CDN Stocks Question

[kuds1 0]

Hey Folks,

Haven't been here in a while. I was wondering if anyone of you has come across this problem, and what the solution may be.

I have a few CDN stocks and since I'm here in the US now, scotia bank won't keep them for me anymore. Do you kow if there is a brokerage that will keep my CDN stocks as CDN stocks and not convert them to their american equivalent? I have asked questrader, td ameritrade, scottrade, scotia already. They can be canadian or american.

Please help!!

thanks

[ashenflowers 5]

Hey Folks,

Haven't been here in a while. I was wondering if anyone of you has come across this problem, and what the solution may be.

I have a few CDN stocks and since I'm here in the US now, scotia bank won't keep them for me anymore. Do you kow if there is a brokerage that will keep my CDN stocks as CDN stocks and not convert them to their american equivalent? I have asked questrader, td ameritrade, scottrade, scotia already. They can be canadian or american.

Please help!!

thanks

Have all the companies you contacted said they WON'T do it for you? I am surprised TD Ameritrade would've said no. I used to work for them, and I know for a fact that we had clients that traded Canadian stocks (not their U.S. equivalent).

[nickbits 43]

Check Interactive Brokers. I know you can have CDN/TSE stocks in your account but I'm not sure about transferring from another broker.

[OBX 51]

Hey Folks,

Haven't been here in a while. I was wondering if anyone of you has come across this problem, and what the solution may be.

I have a few CDN stocks and since I'm here in the US now, scotia bank won't keep them for me anymore. Do you kow if there is a brokerage that will keep my CDN stocks as CDN stocks and not convert them to their american equivalent? I have asked questrader, td ameritrade, scottrade, scotia already. They can be canadian or american.

Please help!!

thanks

That's interesting. I was able to keep my Canadian brokerage account with the same company because they had brokers that were US registered. From what I understand the problem is that the US Securities and Exchange Commission (SEC) does not allow a non US registered broker to sell to a US resident so unless your Canadian company had a US registered broker you need to switch them over. Luckily I did not need to find anyone here in the US. Good luck!

[kuds1 0]

thanks for your quick replies. I checked with TD again and they said I can't hold my stock in $CDN. I will look into interactive, i hope they are not too expensive. OBX, which brokerage are you with?

[Krikit 1,163]

I was told that you could keep them as long as they were acquired while you were a resident of Canada. I'm not sure if your situation is a bit different since you're trying to transfer an existing account. I use Halton Financial Group. He is licensed in Canada and the US and is used to dealing with Canadian non-residents. His staff are very well informed and very helpful so if Don's not available you can ask them.

[redBlue 1]

Hey Folks,

Haven't been here in a while. I was wondering if anyone of you has come across this problem, and what the solution may be.

I have a few CDN stocks and since I'm here in the US now, scotia bank won't keep them for me anymore. Do you kow if there is a brokerage that will keep my CDN stocks as CDN stocks and not convert them to their american equivalent? I have asked questrader, td ameritrade, scottrade, scotia already. They can be canadian or american.

Please help!!

thanks

I don't have a few CDN stocks;I have quite bit of them.I've worked on this the same issue for three months once I've moved to USA..I hope u are refering to stocks,not like mutual funds..If so you have ONLY one option which is ETRADE.You open up CDN brokare account with them and they will keep it as is without converting them into USA equilevent.I'm currently in the process of doing this...

i've talked to TD Amerite in person here in CA.It was a terrible experience,they never heard of such thing.I didn't feel comfortable proceeding with them,then moved on to the next one.Scot-trade,chawb trade etc all are popular here...

After talking to each of them ,I've chose ETRADE.They are the only ones who can offer you what you are asking for.All other would convert into USA equvilent...

Which broker are you using it in Canada currently?Scotia-ITrade?

If you need more info,PM me...

[OBX 51]

thanks for your quick replies. I checked with TD again and they said I can't hold my stock in $CDN. I will look into interactive, i hope they are not too expensive. OBX, which brokerage are you with?

BMO Nesbitt Burns.

Edited August 5, 2010 by OBX

[HeatDeath 430]

I've got a few shares of a Canadian stock. They're administered by a company called Computershare, based in Toronto. I don't believe they're a brokerage, as such. My grandparents purchased these shares for me when the company (a provincial telephone company) went public years ago, and I've never done anything with them except accept dividend cheques. I believe Computershare was administering the IPO.

This link should get you to the Canadian section of their website.

http://www-us.computershare.com/default.asp?bhjs=1&fla=1&cc=ca〈=en

They were sending me quarterly dividend cheques in Canada. After I moved to the US I sent their Client Services department a letter notifying them of my change in residence status, and requesting them to send my cheques to my American address and to withhold the required non-resident tax. I received my most recent cheque a few weeks ago with non-residence tax withheld, so everything seems to be working. They expressed no objections to me, as a non-resident, holding stocks or receiving dividends.

You might want to look into seeing if they can hold/administer your Canadian stocks.