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Author: gariki Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63849  
Subject: Moving to canada Date: 8/28/2012 9:56 AM
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Hello Fools,

I am moving stock and barrell from US to Canada; and am looking for resources to help me decide on what to do with the finances. Any help or pointers is appreciated.

1. what to do with bank accounts in the US? close them and move to a canadian bank? or continue using US debit cards from canada?

2. What about brokerage accounts; fidelity, thinkorswim etc?

3. What about 401k accounts? etc.


thanks for your time in advance!

-gariki
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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 62972 of 63849
Subject: Re: Moving to canada Date: 8/28/2012 10:07 AM
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I am moving stock and barrell from US to Canada; and am looking for resources to help me decide on what to do with the finances. Any help or pointers is appreciated.

1. what to do with bank accounts in the US? close them and move to a canadian bank? or continue using US debit cards from canada?

2. What about brokerage accounts; fidelity, thinkorswim etc?

3. What about 401k accounts? etc.


thanks for your time in advance!

-gariki


First of all welcome, you are not the first.

I can't help you with (3.) but 1 and 2 are easy.

You will need to open a Canuck bank account, easily done at one of the big five banks and it will save you a lot of hassle. Probably look for convenience as there is not a whole lot of difference on the retail side. I use RBC purely because they were more international way back when I needed that.

Your US broker will demand you leave them as soon as they know you are a Canuck resident, they do not want the hassle with you or the IRS. Don't tell them until your are ready to "leave".

My daughter and SIL moved back to Canada (Vancouver) last year after over a decade in the Bay area so I'm fairly up on it right now.


Tim

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Author: krazycanuck Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 62973 of 63849
Subject: Re: Moving to canada Date: 8/29/2012 9:51 AM
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If you will be close to the US border, set up a P.O. Box in the adjacent US border town and make that your address for your US banks and brokerage accounts. For Canadian banks, RBC has the widest (Canadian) distribution of ATMs as our largest bank. I also find BMO to be pretty good for discount brokerages, if you want a bank-owned one, and they have a good website, plus you can easily link your checking ("chequing" in Canada) account. I personally do not like CIBC or TD, but you will have to make your own choice there. :-)
I recommend you keep your US accounts as long as you possibly can because you can use them to keep your US funds and keep your US credit cards if you can so when you go to USA you don't get hit with conversion costs by the credit card cos (they like to 'gouge' their customers there). You can also get a US dollar card from some of the banks, but they usually charge about $25 & up annually for this.

Best of luck!

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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 62974 of 63849
Subject: Re: Moving to canada Date: 8/29/2012 11:22 AM
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You can also get a US dollar card from some of the banks, but they usually charge about $25 & up annually for this.

I have a US$ account with RBC no charge.

Hmm this one is a bit different, $2 a month but I think mine is just a savings account.

http://www.rbcroyalbank.com/products/deposits/us-personal-ac...

Found it, the bottom one.

http://www.rbcroyalbank.com/products/deposits/savings-accoun...



This might be interesting?


http://www.rbc.com/canada/banking-packages/index.html


Tim

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Author: gariki Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63017 of 63849
Subject: Re: Moving to canada Date: 9/5/2012 9:21 PM
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Thanks Tim.

Now i have a big question; which i dont think has a good answer but let me shoot anyways.

Say you have x amount of dollars in US $; Do you move it all to canada and convert to Canadian $? Leave some here? I think either way you take currency risk of one country or the other but just thinking as now i have to..


-gariki

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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63018 of 63849
Subject: Re: Moving to canada Date: 9/5/2012 9:31 PM
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gariki

You are right, there is no good answer.

If it was me I would need to know what x amount of US$ was. I would be tempted to put it in an investment account that allows you to segregate by currency as Questrade or IB does. This would allow me to invest on both sides of the border without having to pay substantial exchange on currency. It would also allow me to withdraw in whichever currency I needed. You could for instance put your US$ on the US side with perhaps a small bit on the C$ side then make deposits on the C$ side slowly until they match up?

I personally do not expect a massive (10%+) change in the C$ vs. US$ but it could happen if the US doesn't fix the "fiscal cliff" problem that they created? Even if it does happen having half your money in C$ would spare some of the pain?


Tim

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Author: gariki Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63019 of 63849
Subject: Re: Moving to canada Date: 9/8/2012 6:59 PM
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Thanks Tim. Thats exactly what i am going ahead with. 50% in US$ and 50% in Canadian.

Can you tell a bit more about what IB does? they let you put your money part in US$ and part in canadian $? how by having two different accounts?

I took a quick look at looks like they are saying you can convert between currencies by buying through the forex service. In that case its not different than say buying through say xe.com. No?


-gariki

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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63020 of 63849
Subject: Re: Moving to canada Date: 9/8/2012 7:18 PM
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gariki

I haven't looked at IB for about 3-4 years, I use Questrade which is Canadian based. Effectively you have a US and a Canuck account under one account but each has their own segregated currency. You can convert back and forth but don't need to.

If you are moving to Canada somewhat permanently I would not recommend IB as you would not be able to use registered accounts**** with them.


**** RRSP – Registered Retirement Savings Accounts
TFSA – Tax Free Savings Accounts (you can goggle them).

I think there are one or two others but I've never used them.

Tim

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Author: dragoncello One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63044 of 63849
Subject: Re: Moving to canada Date: 10/29/2012 4:50 PM
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As for your 401(k), don't touch it! Leave it there.

I lived in the San Francisco Bay Area for 12 years, now in Toronto, moved 4 years ago.

I specifically opened an account with TD Waterhouse in the US many years ago, knowing that I would return. Still, a hassle to move assets from US to Canada. US mutual funds cannot be transferred, stocks and ETFs can. Most (bank) brokerages can hold US$ and US assets (certainly TD Waterhouse and RBC Direct Investing).

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