U.S. investments & return to Canada - Dan Walkow Darrell Thompson


I will be returning to Canada shortly after living and working in the U.S. for several years.  I will be maintaining a bank account in the U.S. I also have mutual fund investments here in the U.S. that I plan to maintain.  Otherwise, I will have no U.S. sources of income.  What will be my continuing tax liabilities in the U.S. assuming I live and work in Canada but maintain the bank account and mutual funds in the U.S.?  Thank you. ----------------------------------------------------------------------
david ingram replies:

Assuming that you are not a US citizen, the financial institution with the mutual funds should be withholding 15% of any dividends under Article X of the US / Canada Income Tax Treaty (Convention).

Although Article XI of the Convention also has a withholdiong rate of 10% of any interest paid and Canada does enforce it, the US does not enforce the dedcution so there will not be any US withholding on any interest.

Likewise, there is no capital gains tax to pay to the US when a Non-resident owns publicly traded stock.

It is also likely that your US financial Institution will want to close your mutual fund account because they are not licenced to deal with a resident of Canada. 

Dan Walkow and Darrell Thompson are two Canadians who can and will maintain a US account for you  (they are in Canada) becaue they have made the effort to licence themselves over maost of North America.

This older Q & A will explain further.


I am a US Citizen and Landed Immigrant of Canada. Do I have any legal or other restrictions  for buying, selling, trading stocks, bonds, mutual funds, or having a broker on both sides of the border doing the same for me. I am getting mixed information from brokers on both sides and NEED an experts advice.
david ingram replies:

The restriction is NOT on you by government.

The restriction is on the people you are dealing with.  They are restricted by the Securities Coimmissions and their licencing as to whom 'they' can sell to.

In other words, if you live in BC, an Ontario Securities broker or Mutual Fund salesman can NOT deal with you.

Some like Fred Snyder are licenced in BC and Ontario and can deal with you but even two provinces is rare.

When you are talking about BC -  Arizona, or Ontario - Florida, you have a real problem.

The following older answers will likely help - Dan Walkow and Darrell Thompson HAVE gone to the effort to be able to deal with cross-border situations.

QUESTION: 1. have been trying to find ethical investment firm to go with in Canada and can not seem to get any unbiased answers We live in Red Lake Ontario (landed immigrants), but are also US citizens

2. Is this Stansberry & Associates legit, as they seem to have many different opportunities claiming great returns
Pinchot Retirement Plan,  Master Limited Partnership, Market Index Target Term Security , Oakmark Select Funds
Thanks greatly looking forward to your email

david ingram replies:
I have no good or bad knowledge about Stansbery and Associates. None of my clients deal with them to my knowledge.

From looking at their website, they seem to be a newsletter operation as mucyh as anything.  I have about 15 interviews with newsletter writers on gold (John Embry), oil, uranium (Martin Kafusa), silver (Sean Rahkimov) real estate (Ozzie Jurock), futures and commodities (Victor Adai), Resources in General (Elsworth Dickson, Publisher of Resource World)  etc at
www.howestreet.com - mostly in the third column.

Two ethical people who specialize in selling securities, RRSPs, etc., to US citizens in Canada or Canadians in the US  are:

Dan Walkow
Seabank Financial
White Rock
Local     (604) 541-9952
L D        (866) 541-9952


Mr Darrell Thompson
Blackmont Securities
Local    (416) 874-8007
LD        (866) 775-7704
www.blackmont.com __
These two individuals and their companies have gone to the effort to get themselves registered just about everywhere so they can deal with a Candian in Florida or California or Nevada, etc.

Note that because of their specialty, they tend to deal with accounts in excess of $200,000

However, both parties would welcome an exploratory call. �