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Canadian investment companies for non residents?

Hey there

Trying to sort out some stuff and am trying to find a company that will allow me to open an investment account in Canada where I can do things on line.

Currently I've an account with CIBC but it's all by phone, make an appointment, meet in person, come back when they have the answers.  None of this works for me as I live in the UK and they are in Canada and not online at all.  

I've got a bank account with TD but can't see how to get anything set up there.

My brother had suggested WealthSimple but while they are very modern, online using an app, they won't open an account for someone who is not a resident.  

I know it's an incredible long shot but does anyone have a Canadian investment company that they can deal with easily??
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Comments

  • Hoenir
    Hoenir Posts: 5,682 Forumite
    1,000 Posts First Anniversary Name Dropper
    Suspect that as a non resident direct dealing of listed Canadian investments will be a no no. 
  • Brie
    Brie Posts: 13,477 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Hoenir said:
    Suspect that as a non resident direct dealing of listed Canadian investments will be a no no. 
    And yet I've had an investment account there for at least 5 years now.  Just not one that is easy to deal with.  And is silly expensive too.  I'd like to either move things to somewhere I have more of an overview in Canada or move everything to the UK  which means I likely have to sell the lot and find a way to move the money.  (again not easy as it needs to be done in person normally)
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
  • Why do you want/have a Canadian account? The difficulties of cross-border investing and taxation usually make such a set overly expensive and complicated.
    And so we beat on, boats against the current, borne back ceaselessly into the past.
  • Brie
    Brie Posts: 13,477 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Bostonerimus1 said:
    Why do you want/have a Canadian account? The difficulties of cross-border investing and taxation usually make such a set overly expensive and complicated.
    I have a Canadian account because I am Canadian and have acquired investments there.  Not something I chose on purpose.  I would like to find an easy way to resolve this but am having a number of challenges in doing so - like how do I move either the investments or the cash they represent to the UK.  Also working on the idea that I might move back at some point in 5 or 20 years time so maybe I shouldn't move anything to the UK.  So getting the investments to somewhere I can deal with them would be a good first step.   
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
  • Brie said:
    Bostonerimus1 said:
    Why do you want/have a Canadian account? The difficulties of cross-border investing and taxation usually make such a set overly expensive and complicated.
    I have a Canadian account because I am Canadian and have acquired investments there.  Not something I chose on purpose.  I would like to find an easy way to resolve this but am having a number of challenges in doing so - like how do I move either the investments or the cash they represent to the UK.  Also working on the idea that I might move back at some point in 5 or 20 years time so maybe I shouldn't move anything to the UK.  So getting the investments to somewhere I can deal with them would be a good first step.   
    Worldwide it has become increasingly difficult to open accounts if you are a non-resident. If your accounts are pensions then you should be ok to leave them alone until you can access them for income, but check with the UK-Canada Double Tax Treaty. Other investment accounts can attract complicated taxation rules for things like capital gains and dividends and the UK has a "reporting funds" regime in place. It is often best/simplest to sell general investment accounts before moving to another country. I would first understand exactly what your tax situation is currently and what it would be if you were to sell to move the money to the UK. To do that you'll have to understand the Canadian and UK tax systems and how they interact through the Double Tax Treaty.
    And so we beat on, boats against the current, borne back ceaselessly into the past.
  • EdSwippet
    EdSwippet Posts: 1,634 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Brie said:
    I know it's an incredible long shot but does anyone have a Canadian investment company that they can deal with easily??
    Just a thought ... they're not specifically Canadian, but have you looked at Interactive Brokers? US based, but generally very savvy when it comes to handling customers with international lifestyles (so multi-currency, good when you move country, and so on). As a rule, they seem to be the expat's first choice of brokerage.

    Being US based does add a slight risk of US estate tax if you don't pay close attention, but cover from either the US/UK or US/Canada treaties, to the extent that you're resident/domiciled in one or the other, should mean you're safe at least up to the usual US estate tax limits allowed to US citizens and residents.

    Failing this, Saxo Capital Markets? Based in Denmark (further reduced risk of ever having to tangle with the IRS), and also reputed to be generally pretty good at handling international lifestyles.

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