Hi, I have some stocks in Robinhood which I want to move to a Charles Schwab account. I am an Indian citizen moving from US to Canada. What do folks do with their Robinhood stock when leaving the US?
If you are moving then you can’t hold your US accounts very long. I would move everything to a Canadian brokerage before your positions get liquidated at a time not of your choosing.
Or the one for non residents with min 25k deposit?
This might answer https://moneymattersforglobetrotters.com/what-should-i-do-with-my-us-investment-accounts-when-i-move-overseas/
Robinhood is shittiest brokerage when it comes to transfers. I ended up selling all my stocks.
Shit. Really? Why ?
For Canadian income tax purposes, you’re better off selling them before the day you land in Canada. If you don’t, then you need to remember what the stock price was on that day and that number will determine your capital gain or loss when you sell them in Canada. Less complicated to just sell them before the move and then buy them again in a Canadian brokerage account after the move.
Doesn’t matter. The day you land in Canada and stay for more than 183 days, your income will be subject to Canadian taxes. However if you leave Canada before selling the stocks, then there’s no tax burden. Selling the stock triggers the tax event.
If one lands in Canada to start the PR but comes back in a day or two, and then permanently moves after a couple of months, is the stock price taken from the landing day or the final move day? i.e when does one become a tax resident?
Why Charles Schwab? I moved from US to Canada. Still have robinhood. Need to liquidate everything this year. One good option to explore is move everything to Wealthsimple US. Once you move and setup in Canada, you can do a Wealthsimple US to Wealthsimple Canada transfer. But you cannot create a Wealthsimple US account after you move. So plan accordingly. (I didn’t know about this option before moving, so YMMV)
the rates of moving assets from wealthsimple usa to canada is not great
@holly_cow, that’s interesting to know. Seemed to be a simple arrangement. Was wondering how they make money in this transfer.
Wait you have Robinhood in India?