Can I trade US shares/stocks- Living in Canada- Working in USA- H1b

[Maruchan]

Hello, I live in Canada and commute to US everyday for work. I have Canadian PR and US H1b visa. I have US robinhood account before I moved to Canada. Can I still use it to trade stocks? Or do I have to switch to a Canadian stock broker?

 

[Amm2020]

Most likely yes but you will have to pay Taxes on Both side. I am not sure but that is what I have heard.

 

[scylla]

Hello, I live in Canada and commute to US everyday for work. I have Canadian PR and US H1b visa. I have US robinhood account before I moved to Canada. Can I still use it to trade stocks? Or do I have to switch to a Canadian stock broker?

Robinhood is only licensed for the US. You cannot use it to trade while in Canada.

You need to switch to a platform / broker licensed to operate in Canada.

 

[Impatient Dankaroo]

There's one called Wealth Simple which is equally as scummy as Robinhood for Canada

 

[swan0206]

Robinhood is only licensed for the US. You cannot use it to trade while in Canada.

You need to switch to a platform / broker licensed to operate in Canada.

HI Scylla,
Any idea on the below:

1. Hi , i haven't used my coinbase for a while now. Its been 2 n half years i got some litecoins and left it there. Meanwhile i have moved from US to Canada last year , if i start using it now, do you think i will have to declare any profits at the end of the year in my tax returns as i already have some old cryptos which i might sell off ?
2. Bdw i have checked with Coinbase to findout if i can use the same account they said , i can still use it with change in country.
3. Also, i had Acorns account back in US, which i do not actively invest but round-off's from any purchase from my credit card or debit card directly goes into that account and they invest into some stocks which i lately realized. I am not at all aware that they do investments into stocks but just opened it 2016 and never actually looked into that. Now have some 3.5k USD in it, i am not sure if i made any mistake without reporting them into taxes every year while i was back in Canada. I am not even sure if i had made any profits also.
   
   
   
   
   

 

[scylla]

HI Scylla,
Any idea on the below:

1. Hi , i haven't used my coinbase for a while now. Its been 2 n half years i got some litecoins and left it there. Meanwhile i have moved from US to Canada last year , if i start using it now, do you think i will have to declare any profits at the end of the year in my tax returns as i already have some old cryptos which i might sell off ?
2. Bdw i have checked with Coinbase to findout if i can use the same account they said , i can still use it with change in country.
3. Also, i had Acorns account back in US, which i do not actively invest but round-off's from any purchase from my credit card or debit card directly goes into that account and they invest into some stocks which i lately realized. I am not at all aware that they do investments into stocks but just opened it 2016 and never actually looked into that. Now have some 3.5k USD in it, i am not sure if i made any mistake without reporting them into taxes every year while i was back in Canada. I am not even sure if i had made any profits also.
   
   
   
   

1. You have to report worldwide income in your Canadian tax return. So yes, you would need to report this.
2. I'm not familiar with the coinbase rules and can't comment on this.
3. I'm not familiar with this and can't comment. But again, you have to declare worldwide income in your Canadian tax return.

 

[swan0206]

1. You have to report worldwide income in your Canadian tax return. So yes, you would need to report this.
2. I'm not familiar with the coinbase rules and can't comment on this.
3. I'm not familiar with this and can't comment. But again, you have to declare worldwide income in your Canadian tax return.

Thats true but even if i haven't made any profits also?? And whats kind of trouble when you haven't closed a investment account(acorns) when you moved to a different country? If i have missed in last few years, can i report it this year ?

 

[scylla]

Thats true but even if i haven't made any profits also??

If you sold at a loss the you declare it as a capital loss vs. gain. You would still declare it.

 

[nirvanaave]

What Canadian brokers would you suggest cooperating with? What are the good ones? I am planning to move from the US to Canada in a few months and want to continue trading there. Not that I was a professional US trader, but I did some reading on the proprietary trading blog and can make some money in the US trading platforms, especially on the social trading platforms where I can follow the examples of other more experienced traders. Now I want to become a professional investor and do this for the rest of my life because I don’t want to return to my regular job anymore.