Author Topic: Moving Fidelity investment account to Canada??  (Read 72 times)

jeff2006

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Moving Fidelity investment account to Canada??
« on: July 03, 2018, 07:17:20 AM »
Looks like Iíll have 2 weeks to move my Fidelity account to Canada. I recently changed my address on the account to my Toronto address and they sent me a email explaining my options, all of which are not great. Iíve reached out to some investment advisors in town but most can help unless I liquidate all the positions. The problem is (which is a good problem to have I guess) I have significant gains on a lot of my positions that I would rather not pay tax on at the moment. Many of these positions I plan on holding for many more years.

Do you know of any investment brokers that I can transfer my US stocks to?

dsugar

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Re: Moving Fidelity investment account to Canada??
« Reply #1 on: July 11, 2018, 02:19:17 PM »
I'm going to be in the same position in a few months. I recently asked this question to Fidelity and they said I could keep my IRA accounts but my taxable account would have to be moved.

I would call a few Canadian discount brokerages (Questrade, QTrade, etc.) and see if they can directly transfer your assets from Fidelity without having to liquidate them. This post seems to suggest it is possible:

https://forums.redflagdeals.com/us-brokerage-canadians-2101566/#p27813654

Phil Hogan, CPA, CA, CPA (Colorado)

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Re: Moving Fidelity investment account to Canada??
« Reply #2 on: July 15, 2018, 12:17:48 PM »
Looks like Iíll have 2 weeks to move my Fidelity account to Canada. I recently changed my address on the account to my Toronto address and they sent me a email explaining my options, all of which are not great. Iíve reached out to some investment advisors in town but most can help unless I liquidate all the positions. The problem is (which is a good problem to have I guess) I have significant gains on a lot of my positions that I would rather not pay tax on at the moment. Many of these positions I plan on holding for many more years.

Do you know of any investment brokers that I can transfer my US stocks to?

Jeff

Depending on the size of your account I would suggest reaching out to an experienced cross-border investment advisor. Lots of Canadian brokers don't have experience with the US side. We're working on a list of cross border investment advisors and brokers here.

Let me know if I can help.

Phil
Phil Hogan, CPA, CA, CPA (Colorado)
250-381-2400
Hutcheson.ca
phil@hutcheson.ca
* The information contained in these posts should not be construed as professional advice and is for informational purposes only.