Does any of you know which brokerage in Canada can serve customers in USA these days, and manage their RRSP investments in Canada?
I recently moved from Canada to California, and after changing my address with ScotiaiTrade to USA, I got a letter saying that I have 90 days to "liquidate" all my stock and mutual funds investments, basically sell all of them and convert to cash, because Scotia iTrade is restricted by US laws to service my account.
I googled this website a bit, and saw some people saying that TD Waterhouse can deal with US customers. So, I called them up. But they said that they can't. The customer representative did not appear to know what to do with the situation and put me on hold. He then came back referring me to TD Ameritrade.
TD Ameritrade surely is happy to open an account for me here in USA. And they said that they can transfer my RRSP money to an equivalent USA retirement account with similar tax shelter. But the catch is that I have to transfer in CASH, because they can't handle the Canadian mutual funds held in my RRSP. With the recent stock market, I'll actually lose money if I sell all the mutual funds right now. I'm also worried about the complications on tax if I take out the RRSP from Canada and put it into a USA IRA.
So, is there some bank or brokerage in Canada who can take the RRSP with existing mutual funds, and keep my capability to continue doing investment management for the account while I work in USA? Thanks!


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