david ingram replies
If you are a resident alien for tax purposes in the US, in general, your US earnings are NOT taxable in Canada under Article IV of the US / Canada Income Tax Convention (1980) with amending protocols.
If that is the case, you would NOT want to put any more into a Canadian RRSP.
The reason that your brokerage can not deal with you in the USA, is that "THEY" are not licenced to do so.
There are very few companies licenced to deal with you cross border.
Two that are are Blackmont Securities in Toronto and Seabank Capital in Vancouver.
At Blackmont, the only person licenced that i know of is Darrell Thompson at 416-874-8007 or www.blackmont.com
At Seabank Capital, there are three licenced people. try Dan Walkow at 866-541-9952 or www.seabankcapital.com.
Blackmont is a large cross Canada organization. Seabank is a boutique operation whose corporate goal is to deal with cross-border situations.
.However, if you are living in the US with a Canadian RRSP, I recommend that you do NOT leave it where you can not deal with it. You (and anyone else in the same or similar position) should switch it to an organization that can buy or sell for you no matter where you are.
These older answers are repetitive but make the same point.
I start off with a comment by FH.
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david ingram replies:
Thanks for the heads up FH
I have never heard of this but will pass it on just in case there are other US residents intending to roll over into a RRIF at the start of 2008 (or any other for that matter).
I qualified for OAS and CPP in September but decided to leave it until 2008 for instance,.
For those who need someone who can handle your RRIF, RRSP, IRA, 401(K) 403, other retirement plans and any open cash account on both sides of the US / Canada border, I give you the following:
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QUESTION:
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One person on the list wrote to say that they had satisfactory dealings with them after I wrote the following:
If the problem is dealing with cross border investments, I usually recommend Dan Walkow and / or Darrell Thompson
as in this older question about the same firm
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QUESTION: 1. have been trying to find ethical investment firm to go with in Canada and can not seem to get any unbiased answers We live in Red Lake Ontario (landed immigrants), but are also US citizens
2. Is this Stansberry & Associates legit, as they seem to have many different opportunities claiming great returns
Pinchot Retirement Plan, Master Limited Partnership, Market Index Target Term Security , Oakmark Select Funds
Thanks greatly looking forward to your email
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david ingram replies:
I have no good or bad
knowledge about Stansbery and Associates. None of my clients deal with them to
my knowledge.
From looking at their website, they seem to be a newsletter
operation as much as anything. I have about 15 interviews with newsletter
writers on gold (John Embry), oil, uranium (Martin Kafusa), silver (Sean
Rahkimov) real estate (Ozzie Jurock), futures and commodities (Victor Adai),
Resources in General (Elsworth Dickson, Publisher of Resource World) etc
at www.howestreet.com - mostly in the third column.
Two ethical people who are properly
licenced to seal with the sale of securities, IRA's 403B, RRSPs,
RRIFs, etc., to US citizens in Canada or Canadians in the US
are:
Dan Walkow
Seabank Financial
White
Rock
Local (604) 541-9952
L D
(866) 541-9952
www.seabankcapital.com
AND
Darrell
Thompson
Blackmont Securities
Toronto
Local (416)
874-8007
LD (866) 775-7704
www.blackmont.com
These two individuals and their companies have gone to the effort to get themselves registered and properly licenced just about everywhere so they can deal with a Canadian in Florida or California or Nevada, etc.
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Note that because of their specialty, they tend to deal with accounts in excess of $200,000
However, I know that both parties would welcome an exploratory call. Small accounts do grow into larger ones and of course, you do not have to have a cross border problem to deal with them.
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You can find a sample 1040NR tax question about selling real estate and
my suggested price list at
http://www.centa.com/CEN-TAPEDE/archive/Week-of-Mon-20080818/004120.html
.
