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Trading stocks on the US markets and reporting Tax in canada.

Discussion in 'Business in Canadian Provinces' started by deepred, Nov 23, 2003.

  1. deepred

    deepred Registered Users (C)

    Does anyone know if it's possible for a landed canadian PR (citizen of India) to be able to trade stocks on the US markets ?

    Can he/she keep his US brokerage account after moving to Canada or does it have to be converted to a canadian equivalent (for instance E*trade canada in place of E*trade US) ?

    In other words, if it IS possible to trade on the US markets while in Canada, what are the formalities to be completed after moving to Canada, if any ?

    If anyone knows, I'd appreciate any advice...
    Last edited by a moderator: Nov 23, 2003
  2. nkm-oct23

    nkm-oct23 Registered Users (C)

    You can trade stocks in the US or anywhere else in the world. Be sure to include gains/losses in your Canadian tax returns.
  3. deepred

    deepred Registered Users (C)

    Thanks much. A couple of followup questions-

    What steps does one have to take (like filling IRS form W8BEN or anything similar?) to avoid being taxed by both the US and Canada, specially for income earned while in the US ? I maybe living and earning in the US for sometime and then moving for the rest of the year to Canada.

    Also, can I operate through my US brokerage account, after I've moved to Canada ?

    Please advise...

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