stocks and then buy it again in Canada.
I think this should be the preferred approach.wrong! dont sell! You will have to pay taxes on the gains, why do you want to do that? What if in the week between your sell and buy, stocks go up sharply? I transferred my stocks as is from US brokerage to Canadian. All I had to do was open account in Canadian brokerage and give them my US brokerage account numbers and some other details. I transferred stocks from US regular brokerage and wealthfront. I am sure it will work for Robinhood. In addition, if you have Vanguard US ETFs, you can ask to 'journal' them. This means, if the same stock is traded on both NYSE and TSX, they will exchange your NYSE stock for its TSX version and you will get dividends in CAD.
can you tell me which brokerage did you use?wrong! dont sell! You will have to pay taxes on the gains, why do you want to do that? What if in the week between your sell and buy, stocks go up sharply? I transferred my stocks as is from US brokerage to Canadian. All I had to do was open account in Canadian brokerage and give them my US brokerage account numbers and some other details. I transferred stocks from US regular brokerage and wealthfront. I am sure it will work for Robinhood. In addition, if you have Vanguard US ETFs, you can ask to 'journal' them. This means, if the same stock is traded on both NYSE and TSX, they will exchange your NYSE stock for its TSX version and you will get dividends in CAD.
interactivebrokerscan you tell me which brokerage did you use?
Hi,
I am in the process of relocating to Vancouver from USA. I want to hold my stocks for some more time.
Can you suggest some canadian brokerages for this purpose?
Thanks in advance.