QUESTION: Can a non-resident Canadian citizen own Canadian stocks?
I received my MA and PHD in the USA and am currently doing research
there.....
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david ingram replies:
There is nothing stopping you from owning the stocks and keeping them in
your own safe deposit box.
The problem is finding a broker to sell them to you.
It is illegal under Any provincial Securities commission for a registered
representative to sell stock or mutual funds to anyone who does not live in
the province. One Ontario company just paid $135,000 fine to the BC
Securities Commission because they had been dealing with nine people in BC
for years.
When the US gets involved, it is worse because the SEC gets involved.
Canarim Securities spent some $5,000,000 Canadian fighting the Arizona
Securities Commission because their BC salespeople were selling to Canadians
in Phoenix. Yep, it is illegal for a BC Securities salesperson to sell to
one of their "resident" Canadian clients if the client is on vacation in
Arizona.
It has got a little better. Several of the states will now allow a Canadian
Rep to deal with their client's RRSP when the client moves to the US but for
a while it was a serious offence for a Canadian bank or mutual fund company
to buy one fund and sell another within an RRSP if the owner was living in
the US.
So, if you want to own Canadian Stock, try dealing with an American branch
of TD Waterhouse (as one example) who can make a deal to sell you Canadian
Stock within your us ACCOUNT.
For more information call Shaun Rickerby at TD Waterhouse in Richmond, BC.
He went to the effort of getting himself registered in more than 20 states
and has access to another company in Alberta which can and will look after a
US resident's account "IF" it is over $250,000.
Shaun's phone number is 604 - 482-5188
His email address is shaun.rickerby at td.com
Note that I have never met Shaun personally. However I regularly guest on
the following person's radio show.
If it is a mutual fund RRSP account people like Fred Snyder at (604)
731-8900 can continue to look after your account if it was in their hands
BEFORE you moved to the states. Fred's email address is fsnyder at axionet.com
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