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Moving assets to Canada

Moving assets to Canada

Old Dec 30th 2022, 6:54 am
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Arrow Moving assets to Canada

I have recently moved to Canada from the UK, where I have a small portfolio of shares with a stockbroker. I've received a letter saying that new regulations mean they can't support non-resident clients any more. I am resident of Canada now. I have been given the option of finding a broker who will take non-resident clients or sell the shares. I've done masses of internet searches and can't find any stockbroker - international, Canadian or UK - to whom I can transfer my shares. Has anyone else faced this issue and is there any answer to the problem except selling all the shares?
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Old Dec 30th 2022, 6:03 pm
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Default Re: Moving assets to Canada

If you can't find a broker how do you sell the shares?
A previous post a couple of weeks ago indicated an off-shore account would probably work so somewhere like Jersey or Guernsey. Might be worth a try. Do post details of the solution if you find one.
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Old Jan 1st 2023, 4:26 pm
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Default Re: Moving assets to Canada

You could try Brewin Dolphin, (who have recently been taken over by RBC). I have shares with them, from before I came to Canada. Of course if these regulations are new , I may have a problem too!
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Old Jan 1st 2023, 4:42 pm
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Default Re: Moving assets to Canada

Originally Posted by IsabelJ View Post
I have recently moved to Canada from the UK, where I have a small portfolio of shares with a stockbroker. I've received a letter saying that new regulations mean they can't support non-resident clients any more. I am resident of Canada now. I have been given the option of finding a broker who will take non-resident clients or sell the shares. I've done masses of internet searches and can't find any stockbroker - international, Canadian or UK - to whom I can transfer my shares. Has anyone else faced this issue and is there any answer to the problem except selling all the shares?
Obtain paper certificates from the UK company. Deposit the paper certificate with a Canadian brokerage. We used TD. We have just been through this…it took quite a while. The commission was higher than normal because the shares had to be sold in the London market.
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Old Jan 1st 2023, 5:27 pm
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Default Re: Moving assets to Canada

Originally Posted by Jerseygirl View Post
Obtain paper certificates from the UK company. Deposit the paper certificate with a Canadian brokerage. We used TD. We have just been through this…it took quite a while. The commission was higher than normal because the shares had to be sold in the London market.
My thanks to Skyva and Jersey girl, I shall investigate both of these.
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