H1B holder in US moving to Canada on PR - Transferring investments?

[sidharth075]

Hi all,

I’m an Indian citizen on H1B in the USA. I will be moving to Canada on PR soon.

Questions for those of you who have done this already:
1) What did you do with your investments in the US? Your stock brokerage accounts, bank savings etc? Can we keep those in the US even after we leave the US? Or is that illegal?
2) If you transferred these to Canada, how did you do so? For example: I want to continue holding my vanguard ETFs or my stocks. Can I transfer these to a Canadian brokerage? While transferring from a US savings account to canadian savings account, any taxes you had to pay?
3) I have a home in the US that I will be renting out. Any of you have experience in this area? How did you manage taxation on US rental income?

I will be consulting with a Canadian and US CPA soon but just thought I’d ask here first.

 

[Abhi1982]

I think you would need to pay taxes in US for any income generated here. You may get rebates when you show you already paid taxes in Canada for your US income as well(which you will need to declare when filing tax in Canada, beyond a threshold level). One can surely keep their investments in US active despite leaving the country. It can get messy to manage all things so using a CPA will be better.

 

[wink]

Hi all,

I’m an Indian citizen on H1B in the USA. I will be moving to Canada on PR soon.

Questions for those of you who have done this already:
1) What did you do with your investments in the US? Your stock brokerage accounts, bank savings etc? Can we keep those in the US even after we leave the US? Or is that illegal?
2) If you transferred these to Canada, how did you do so? For example: I want to continue holding my vanguard ETFs or my stocks. Can I transfer these to a Canadian brokerage? While transferring from a US savings account to canadian savings account, any taxes you had to pay?
3) I have a home in the US that I will be renting out. Any of you have experience in this area? How did you manage taxation on US rental income?

I will be consulting with a Canadian and US CPA soon but just thought I’d ask here first.

1. I was told that one can't have investment accounts (like brokerage account) when you are a resident of Canada for tax purposes. But 401k and checking/saving accounts are fine. And you need to declare checking/saving accounts (with the balance) while filing tax in canada.
2. No, you can't transfer ETFs and stocks. No, you don't need to pay any tax on transfers from saving accounts.