At present, the potential to open a brokerage account in Canada, while being a non-resident is complicated and has numerous terms and conditions. This varies from broker to broker. To become savvy in this topic, continue reading.
To figure out if you are a non-resident of Canada, your current status must check-off one of the following:
Are you a Non-resident of Canada who would like to open a brokerage account in Canada? Read more to find out, if you can open one.
A brokerage account is a hub where you can invest, procure and peddle various sorts of investments such as shares, Exchange Traded Funds (ETFs), bonds, and managed funds, based on your goals, investment time frame, and risk appetite.
We have listed below a few well-known online broking accounts in Canada:
The difference between a brokerage account and a registered investment plan offered by Canada such as a Tax-free savings account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Education Savings Plan (RESP) is as follows:
The answer to this is not a straight no. However, at present, the potential to open a brokerage account in Canada, while being a non-resident is complicated and has numerous terms and conditions. This varies from broker to broker.
The foreign policy of some brokers do not allow them to offer services to Non-residents of Canada.
Some brokers allow the non-residents to open a brokerage account after having agreed to a hefty minimum balance, high account-keeping fees, based on the jurisdiction of the non-resident, citizenship status, and after the identity verification process. Such accounts are closely monitored and audited regularly.
Some of the reasons for the stringent rules are:
It can be deduced that it is a strenuous process to open a brokerage account in Canada for the non-residents. Hence, it is prudent to open a trading platform in your current country and invest in options that has exposure to the Canadian markets.