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Now I am considered a US non resident per substantial presence test.
I own some stocks in USA that I want to transfer to a Canadian brokerage(USD). However, I wanted to know which one is the least complicated way as far as future tax filing is concerned and also which one will not cause any potential issues with IRS/CRA in future.
Is it a direct US brokerage to Canadian brokerage(USD) account transfer or selling off stocks in the US , transferring money to Canada(USD) and buying same stocks in Canada. Which of these two ways?
Now I am considered a US non resident per substantial presence test.
I own some stocks in USA that I want to transfer to a Canadian brokerage(USD). However, I wanted to know which one is the least complicated way as far as future tax filing is concerned and also which one will not cause any potential issues with IRS/CRA in future.
Is it a direct US brokerage to Canadian brokerage(USD) account transfer or selling off stocks in the US , transferring money to Canada(USD) and buying same stocks in Canada. Which of these two ways?
Ask the US brokerage for a statement that shows fair market value (FMV) for all your holdings on the date you move over to Canada. You don't have to sell your US holdings, they can be transferred to a Canadian brokerage. The FMV would then be used by your cross-border tax consultants to calculate capital gains/losses based on FMV. The Canadian brokerage can provide forms to initiate the transfers from your US brokerage.
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