Hi,

I recently moved to Canada as PR after 5+ years in USA on H1.I have two questions:

1.Can I maintain my US bank account and hold money there even though I have no legal status there? If yes, for how long? Can the US govt. sieze my savings if I do not close/withdraw my account.

2.Is it legal/OK to hold and trade shares in US in an account such as Ameritrade?

Your advice would be greatly apprecaited.
J

You can hold bank accounts in US; however any dividend/interests paid would be taxed as per Canadian tax rules. Tax form has appropriate sections for foreign income declaration.

Ameritrade-US does not handle accounts for individuals with Canada address - they send it to Ameritrade Canada. Ameritrade Canada was recently bought by TD Bank so now it forms the direct brokerage branch knows an TD-Ameritrade. However, you can hold the account in USD and trade US scrips.

What is the reliable way to transfer money from US Bank to Canadian bank. For Wire transfer bank charges 45 USD.
Any suggestion

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Desibanda

jackofall, you can continue to hold US accounts (bank/fcu) but as mentioned, would need to declare that income on your Canadian tax forms.
The same goes for accounts such as Ameritrade. Dividends and Stock gains in the US are not taxable in Canada.
However, Ameritrade, if and when you try to give them a Canadian address will ask you to close your US account and open a Canadian Account.

So it is upto you.