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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 99473
Experience:  Lawyer
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I am a dual citizen (for Canadian purposes) of Canada and US

Customer Question

I am a dual citizen (for Canadian purposes) of Canada and US living in the US. I am selling a property I own in Canada and want to keep the money in Canada in Canadian dollars so I can use it to support my mother who lives in Canada. I would like to use this money to open a brokerage account in Canada and invest in Canadian dollars. Can I establish a brokerage account in Canada and invest using Canadian dollars?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: The property is in Toronto.
JA: Has anything been filed or reported?
Customer: Yes. it has been disclosed since it was originally bought.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 9 months ago.
Category: Canada Law
Expert:  Debra replied 9 months ago.

Hello! My name is***** you for your question. I'm reviewing it now, and will post back again shortly.

Expert:  Debra replied 9 months ago.

From a Canadian point of view there is no law that says you cannot keep the money in Canadian dollars and invest it in Canada.

You will need to report your income and file a tax return in Canada.

But there may be difficulty in finding a broker who will deal with you.

It is often the case that brokers and other financial institutions do not want to take instructions from a non-resident unless they are licenced in the jurisdiction where the non-resident lives which is not going to be likely.

But you can call around and ask of course.

Does that help as a starting point?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Expert:  Debra replied 9 months ago.

Is there anything more I can help you with at this point in time?

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