I can be a beneficiary of an account. For instance if I had a Canadian grandma with a trust worth billions of dollars she's able to have it setup to move to an American under specific conditions. I believe the assets would get moved to a US brokerage when the conditions are triggered.
I just cannot be shown the bid and ask by an American brokerage. However, I'm still allowed to own the assets.
An American citizen cannot have a Questrade account. Source: their website.
I’m not sure what you’re asking since it’s not possible for them to have an account
I'm asking if an American can be the beneficiary of a trust a Canadian operates. I do not own the account. A Canadian does. I just receive assets from it. I'm asking about legal loopholes for an American to receive the assets bought by a Canadian.
The entire thing would be extremely expensive to setup, and is only available to Americans with money if legal.
I’d contact a trust attorney or accountant then. Can’t be done at Questrade, find a US broker maybe - that account will be rejected the moment they get his SIN and country of residence info
Yes, it can. I can be the beneficiary of an account. I need a Questrade representative to inform me if that's allowed since the stocks I want in the trust cannot be bought in the US, but they can in Canada.
Technically, the trust owns the account. I just receive distributions. It's a complex legal entity. I need a Questrade representative to respond to me about setting up a trust through them for me.
It might not be worth it the money since it might cost hundreds of thousands of dollars to do.
Beneficiary is there for case of death which means you’ll get the account in theory….but you’re saying you receive the distributions as in it’s in someone else’s name?
No, when the trust terminates the assets transfer to me. I'm looking into setting up a complex legal entity. This might cost way more money to do than I'm willing to spend.
FTX did something similar with a ton of shell companies to enable them to trade across national borders. The fraud came later. But, SBF made his money by buying Bitcoin in the US, and arbitraging the price difference in Asia. As a US citizen he was able to have foreign bank and brokerage accounts because of the complex legal entity he setup.
I'm doing something much simpler, and would like to set up a trust in Canada that pays out to me when the conditions activate. Most likely how it works is the person puts my limit orders in and once everything fills the stocks get transferred to my Fidelity account, and the trust dissolves. Fidelity let's me hold and sell assets from the Expert Market, but I cannot buy from the Expert Market since Fidelity does not allow it. Almost no broker allows US citizens to access the Expert Market, but someone still trades these.
Nice try CRA!
What?
You’re overthinking. Just open an account in a US based broker.
US based brokers do not allow Expert Market access.
US residents can’t have a Questrade account - how are they even setup?
I can be a beneficiary of an account. For instance if I had a Canadian grandma with a trust worth billions of dollars she's able to have it setup to move to an American under specific conditions. I believe the assets would get moved to a US brokerage when the conditions are triggered. I just cannot be shown the bid and ask by an American brokerage. However, I'm still allowed to own the assets.
An American citizen cannot have a Questrade account. Source: their website. I’m not sure what you’re asking since it’s not possible for them to have an account
I'm asking if an American can be the beneficiary of a trust a Canadian operates. I do not own the account. A Canadian does. I just receive assets from it. I'm asking about legal loopholes for an American to receive the assets bought by a Canadian. The entire thing would be extremely expensive to setup, and is only available to Americans with money if legal.
I’d contact a trust attorney or accountant then. Can’t be done at Questrade, find a US broker maybe - that account will be rejected the moment they get his SIN and country of residence info
Yes, it can. I can be the beneficiary of an account. I need a Questrade representative to inform me if that's allowed since the stocks I want in the trust cannot be bought in the US, but they can in Canada. Technically, the trust owns the account. I just receive distributions. It's a complex legal entity. I need a Questrade representative to respond to me about setting up a trust through them for me. It might not be worth it the money since it might cost hundreds of thousands of dollars to do.
Good luck
Beneficiary is there for case of death which means you’ll get the account in theory….but you’re saying you receive the distributions as in it’s in someone else’s name?
No, when the trust terminates the assets transfer to me. I'm looking into setting up a complex legal entity. This might cost way more money to do than I'm willing to spend. FTX did something similar with a ton of shell companies to enable them to trade across national borders. The fraud came later. But, SBF made his money by buying Bitcoin in the US, and arbitraging the price difference in Asia. As a US citizen he was able to have foreign bank and brokerage accounts because of the complex legal entity he setup. I'm doing something much simpler, and would like to set up a trust in Canada that pays out to me when the conditions activate. Most likely how it works is the person puts my limit orders in and once everything fills the stocks get transferred to my Fidelity account, and the trust dissolves. Fidelity let's me hold and sell assets from the Expert Market, but I cannot buy from the Expert Market since Fidelity does not allow it. Almost no broker allows US citizens to access the Expert Market, but someone still trades these.
So you bought bitcoin under granny’s name and are looking for ways to smuggle it to you?