Hello, Moving to Canada later this year and want to know if I can keep my Fidelity accounts / Bank accounts in the US as are, or if I need to move things. Would really prefer not to. Plan to have enough liquid funds / use CCs mostly, and not planning to work for any employer while in Canada. So really, don’t see the point in maintaining a Canadian bank account etc. Did anyone from the US do this? Were you able to keep your accounts in the US functional ? (Ofc I’ll pay any taxes I need to - not some shithead) TIA. TC - soon to be 0, student life beckons 🤣
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Of course you can keep your bank accounts.
Depends on the bank. Fidelity will let you manage retirement accounts but for normal brokerage accounts you’ll only be able to sell assets and transfer money out
Just use a bank that works in both counties.
RBC Canada and RBC US are two separate entities. I am not sure about the other Canadian banks.
Worthwhile to note that Canada usually has lower capital gains taxes than USA
You can keep your accounts. I'm a dual citizen and have accounts in the US and Canada. You will need to report the interest earned in the US on your Canadian taxes. If you are also a US citizen, or permanent resident, you will need to file a US return as well, although you are given credit for the taxes paid in Canada.
Ty
You can have accounts in both countries, it's not an issue, just be aware of reporting requirements by the IRS and Revenue Canada and that's it.
Why not move to Nigeria? It's much better than Canada and you can hire people to clean your house
Guatemala ?
Better and cheaper education 🇺🇸vs🇨🇦. Not permanently moving anyhow. Have PR in Canada. Want to get my citizenship. It’s true that ppl who opt to work in Canada and pay taxes are really struggling. Not planning to join that lot ever.