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"IB has minimum account req. $5K US? Can comebody confirm that?"

YES thats correct

navin2004 -

I was in a similar boat very recently.

Option#1: Can you keep the stock with Scottrade ?

You can give an address of a friend in the US. See if they can accept a W8BEN (non-resident witholding form) and use a US mailing address. If they don't accept the form, then use an US mailing address (friend). The only problem is if your stock pays regular dividends. If so, read on ...
US taxes dividends at the US-Canada treaty rate of 15%. You need to figure out some way to pay that money to the US IRS (if the W8BEN witholding form is not accepted. As far as canadian taxation goes, you can claim a relief for the amount paid to the IRS.

Option #2: Another option is to open an account with a low-cost Canadian stock broker (I use tradefreedom - 9.99 for every trade and no inactivity fees) and transfer the stocks over. I don't know the procedure or the transfer fees if any. Etrade is good if you are a serious investor and make a certain amount of transactions every month.

Let me know if you need any help.
Ash

Quote:

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Originally posted by ash_canada

navin2004 -

I was in a similar boat very recently.

Option#1: Can you keep the stock with Scottrade ?

You can give an address of a friend in the US. See if they can accept a W8BEN (non-resident witholding form) and use a US mailing address. If they don't accept the form, then use an US mailing address (friend). The only problem is if your stock pays regular dividends. If so, read on ...
US taxes dividends at the US-Canada treaty rate of 15%. You need to figure out some way to pay that money to the US IRS (if the W8BEN witholding form is not accepted. As far as canadian taxation goes, you can claim a relief for the amount paid to the IRS.

Option #2: Another option is to open an account with a low-cost Canadian stock broker (I use tradefreedom - 9.99 for every trade and no inactivity fees) and transfer the stocks over. I don't know the procedure or the transfer fees if any. Etrade is good if you are a serious investor and make a certain amount of transactions every month.

Let me know if you need any help.
Ash

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK

I have been using it for the past 6 months. I don't have any major complaints.

Trade execution is pretty fast. You get a personal account manager when you open an account. I believe the initial deposit is CAD2000. There are no account inactivity fees.

TRANSFER OF STOCKS/PORTFOLIO IN THE EXISTING FORM(US Currency)

Here is the solution: Contact InterActiveBrokers and open an accouont in the US. I am sure you can still claim that you are there. Then, transfer the portfolio and the whole basket of stocks and balance in currency, to them. For this you provide them with all of the details that they will ask you. THEY will then do the transferring for you. NO CHARGE.
YOU then physically move your self and give them your local Canadian address. VOILA everything is kosher after that. Then, tell them that you will be trading here in Canada. NO Problems after that. If you have any doubts, please contact them. But do it first, before you transfer. All of this is Legit.
Once you are in Canada and start trading here with them you are fully complying with the canadian compliance rules.
If you have any 401K or Roth IRA, then, you can swing everthing over a lille bit at a time, just enough to cover your US personal deductions, every year. It is not taxed there, but it will be taxed in Canada, though it is a US tax shelter vehicle. Keep it in the margin accouont and trade the same here with IB. They are the MOST reasonable broker in Canada. The next best will be Qestrade.
But do your own DD. Do not jump into things or into what others say.

Hope this helps.

Freddie.