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How to Move a Taxable Account from the US to Canada
In my experience, it is hard to find a US brokerage that will hold a taxable (called “non-registered” here in Canada) account for a Canadian resident. So when you move, you’ll likely by moving your US taxable investments to Canada with you. The good news is that it’s easy to find a Canadian brokerage that will hold this for a US citizen, and provide you with the tax documents that you need to do both your Canadian and US taxes. This article will just cover how to move US taxable investments to Canada. Moving retirement accounts (e.g. an IRA to…
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Deciding How to Invest in a Group RRSP with High Fees
I’m a big believer in the efficacy of investing in low-cost index funds. At the same time, I’ve also found myself facing high-fee group RRSP options. What is the best way to approach limited options in a group RRSP plan? Let’s explore some of the different ways you might approach investing in a group RRSP plan that has high fee fund offerings. What are high fees? First of all, what do I mean by high-fee group RRSP options? I may admittedly be a bit extreme here, but I start to balk at anything over .3% or so. In my opinion,…
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Late Roth IRA Elections and Canadian Contributions
The good news for people moving from the US to Canada is that the Canada-U.S. tax treaty allows for Roth IRAs to be tax-free on both sides of the border. There is a process to be followed, though. Specifically, you are asked to file an election with the CRA on or before the tax filing due date for the year you became a Canadian tax resident. In addition, you must not make a contribution to your Roth IRA after moving to Canada. What if you find yourself needing to file a late Roth IRA election, or having made a Canadian…
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Questrade Now Offers Free Trades
I’ve been a fan of Questrade since moving to Canada, as they are one of the Canadian brokerages that is most US-person friendly. At the same time, I’ve had to give the edge to Wealthsimple, as they offered free trades on stocks and ETFs, whereas Questrade just offered free buys. It doesn’t make a difference in the accumulation phase, but Wealthsimple was the clear winner for decumulation. Thus, this is a welcome change, if not an entirely surprising one. For more information on the details of Questrade‘s new fee structure, see this FAQ.
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Fee-Free International ATMs for EQ Bank and Wealthsimple
The Measure of a Plan has put together a page listing ATMs around the world (currently 67 bank companies in 40 countries) where Wealthsimple and EQ Bank customers can withdraw foreign currency without paying either foreign exchange fees or ATM transaction fees. Wealthsimple and EQ Bank are both good resources for crossborder folks (as they are USD and US tax form friendly), and this is a great additional feature to their accounts.
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Cross-border Implications for Canadian Investment Accounts
If you’re looking for cross-border implications for US investment account types, please see this article. As a US person living (and investing) in Canada, there are ramifications to the various investment account types that you’ll want to consider. Here’s a quick overview of the key considerations for the most common Canadian investment account types. Non-Registered / Taxable Account Generally speaking, I’d recommend that US citizens hold their taxable account in Canada with a Canadian brokerage. For some tips on choosing an appropriate brokerage, please see this page.
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Choosing a Canadian Brokerage as a US Citizen
February 2026 Update: After years of using it, I’m not currently recommending Questrade. There are two main reasons: This is just my opinion, and I’m leaving the information below to help folks make the right decision for their own situation. — Finding a Canadian brokerage for US citizens is typically easier than finding a US brokerage that is willing to work with Canadian residents. Canadian brokerages are, as far as I have found, happy to do business with US citizens living in Canada. For a taxable (aka non-registered) account, we want to find a Canadian brokerage that provides 1099s (for…
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Travel Hacking in Canada as a US Citizen
When we first moved to Canada, I hung up my travel hacking hat. Between COVID and our new immigration, there was enough going on. After a year or so, though, I got the itch. At first, I looked at Canadian credit cards, but their sign-up bonuses were much more modest. That’s why I started researching how to use US credit cards to travel hack in Canada. The biggest challenge is physically getting the credit card. You’ll need to have a US mailing address you can use, and also a way to have that mail forwarded. To add a further wrinkle,…
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Choosing a US Brokerage as a Canada Resident
Finding a US brokerage for a Canadian resident can be challenging but it is doable. I strongly encourage you to do this BEFORE moving, as you will likely have more options at that point. Some brokerages allow you to keep accounts while living in Canada, but only to open these accounts while living in the US. Also, if you’re looking for advice on choosing a Canadian brokerage as a US citizen, we cover that as well. Key Considerations for US Brokerages for Canadian Residents A couple of key pieces of advice before we dive into the details: Below, I’ll highlight…
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How to Manage US Investment Accounts as a Canadian Resident
There are a lot of opinions about what to do with US investment accounts when moving to Canada. On one extreme, some people recommend shifting everything to Canada (e.g. rolling IRAs into RRSPs). On the other extreme, you’ll find folks who recommend keeping US accounts where they are and using the mailing address of a trusted friend or family member. Generally speaking, my advice is to leave US accounts with US brokerage that works with Canadian residents. Personally, I would only use a friend or family member’s address for an investment account if I was traveling for a short time…
