Comments on: Best Canadian Stocks for Americans To Invest In

By: Darrell Thompson

Darrell Thompson — Tue, 08 Jun 2010 18:04:27 +0000

Hello:

A US resident can open an account with any firm so long as the firm and the advisor him/herself are both licensed in the jurisdiction of the investor. Darrell Thompson at Macquarie Private Wealth Corp. in Toronto, ON, Canada is licensed in 22 US states (including Florida), and therefore can effect such business. He can be contacted toll-free at (866) 775-7704 or emailed at darrell.thompson@macquarie.com.

By: MoneyEnergy

MoneyEnergy — Fri, 07 May 2010 04:25:40 +0000

@G. Edward – The Royal Bank branch near you would be the best place to go and ask – they’re an excellent bank and should be able to give you the specifics. I know that Canadians are not allowed to open U.S. brokerage accounts (ie., accounts held within the U.S., for buying U.S. stocks), but perhaps it is different the other way around. Otherwise, simply buying Canadian stocks within your U.S. account is still fine diversification. You should also look into DRIPs. Some Canadian companies allow U.S. purchases (see the articles in my sidebar).

By: G. Edward Calvo

G. Edward Calvo — Tue, 04 May 2010 17:44:25 +0000

I am a US citizen residing in the US. I would very much like to open a brokerage account in Canadian dollars (for the sake of diversification) to trade on the TSX. Could I open a bank account at the Royal Bank of Canada (there is a branch here in Orlando, Florida) to fund trades? I’ve sought answers on the web but get fuzzy answers. Is what I’m wanting to do legal? I already have some TRP in a Scottrade account and pay foreign (Canadian) taxes every quarter when the dividend is reinvested.

By: MoneyEnergy

MoneyEnergy — Mon, 15 Mar 2010 05:08:07 +0000

@Kevin – yes, I do think Canada is comparable to Switzerland’s old reputation as a safe stalwart for investors. We don’t have secret banks, but our currency is sound and the country is generally fiscally conservative.

@FinancialCents – yes, I had that post in the plans, too. I like some of those choices – JNJ in particular.

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Sat, 13 Mar 2010 22:55:54 +0000

Canada seems like THE place to invest in for the 21st century. It’s safe, open, productive, resource rich, and foreign friendly. Kind of like a giant Switzerland, or at least what Switzerland was decades ago.

By: Financial Cents

Financial Cents — Sat, 13 Mar 2010 22:14:49 +0000

Good post ME. Time for the counter-post, best American stocks Canadians should buy (JNJ, KO, MCD and PFE to name a few). Make sure you mention to folks to put these picks in their RRSP, if they wish to avoid withholding tax on US dividends. Cheers!

By: The Rat

The Rat — Thu, 11 Mar 2010 04:33:22 +0000

@MoneyEnergy: I agree. I hope the loonie will be at least at parity by late summer/fall.

By: MoneyEnergy

MoneyEnergy — Thu, 11 Mar 2010 04:18:55 +0000

Yes, it is a good time for Canadians to purchase select U.S. equities. I think we’ll see the loonie move slightly higher still yet, though, so I’m waiting a bit.

By: The Rat

The Rat — Wed, 10 Mar 2010 03:59:07 +0000

As a Canadian, I think the banks are well established. You mentioned Royal Bank, and I do have a position in RY; however, I think the Bank of Nova Scotia (BNS) and TD Bank (TD) would be great plays. I also agree that TRP is a great company offering a solid divvy payment. Another one to consider could be Canadian Utilities (CU), another gem in the rough in my view.

Nice post! I’m on the other side of the fence in that because most of my portfolio is Canadian, and the Canadian dollar is almost at parity with the U.S., I’m eying a batch of U.S. equities such as JNJ, PG, K, KO, etc.

Cheers,
The Rat