My_question_is: Applicable to both US and Canada
Subject: US Trust Fund + Canada resident
Expert: taxman at centa.com
Date: Tuesday April 25, 2006
Time: 02:13 PM -0700
QUESTION:
My husband, brother and I are Co-Trutess of a fund set up for my daughter
when she was 16. The Trust Officer and the fund management broker are with
Company "A". My daughter is now 32 and moved last year to Toronto, where
she is a "landed immigrant". She maintains US citizenship and US bank
account and pays US and Canadian taxes on distributions from that account.
She may stay in Canada for several more years. She and we have become
dissatisfied with fund management by "company "A." We would all like to
switch the management to another US Company "B."
We have been advised that we cannot do this and that we have to either leave
the funds at Company "A" or transfer to a Canadian brokerage.
Does this also mean that I cannot establish a trust fund in US for my
grandchildren-her children?
This doesn't make sense to me.
Can you please advise?
Thank you,
===============================================
david ingram replies:
I understand your problem and have seen it several times. However, it is
not my area of expertise or interest. On the other hand, Sean Rickerby with
TD-Waterhouse is one of the best people I know of to deal with cross border
management of money. Unfortunately, he is in BC and your daughter is in
Ontario and that means that anyone dealing with the situation has to be
licenced in Ontario.
I know that Sean has taken the time and trouble to become licenced in 20 or
so States but I do not know if he is licenced in Ontario. He is a person
who deals with large accounts as a rule but has offered his services to
questioners to the CEN-TAPEDE.
You can get hold of him at:
Shaun Rickerby CFP, CIM, FCSI
Associate Portfolio Manager
Snr. Investment Advisor
TD Waterhouse Private Investment Advice
604-482-5188
604-482-5183 Fax
888-955-7255
His email address is: Shaun.Rickerby at td.com
If he can not help you with the answer, he can tell you how to get around
it, if possible.
=============
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
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My Home office is at:
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North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 10 PM 7 days a week Vancouver (LA) time -
(please do not fax or phone outside of those hours as this is a home office)
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