How to Transfer Investments from Canada to the U.S.

Tax implications of moving investments from a non-registered Canadian account to a U.S. brokerage

The short answer is: it depends. Whether you can transfer securities from a Canadian non-registered account to a U.S. brokerage without tax consequences depends on the type of investment, the account types involved, and your tax residency. Below is a clear overview of what can and cannot be moved, the account restrictions, and the likely tax outcomes so you can decide whether a transfer makes sense for you.

Which securities can be transferred to a U.S. brokerage?

Not all investments held in Canada can be moved to a U.S. brokerage. Canadian mutual funds and many proprietary pooled funds cannot be transferred across the border. Canadian mutual funds are generally restricted from being sold to non-residents of Canada, and many pooled funds are only held directly with the offering institution, so they can’t be moved to another firm in Canada or to a U.S. broker.

Most U.S. brokerages also won’t accept Canadian-listed stocks, bonds, or Canadian ETFs. Conversely, U.S.-listed stocks and U.S.-listed ETFs are more likely to be accepted and transferred without issue. Guaranteed investment certificates (GICs) issued in Canada are not transferable to a U.S. brokerage.

Below is a simple summary showing which common investments are typically transferable:

Investment type	Transferable to the U.S.?
Canadian mutual funds	No
Canadian bank or portfolio manager proprietary pooled funds	No
Canadian-listed stocks	No
Canadian bonds	No
Canadian ETFs	No
U.S.-listed stocks	Yes
U.S. ETFs	Yes

Account types: registered vs. non-registered

Registered Canadian accounts such as RRSPs and TFSAs cannot be directly transferred to equivalent U.S. retirement accounts like IRAs or Roth IRAs. Despite the functional similarities between these account types, cross-border, tax-sheltered transfers are not permitted.

Because you asked specifically about a non-registered (taxable) Canadian account moving to a U.S. taxable account, you may be able to transfer eligible securities as long as the receiving U.S. firm accepts those particular holdings. However, cross-border transfers can be more complex and slower than transfers between Canadian institutions, and they may involve additional paperwork or brokerage processing fees.

Tax consequences of transferring investments

Your tax residency is the key factor determining whether a transfer triggers tax. If you remain a Canadian tax resident and move securities from a Canadian taxable account to a U.S. brokerage, the transfer itself does not create a taxable event in Canada simply because the securities are held abroad; Canada taxes residents on worldwide income. In that case, any U.S. withholding tax on U.S.-sourced dividends (typically 15% for many Canadian residents) will apply regardless of whether the securities are held in a Canadian or U.S. brokerage, and you can generally claim that withholding as a foreign tax credit on your Canadian return.

If you are leaving Canada and will cease to be a Canadian tax resident, different rules apply. Canada treats departing residents as having a deemed disposition of most of their capital property at fair market value on the date residency ends. That means you are treated as if you sold the assets when you left Canada, and that deemed sale can create a capital gain subject to Canadian tax. Transferring the securities to a U.S. account does not avoid this deemed disposition; in many cases transferring after emigrating may expose you to tax or reporting complexity.

When you become a U.S. resident, U.S. tax rules apply to future gains. For U.S. tax purposes, your historical cost basis for assets you own when you immigrate typically carries over from your original purchase price rather than being reset to the market value at emigration, which is different from Canada’s approach to adjusted cost base. For that reason, some people choose to sell certain holdings before emigrating to simplify tax results and remove exposure to both countries’ rules.

There is a limited way to defer the Canadian tax triggered by the deemed disposition on emigration. If the tax owing on the deemed disposition exceeds the threshold (currently more than $16,500, or a lower threshold for Quebec residents), you can apply to defer payment by filing the appropriate election and providing security to the Canada Revenue Agency. This is a formal process and requires adequate collateral, such as a letter of credit or pledged assets.

Finally, U.S. residents must be mindful of U.S. reporting requirements for foreign accounts and assets. Holding Canadian bank accounts, GICs, or other Canadian investments after moving to the U.S. can create disclosure obligations and potential tax reporting consequences in the U.S., which is another reason some people decide to transition to U.S.-based investments after establishing U.S. residency.

Should you transfer your investments?

If your goal is simply to hold eligible securities at a U.S. brokerage while you remain a Canadian resident, you can generally transfer U.S.-listed stocks and ETFs without immediate Canadian tax consequences. However, Canadian mutual funds, many Canadian-listed securities, bonds, GICs and proprietary pooled funds cannot be moved to a U.S. broker.

If you plan to emigrate to the U.S., transferring assets will not avoid the deemed disposition rules, and in some situations selling before you leave can be the cleaner option. Because cross-border tax and reporting rules are complex and can vary by individual circumstances, consider consulting a cross-border tax or financial professional before making transfers if your residency is changing or if you hold a mix of Canadian and U.S. assets.

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